3 Remuneration paid in the 2016 financial year
3.1 Remuneration paid to the members of the Board of Directors
The seven members of the Board of Directors received fixed remuneration totalling CHF 0.63 million (2015: CHF 0.70 million).
Name | Title | 2016 | 2015 | ||
CHF | CHF | ||||
Bruno Bettoni | Chairman since 15.04.2016 | 0.15 | 0.23 | ||
Dr Thomas Lustenberger | Chairman until 15.04.2016 | – | 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 since 15.04.2016 | 0.08 | – | ||
Thomas Stenz | Member since 15.04.2016 | 0.08 | – | ||
Total remuneration | 0.63 | 0.70 |
3.2 Remuneration paid to the members of Group Management
The total remuneration paid to the members of Group Management decreased by 17% year-on-year to CHF 3.12 million (2015: CHF 3.74 million). This difference largely reflects a change in the composition of Group Management and a decrease in the number of members. Of the total remuneration of CHF 3.12 million, CHF 0.35 million was paid to persons who left Group Management in the period under review. Their remuneration consisted of a fixed (CHF 0.35 million) and a variable (CHF 0.00 million) component.
At CHF 1.15 million, the highest total remuneration was paid to Roger Herzog, Chief Financial Officer and Member of Group Management until 30 April 2015 and since 1 May 2015 Chief Executive Officer (2015: CHF 0.96 million). The remuneration received by him and that received by the other members of Group Management is broken down as follows:
2016 | 2015 | |||||
CHF | Share | CHF | Share | |||
Roger Herzog, Chief Executive Officer since | ||||||
Fixed basic salary | 0.73 | 63% | 0.64 | 67% | ||
Employer’s contributions management pension plan | 0.10 | 9% | 0.04 | 4% | ||
Variable bonus in form of cash payment | 0.25 | 22% | 0.22 | 23% | ||
Variable remuneration in form of shares1 | 0.07 | 6% | 0.06 | 6% | ||
Total remuneration | 1.15 | 100% | 0.96 | 100% | ||
Other members of Group Management | ||||||
Fixed basic salary | 1.24 | 63% | 1.75 | 63% | ||
Employer’s contributions management pension plan | 0.23 | 12% | 0.23 | 8% | ||
Variable bonus in form of cash payment | 0.41 | 21% | 0.70 | 25% | ||
Variable remuneration in form of shares1 | 0.09 | 4% | 0.10 | 4% | ||
Total remuneration | 1.97 | 100% | 2.78 | 100% |
1 Calculated at the market value on date of allocation
Of the total remuneration of CHF 3.12 million paid to members of Group Management for the 2016 financial year, fixed remuneration (basic annual salary and contributions to pension funds) accounted for 74%, while the variable component of pay (performance bonus, function bonus and shares) accounted for 26% (2015: 71%/29%). The variable elements of remuneration will be paid out following the resolution taken by the general meeting. The variable component amounted to between 28 and 31% of the total remuneration for persons who were members of Group Management as at the balance sheet cut-off date. Persons who left Group Management in the period under review did not receive a variable component.
Total variable bonuses for all members of Group Management in the amount of CHF 0.66 million (2015: CHF 0.92 million) are broken down into performance bonuses of CHF 0.46 million and function bonuses of CHF 0.20 million (2015: 0.46 million/0.46 million) and were calculated in accordance with the principles described in 2.3 above.