OREANDA-NEWS. November 27, 2014. The company directors and top managers pocket on average the similar yearly salaries than in Finland.

According to the report conducted by the international Executive Search firm Pedersen and Partners, the Estonian top executives earn similar wage as their colleagues at the neighbouring countries, Postimees reported.

„It is fair to say that the top wages are on average at the same level with equivalent managerial wages in Finland. I'm not talking about the absolute top in Finland, but we can compare the middle ones,“ Evald Parn, the local head of Pedersen and Partners, said.

In Lithuania, the average executive salaries are 78,200 and in Latvia, 75,100 euros per year.

The report focused on large companies and according to Parni, there are only 50-100 companies in Estonia which pay such salaries to its executive leaders.

“We have to take into account that there are many companies in Estonia where the salaries are not disclosed. In addition, many executives are also owners of the companies and earn their income in dividends,” he said.

By comparison, the executives in Denmark, France and Austria earn on average over 180,000 euros per year, and in Germany and United Kingdom over 220,000 euros per year.