Swiss authorities are investigating Børge Brende’s remuneration after he earned around NOK 20 million in a single year as head of the World Economic Forum.

This is according to the Swiss newspaper Neue Zürcher Zeitung (NZZ). The paper reports that the Swiss Federal Supervisory Authority for Foundations (Eidgenössische Stiftungsaufsicht) has scrutinised executive salaries at the Geneva-based foundation. Norway’s business daily Dagens Næringsliv (DN) has also covered the story.

In the 2023/2024 financial year, Brende received USD 1.9 million in salary—an increase of roughly USD 300,000 from the previous year, and considerably more than when he took up the post in 2018/2019.

According to the NZZ, the probe stems from concerns that excessively high pay in non-profit foundations could amount to unlawful personal enrichment. Such foundations enjoy tax-exempt status.

“The assets of a non-profit foundation belong to no one. It is therefore the state’s duty to prevent any misuse of its purpose,” Nils Güggi, Director of the Swiss Federal Foundation Supervisory Authority, told the newspaper.

The authority is also reportedly critical of the size of the WEF’s board, which now has 28 members. The board is chaired by Larry Fink, with Christine Lagarde among its members.

“If a body has thirty people, it’s not conducive to effective decision-making,” Güggi said.

In a statement, the World Economic Forum said: “The World Economic Forum has at all times complied with all applicable laws and regulations under the supervision of the Swiss authorities.”

On the same day that the NZZ reported the investigation, Dagens Næringsliv published details of Brende’s multiple meetings with the late sex offender Jeffrey Epstein, which have recently come to light through newly released documents.