3 Remuneration paid in the 2016 financial year
3.1 Remuneration paid to the members of the Board of Directors
he seven members of the Board of Directors received fixed remuneration totalling CHF 0.63 million (2016: CHF 0.63 million).
Name | Title | 2017 CHF million | 2016 CHF million | |||
Bruno Bettoni | Chairman | 0.15 | 0.15 | |||
Dr Ralph-Thomas Honegger | Vice Chairman | 0.08 | 0.08 | |||
Albert Leiser | Member | 0.08 | 0.08 | |||
Olivier Steimer | Member | 0.08 | 0.08 | |||
Peter Spuhler | Member | 0.08 | 0.08 | |||
Andrea Sieber | Member | 0.08 | 0.08 | |||
Thomas Stenz | Member | 0.08 | 0.08 | |||
Total remuneration | 0.63 | 0.63 |
3.2 Remuneration paid to the members of Group Management
The total remuneration paid to the members of Group Management increased by 7.4% to CHF 3.35 million (2016: CHF 3.12 million). This difference largely reflects a change in the composition of Group Management and an increase in the number of members.
At CHF 1.17 million, as in the previous year, the highest total remuneration was paid to Roger Herzog, Chief Executive Officer (2016: CHF 1.15 million). The remuneration received by him and that received by the other members of Group Management is broken down as follows:
2017 | 2016 | |||||
CHF million | Share | CHF million | Share | |||
Roger Herzog, Chief Executive Officer | ||||||
Fixed basic salary | 0.73 | 63% | 0.73 | 63% | ||
Employer’s contributions management pension plan | 0.19 | 17% | 0.10 | 9% | ||
Variable bonus in form of cash payment | 0.18 | 14% | 0.25 | 22% | ||
Variable remuneration in form of shares1 | 0.07 | 6% | 0.07 | 6% | ||
Total remuneration | 1.17 | 100% | 1.15 | 100% | ||
Other members of Group Management | ||||||
Fixed basic salary | 1.22 | 56% | 1.24 | 63% | ||
Employer’s contributions management pension plan | 0.29 | 13% | 0.23 | 12% | ||
Variable bonus in form of cash payment | 0.55 | 25% | 0.41 | 21% | ||
Variable remuneration in form of shares1 | 0.12 | 6% | 0.09 | 4% | ||
Total remuneration | 2.18 | 100% | 1.97 | 100% |
1 Calculated at the market value on date of allocation
Of the total remuneration of CHF 3.35 million paid to members of Group Management for the 2017 financial year, fixed remuneration (basic annual salary and contributions to pension funds) accounted for 73%, while the variable component of pay (performance bonus, function bonus and shares) accounted for 27% (2016: 74%/26%). The variable elements of remuneration will be paid out following the resolution taken by the general meeting. The variable component amounted to between 22 and 32% of the total remuneration, depending on the member of Group Management.
Total variable bonuses for all members of Group Management in the amount of CHF 0.73 million (2016: CHF 0.66 million) are broken down into performance bonuses of CHF 0.50 million and function bonuses of CHF 0.23 million (2016: 0.46 million/0.20 million) and were calculated in accordance with the principles described in 2.3 above.