3  Remuneration paid in the 2018 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 (2017: CHF 0.63 million).

Name

Title

2018

CHF million

2017

CHF million

Bruno Bettoni

Chairman

0.15

0.15

Dr Ralph-Thomas Honegger

Vice Chairman

0.08

0.08

Peter Mettler

Member as of 20.04.2018

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

Albert Leiser

Member until 20.04.2018

–

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 5.7% year-on-year to CHF 3.54 million (2017: CHF 3.35 million). This difference largely reflects a change in the composition of Group Management and an increase in variable remuneration.

At CHF 1.16 million, as in the previous year, the highest total remuneration was paid to Roger Herzog, Chief Executive Officer (2017: CHF 1.17 million). The remuneration received by him and that received by the other members of Group Management is broken down as follows:

2018

2017

CHF million

Share

CHF million

Share

Roger Herzog, Chief Executive Officer

Fixed basic salary

0.73

63%

0.73

63%

Employer’s contributions to management pension plan

0.19

17%

0.19

17%

Variable bonus in form of cash payment

0.12

10%

0.18

14%

Variable remuneration in form of shares1

0.12

10%

0.07

6%

Total remuneration

1.16

100%

1.17

100%

Other members of Group Management

Fixed basic salary

1.34

56%

1.22

56%

Employer’s contributions to management pension plan

0.29

12%

0.29

13%

Variable bonus in form of cash payment

0.56

24%

0.55

25%

Variable remuneration in form of shares1

0.19

8%

0.12

6%

Total remuneration

2.38

100%

2.18

100%

1 Calculated at the market value on date of allocation

Of the total remuneration intended for the members of Group Management for the 2018 financial year in the amount of CHF 3.54 million, 72% was fixed remuneration (annual basic salary and contributions to pension funds) and 28% was the variable salary component (performance and function bonuses plus shares) (2017: 73%/27%). The variable elements of remuneration will be paid out following the resolution taken by the general meeting. The variable component amounted to between 21 and 35% of the total remuneration, depending on the member of Group Management.

The total of the variable bonuses for all members of Group Management, amounting to CHF 0.68 million (2017: CHF 0.73 million), breaks down into performance bonuses of CHF 0.21 million and function bonuses of CHF 0.47 million (2017: 0.50 million/0.23 million). This calculation is based on the principles set out in section 2.3.