CEO Martin Carlesund of Evolution received a €5.7 million enhancement in 2022
In a year marked by economic challenges, the Swedish business landscape has been under scrutiny, with the high compensation rates for managerial positions becoming a contentious issue.
Recently, Swedish newspaper Dagens Nyheter (DN) conducted a review of yearly remunerations for public firms in Sweden. The review highlighted a significant increase in salaries for CEOs, with Evolution Gaming's CEO, Martin Carlesund, leading the list.
Martin Carlesund's total reimbursement in 2022 was approximately €7m, a substantial increase from previous years. This high salary increase rate, however, is not universally approved by society due to social issues such as growing prices and stagnated salaries of lower-class employees.
Carlesund's compensation rate surpasses that of Volvo CEO Martin Lundstedt and Johan Forssell, CEO of Investor AB. The reasons for this significant increase have been attributed to the remarkable performance of Evolution Gaming. The company reported a revenue increase of more than €1bn in the first 9 months of 2022, representing a 36.5% increase rate.
iGaming NEXT has provided insights into the reasons for Carlesund's high compensation rate. The high compensation is linked to the significant revenue boost of the company, which is a testament to Carlesund's leadership.
The business community in Sweden is urged to join forces to help the country overcome inflation. Firms in Sweden are required to put limits on salary calculator increases to prevent supporting inflation. However, the high salary increases for managerial staff continue to cause social issues, including growing prices and stagnated salaries for lower-class employees.
The Swedish unions' confederations LO, TCO, and SACO expected a salary raise of around 4.4% in 2022, according to Dagens Nyheter. This expected raise for union members pales in comparison to the significant increases seen in managerial salaries.
It remains to be seen how the Swedish business community will respond to these concerns and whether measures will be taken to address the growing disparity in salaries. The debate surrounding high compensation rates is a reflection of the broader social and economic issues facing Sweden today.
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