Chairman of Swedish Automobile Victor Muller showing the Pang Da CEO Pang Quinghue around in the car factory in Trollhättan. Photo: Björn Larsson Rosvall/Scanpix
Big raises, despite closed factory

Saab's board received huge raises in 2011

The board of directors of Swedish Automobile, the owner of car-maker Saab, received large raises even while Saab's factory was shuttered and questions swirled about the company's survival in the spring of 2011, reports T4 News.

The chairman of the board, Hans Hugenholtz, received a 633 percent raise, from near 150,000 kronor a year to over 930,000 kronor. Another board member, Maurizio La Noce, received an increase from 150,000 kronor to over 600,000 kronor.

The decision to raise the salaries was made at an extra meeting at the end of the shareholder's meeting on May 19, 2011. Spyker changed its name to Swedish Automobile at the same meeting.

Spyker says salaries were raised because the board's work-load had increased since 2004 when the original fees were set. Furthermore, the company says, two more people joined the board in 2010 and they received higher compensation than those who were already on the board so it was necessary to even out the differences.

The debate at the shareholder's meeting in May focused on whether it was right that CEO Victor Muller had received such a big bonus, despite Saab's situation.

Despite the sharp raise, only Hans Hugenholtz still sits on the board of Swedish Automobile.

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