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Finance Minister also blasts big bonuses

Finance Minister Jutta Urpilainen is one of many major figures to weigh in on the discussion over the 19 million-euro bonus promised to Nokia ex-chief Stephen Elop if shareholders accept Microsoft’s buyout bid for the company’s mobile phone business.

Jutta Urpilainen ja Jyrki Katainen eduskunnan täysistunnossa keskiviikkona 4. syyskuuta. Image: Mikko Stig / Lehtikuva

Writing in her blog Saturday, Finance Minister Jutta Urpilainen said that Elop’s proposed payout was not reasonable and urged companies to exercise restraint with their executive reward schemes.

Urpilainen said that the bumper salaries and bonuses paid out to corporate top brass could threaten labour market agreements by undermining confidence in the process. She also called on corporate top management to consider settling for more modest salaries.

Minister Urpilainen said that the heated discussion on the bonus proposed to Nokia ex-CEO Stephen Elop was fully warranted.

“We should now have a serious discussion about developing ground rules for these rewards or then they should be decided at annual general meetings in a spirit of greater openness and corporate democracy,” she wrote.

 She concluded that transparency and publicity could help prevent corporate excesses.