Published: 14:55, 20 november 2012
The Board of Directors of SAS with President Fritz Schur at the head goes 30 percent pay cut as part of SAS 'new savings plan.
Airline SAS Board of Directors with Chairman Fritz Schur in the lead is now 30 percent down in fees as part of the huge savings plan for the company.
All directors adopted on 5 November on its own initiative to reduce the amount that would otherwise have been by the general meeting of the company by 30 percent with immediate effect, according to SAS.
At the General Meeting on 19 April, the Board's remuneration otherwise defined with unchanged amount compared to the previous year.
SAS CEO Rickard Gustafson has also had to accept a pay cut, as he reduces his annual salary by 20 percent.
But rather than take a pay cut would have been better for SAS, if the entire board of directors have taken their clothes and walked out, says aviation analyst Anders Lidman to the Swedish newspaper SvD Näringsliv.
- Chairman Fritz Schur and Vice Jacob Wallenberg has been in SAS's Board since 2001, and they act as if they still do not understand anything he says.
It is the board that bears the greatest responsibility, and the board has not done their job well enough. When you look at the whole board, so there are few - if any - who understand the aviation industry, says Anders Lidman.
According to SvD Näringsliv, Fritz Schur and Jacob Wallenberg respectively get 655,000 and 415,000 Swedish crowns [76,000 / 48,000 Euros] a year for their board work for SAS.
The pilots in SAS has accepted a pay cut equivalent to one month's salary on an annual basis, that is just over eight percent.