Parliamentary groups in the Glarus cantonal council demand cap on Axpo management salaries
Published: Thursday, Dec 19th 2024, 10:50
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In a joint motion, all parliamentary groups in the Glarus cantonal parliament have called for a cap on the salaries of the Axpo Group Executive Board. The cantonal government should use its shares to ensure that the level of total remuneration is corrected downwards again.
The "exorbitantly high" increase in the total remuneration of Axpo Group members has become public with the new annual report, according to the text of the motion, which is backed by the FDP, SVP, Center, SP, Greens/Young Greens and GLP parliamentary groups.
Compensation has increased "by an incredible 80 percent" compared to the same period last year. Compensation for the current CEO Christoph Brand has risen from CHF 1.1 million to CHF 1.8 million compared to the same period in the previous year. Not only the bonus, but also the CEO's basic salary has been increased from CHF 669,000 to CHF 884,000 from 2020 to 2024.
High electricity prices with unchanged costs
However, Axpo operates in a highly regulated market and benefits from high electricity prices and "practically constant production costs", the groups write. In addition, Axpo was granted a rescue package at federal level in 2022 with a credit line of four billion Swiss francs to secure the company's liquidity.
The parliamentary groups in the cantonal council consider the increases of recent years and the current salary level "no longer sustainable". As a guideline for appropriate compensation, they could imagine an average maximum amount including bonus of one million francs.
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