HELSINKI: “Angry Birds” maker Rovio proposed cutting the pay of its chairman and vice chairman following a drop in the Finnish mobile game studio’s market value and a media stir over boardroom compensation.
Rovio proposed cutting chairman Mika Ihamuotila’s pay to €9,500 ($11,845) per month from €12,000 and the remuneration for vice chairman and Rovio’s main owner, Kaj Hed, to €7,500 a month from €10,000.
The pay of other board members would stay at €5,000 per month.
Having listed its shares in September, Rovio saw the stock nosedive 50 percent last month as the company said its sales could fall this year after 55 percent growth in 2017.
Rovio cited tough competition in the game industry that also translated into high marketing costs. A week later, the company said its head of games Wilhelm Taht would leave Rovio immediately for personal reasons.
Kauppalehti business daily this month raised eyebrows by noting that Rovio’s original proposal for the chairman’s pay exceeded that of many larger Finnish companies including engineering company Wartsila, which has a market value of €10.4 billion compared to €380 million of Rovio.
Rovio will hold its first annual general meeting on April 16.
‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning
‘Angry Birds’ maker Rovio cuts boardroom pay after profit warning
Saudi Arabia approves annual borrowing plan for 2026
RIYADH: Saudi Arabia’s Minister of Finance Mohammed Al-Jadaan on Saturday approved the Kingdom’s annual borrowing plan for the 2026 fiscal year, following its endorsement by the National Debt Management Center’s board of directors, the Saudi Press Agency reported.
The plan outlines key developments in public debt during 2025, initiatives aimed at strengthening local debt markets, and the funding strategy and guiding principles for 2026, SPA added.
It also includes the issuance calendar for the Local Saudi Sukuk Issuance Program in Saudi riyals for the year.
According to the plan, the Kingdom’s projected funding needs for 2026 are estimated at approximately SR217 billion ($57.8 billion).
This is intended to cover an anticipated budget deficit of SR165 billion, as set out in the Ministry of Finance’s official budget statement, as well as principal repayments on debt maturing during the year, estimated at around SR52 billion.
The plan aims to maintain debt sustainability while diversifying funding sources across domestic and international markets through both public and private channels.
Funding will be raised through the issuance of bonds, sukuk and loans at fair cost, according to the SPA report.
It also outlines plans to expand alternative government financing, including project and infrastructure funding and the use of export credit agencies, during fiscal year 2026 and over the medium term, within prudent risk management frameworks.
