5 percent more pay for CEOs
Published: Saturday, Oct 26th 2024, 07:40
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The CEOs of the largest listed Swiss companies earned an average of 5 percent more last year. Their total remuneration rose to an average of CHF 8 million, according to a study by the Ethos Foundation.
According to the foundation, the growth is mainly due to the salary of UBS CEO Sergio Ermotti. In 2023, he was the best-paid CEO in the Swiss Market Index (SMI) with a total salary of CHF 14.5 million for a nine-month term of office.
The CEO of Novartis followed in second and third place with CHF 13.3 million and the former CEO of Nestlé with CHF 11.2 million. Overall, the total remuneration of the SMI CEOs has risen by around a quarter within three years.
However, this development was not met with approval everywhere, writes Ethos. In 2024, 17.7 percent of shareholders rejected the remuneration reports at general meetings, compared to 13.8 percent in 2023 and 13.1 percent in 2022.
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