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Press Release

6.10.15

President of the Management Board of the BAMC Lars Nyberg dismissed

At today’s session, the Government of the Republic of Slovenia dismissed the President of the Management Board of the Bank Asset Management Company Lars Erik Nyberg and recalled the chief executive Torbjörn Månsson.

 

The Government finds that the President of the Management Board of BAMC, Lars Nyberg, breached due conduct of the BAMC management board, because he failed to harmonise pay of all members of BAMC management board with the BAMC remuneration policy adopted by the Government on 5 March 2015 pursuant to the Act Defining the Measures of the Republic of Slovenia to Strengthen Bank Stability. 

 

The policy requires the management board to implement the policy into individual employment contracts of executive directions and the contracts with the non-executive members of the management board, and harmonise existing employment contracts with the policy in 15 days. The President of the Management Board signed only temporary annexes to employment contracts with all three executive directors, which does not comply with the existing remuneration policy, as the annexes only stipulate temporarily the total fixed part of the monthly payment and the company car, while still preserving the variable part and severance payment considering the monthly salary in original contract. 

 

In addition, Nyberg, as the President of the Management Board, signed an annex to the employment contract with the chief executive right before the new remuneration policy was adopted and the proposal was already published, which is not in accordance with the previous remuneration policy adopted by the government on 18 July 2013. The annex provided the basis for the single payment of a financial bonus to Månsson totalling 114,800 euros gross, which the government understands as serious interference in the efforts of the government and the BAMC general meeting to harmonise the remuneration policy. The finance ministry, which monitors the operation of BAMC,  was not notified of the annex. In addition, subsequent statements made by Nyberg that the ministry had been informed of all pyments made to the members of the management board are also incorrect.

 

As the president of the BAMC Management Board, Nyberg failed to appropriately respond to the requests of the finance ministry to harmonise the payments with the remuneration policy, particularly its request no. 403 – 56/2015/1 of 6 May 2015, which asked BAMC to appropriately amend and fully harmonise the employment contracts of executive directors with the existing BAMC remuneration policy for the entire duration of employment of executive directors and send the new contacts or annexes together with the original contracts to the finance ministry. The finance ministry has not receive a written response. 

 

At its meeting, the government also found that it no longer has trust in the chief executive officer Torbjörn Månsson, who has been recalled.

 

More information: Ministry of Finance, Public Relations (Ms Irena Ferkulj, phone: +386 369 6624, e-mail: irena.ferkulj[@]mf-rs.si)


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