Toomas Luman increases his salary to 5,700 euros a month

29.05.2012, 09:58

This week the general meeting of shareholder of listed construction company Nordecon increased the salary of Toomas Luman, the company’s large shareholder and chairman of its supervisory board, to 5,700 euros a month.

This made Luman Estonia’s highest-earning chairman of supervisory council of listed companies because the current leader Toomas Annus from Merko earns “only” 2,300 euros a month.

The decision of Nordecon to retroactively increase Luman’s salary was controversial because only 57 percent of voting shares were represented at the meeting and Luman’s share is 54 percent.

Commenting the decision, Luman said that since the company has reduced the number of management board members, the duties of supervisory board members have actually increased.

He also emphasised that the new salary will be effective also only from the start of this financial year.