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Aamund: Austerity affects CEOs as well

Chairman of the board in Bavarian Nordic, Asger Aamund, defends a sizeable pay rise for the company’s CEO, as he believes that the executive – in spite of major disappointments and a drop in the stock market price in 2011 – has met the targets.

When the biotech company Bavarian had to abandon plans to find a partner for its Prostvac medicine last spring, it sent shockwaves through the stock market, and in just two hours the company share had dropped by over 30 %.

It chipped off several billions of Bavarians market capitalization, but still the board has decided to give the CEO of the company, Anders Hedegaard, a sizeable pay rise in 2011.

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