Wärtsilä Finland promotes Project Management Director Magdalena Granö to CEO

Five boards raised fees and kept the two-to-one rule

The rule held through this year's raises. Hiab, Kalmar, Lumo Kodit, Orion and Sanoma all raised their fees in 2026 and lifted the chair and member fees together, so the chair still earns exactly twice. Orion, for example, moved from €112,000 and €56,000 to €120,000 and €60,000. Across all 32 companies, the typical ratio barely changed, from 2.20 to 2.23.

Nordea, SSAB and Telia pay their chairs the most relative to the board

Nordea's chair earns 3.8 times an ordinary member, up from 3.6 a year ago, the widest gap of any large cap. Part 1 of this series covered that move. SSAB and Telia, both Swedish companies, pay their chairs about three times the member fee.

The gap is smaller than it looks at Nordea and Telia, because their members also earn extra fees for committee work. Telia, for example, pays each audit committee member an additional SEK 215,000, about €19,800.

Metsä Board and Mandatum keep their top roles close together

At the other end, Metsä Board and Mandatum pay their chair 1.48 times the member fee, and Vaisala 1.5 times. Metsä Board and Mandatum also pay their vice chair 86% of what the chair earns, the closest the two roles come anywhere in the segment.

At most boards, the vice chair carries a much smaller premium. The typical vice chair earns about 27% more than an ordinary member, while the typical chair earns more than twice as much.

Konecranes fell because others raised around it

Konecranes did not cut its fee. It lost ground because other boards moved past it. Fortum raised its chair fee from €155,000 to €175,000 and climbed four places to 14th. Neste went from €165,000 to €195,000 and rose three places to 10th. Sanoma, which paid €144,000 a year ago, now pays the same €160,000 as Konecranes.

Even a raise above the typical rate cost Elisa three places

Elisa's 3.1% raise was slightly above the typical 2.8% across all 32 companies. It still cost Elisa three places, because the boards around it raised by more: Hiab by 6.3% and Kalmar by 5.0%.

Thirteen boards held their fee, and their peers moved past them

Thirteen large caps held their chair fee this year. Much of the segment is tightly packed: 12 companies pay their chair between €150,000 and €200,000, so small differences in raises quickly reorder the ranking. That is what a nomination board will see when it compares next year's proposal with its peers.