Cantons as owners should have a say in Axpo managers’ salaries
Published: Friday, Dec 20th 2024, 10:50
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The Aargau cantonal government wants to curb the sharp rise in management salaries at the state-owned energy company Axpo. It is no longer the Board of Directors but the Annual General Meeting that is to decide on remuneration each year.
The canton of Aargau will propose a corresponding amendment to Axpo's Articles of Association at the AGM on January 17 as a first short-term measure, the State Chancellery announced on Friday.
The cantonal government accuses Axpo bosses of a "lack of sensitivity towards politics, the economy and the population". There is "little understanding" for the fact that "record-high bonuses" are being paid out.
The remuneration for Axpo CEO Christoph Brand increased from CHF 889,000 (excluding pension fund and social security contributions) in the previous year to CHF 1.548 million in the 2023/2024 financial year. The total for the entire Executive Board rose to CHF 8.6 million. Axpo reported a profit of CHF 1.5 billion.
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