Swipra sees shareholder rights strengthened on the “Minder” anniversary
Published: Friday, Jun 28th 2024, 07:20
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It has been eleven years since the popular initiative "against rip-offs" was adopted. This year's AGM season marks the end of the first decade of shareholders having a say in remuneration at company AGMs. And according to Swipra, the initiative has actually curbed pay excesses in management somewhat.
The median remuneration of a CEO of the 100 largest Swiss companies (SPI 100) has fallen from CHF 2.4 million in 2013 to CHF 2.2 million in 2023, Swipra Services reported on Friday. This corresponds to a decrease of 8 percent.
While remuneration in the companies with the highest total remuneration has only increased by a median of 2 percent since 2013, CEO salaries in the largest companies (SMI companies) have increased by a median of around 22 percent to CHF 8.2 million - mainly due to higher bonus payments.
Increased countermeasures again
The 2024 AGM season also showed that shareholders were once again increasingly voting against remuneration. On average, 15.3% of shareholders voted against the remuneration report, an increase of 50% since 2014.
Without the support of well-meaning anchor shareholders, the proportion of votes against would have been as high as 21.8%. According to Swipra, the shareholders therefore demanded more transparency about the benefits that justify such payments, particularly in connection with sustainability targets.
In terms of gender representation on the Board of Directors, the proportion of women on the SPI 100 has risen to 32.8%. In companies with less than 30 percent representation of one gender, shareholders are becoming increasingly rigorous. A lack of diversity was the reason for most votes against in 28% of the 100 board elections.
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