Nikolai Dangan earned 7.1 million last year – E24

The chairman of the oil fund earned almost 4.6 million more than the governor of the central bank.

It shows Annual report From Norges Bank published on Tuesday.

Dangan also had a pension income of NOK 382,856.

Central Bank Governor Ida Volden Bache received a total fixed salary of NOK 2.5 million last year, according to the report. In addition, there was a pension of NOK 387,154.

In 2022 Employees of the Fund The two highest-paid stock investment managers are both the governor of the central bank and the head of the oil fund. Daniel Balthasar and Pedro Furtado Reis both earned NOK 12 million in salary last year.

They were paid Rs 3.6 million and Rs 3.5 million respectively in performance pay last year. According to a footnote, it is linked to the salary previously earned under an old scheme, which will be paid in the coming years.

E24 wrote that Bache, formerly a chairman of the bank's executive board, is paid less than all the managers at the oil fund.

Norges Bank also provides loans to its own employees. It has lent NOK 405 million for the year, up from NOK 237 million a year earlier. Employees of the bank pay an interest rate of 4.5 percent.

The oil fund generated more than NOK 2,000 billion in revenue last year, and stood at NOK 15,765 billion at the end of the year. These figures were released in January.

Executive Salaries in Oil Funds

Here are some other managers salaries in Oil Fund in 2023:

• Vice President of Trond Grande Oil Fund: NOK 5.2 million, pension income NOK 409,556
• Equity investment director Daniel Balthazar: NOK 12 million, pension NOK 1.2 million
• Equity investment director Pedro Furtado Reyes: NOK 12 million, pension NOK 1.2 million
• Owner and Director of Compliance Carine Smith Ihenacho: NOK 5.8 million, pension income NOK 580,095
• Risk director Doc Hoos: NOK 4.8 million, pension income NOK 668,627
• Keir Øivind Nygård, director of marketing strategies: NOK 4.7 million, pension income NOK 319,435
• Director of Technology and Operations Birgit Brien: NOK 4 million, pension income NOK 437,723
• Property and Infrastructure Investments Director Mie Caroline Holstad: NOK 3.4 million, pension income NOK 346,309
• Malin Norberg, Director of Marketing Strategies (started on 1 April 2023): NOK 3.1 million, pension income NOK 253,896

Salary of Top Managers in Norges Bank

Here are the salaries of some other managers at Norges Bank in 2023:

• Central Bank Deputy Governor Øystein Børsum: NOK 2.2 million, pension income NOK 399,086
• Central Bank Deputy Governor Paul Longva: NOK 2.1 million, pension income NOK 440,892
• Head of Financial Stability Torbjörn Hejland: NOK 2.2 million, pension income NOK 360,956
• Ole Christian Bech-Moen, head of monetary policy: NOK 2.2 million, pension income NOK 336,373
• Norges Bank CEO Alexander Behringer: NOK 2 million, pension income NOK 365,953
• Chief of staff Ingrid Solberg: NOK 1.9 million, pension income NOK 343,189
• Head of IT Øystein Kruge: NOK 2 million, pension income NOK 418,109

– Not market leading

In the annual report, Norges Bank points out that salaries are determined individually and linked to the responsibilities of the position and the skills, experience and achievements of the person holding the position.

“Salary levels should be competitive, but not market-leading,” the bank writes.

By the end of 2023, Norges Bank employed 393 women and 686 men. The proportion for women rose to 36 percent, and increased by one percentage point in both 2021 and 2022. The proportion of women in oil funds is 33. percent

“Women's pay as a share of men's average fixed salary is 78 percent for all employees at Norges Bank,” the central bank writes.