A proposal on reducing the salaries of board members considerably was accepted with applause at Iceland’s Glitnir Bank’s annual meeting yesterday. The new chairman of Glitnir’s board Thorsteinn Már Baldursson submitted the proposal.
The proposal includes that the chairman’s monthly salary will drop from more than ISK 1 million (USD 15,000, EUR 10,000) to ISK 550,000 (USD 8,100, EUR 5,500) and the salary of common board members by ISK 100,000 (USD 1,500, EUR 1,000) to a monthly sum of ISK 250,000 (USD 3,700, EUR 2,500), Fréttabladid reports.
Baldursson said it is time for rationalization measures to be taken at the bank, economization and savings. He argued Glitnir Bank should be leader in cutting cost to the benefit of its shareholders and clients.