Executive summary 2017
Overview architecture of compensation for the Executive Committee
Changes compared to the previous year are highlighted in green.
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Fixed compensation elements |
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Variable compensation elements |
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Fixed base salary |
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Benefits |
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Short-term incentive Performance year x |
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Long-term incentive Performance year x |
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Purpose |
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Ensure basic fixed remuneration |
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Ensure protection against risks such as death, disability, and old age |
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Pay for annual performance |
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Align to shareholders' interests Participate in long-term success and align with Strategy 2020 |
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Drivers |
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Scope and complexity of the function Profile of the individual |
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Local legislation and market practice |
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Performance against business and individual objectives |
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Long-term value creation Supporting a high-performance culture |
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Performance / Vesting period |
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Current year (year x) |
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3 years Grant date: 1 January year x+1 Vesting period: years x+1, x+2, x+3 |
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Blocking period |
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Additional 2 years Years x+4, x+5 |
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Performance measures |
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Skills, experience, and performance of the individual |
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Organic sales growth EBIT margin ROIC Individual objectives Fine-tuned hurdles |
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All LTI-related shares are performance dependent; 50% PS(EPS), 50% PS(rTSR) EPS-related achievement determination: Ø (EPS value years x+1, x+2, x+3) divided by Ø (EPS value years x, x-1, x-2) * 1.04 rTSR-related achievement determination: Ø (ranking in the years x+1, x+2, x+3 of GF within the SMI-Mid) |
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Share ownership |
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CEO: 200% of annual fixed base salary EC: 100% of annual fixed base salary |
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CEO compensation |
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100% |
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Total remuneration dependent |
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Minimum: 0% Target: 100% Maximum: 150% of fixed base salary |
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Vesting: Minimum: 0 shares Target: 750 shares (375 PS(EPS), 375 PS(rTSR)) Maximum: 1'500 shares Articles of Association: The variable compensation (STI and LTI) is capped at 250 % of the fixed compensation for the calendar year in question |
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EC committee member compensation |
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100% |
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Total remuneration dependent |
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Minimum: 0% Target: 60% Maximum: 90% of fixed base salary |
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Vesting: Minimum: 0 shares Target: 250 shares (125 PS(EPS), 125 PS(rTSR)) Maximum: 500 shares Articles of Association: The variable compensation (STI and LTI) is capped at 250 % of the fixed compensation for the calendar year in question |
EBIT = Earnings before interest and taxes
EPS = Earnings per share
LTI = Long-term incentive plan
PS = Performance shares
PS(EPS) = EPS dependent performance shares
PS(rTSR) = rTSR dependent performance shares
ROIC = Return on invested capital
STI = Short-term incentive plan
Ø = Average
Executive Committee compensation 2017
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Fixed compensation elements |
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Variable compensation elements |
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Total 2017 |
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Fixed base salary |
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Benefits |
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Short-term incentive Performance year 2017 |
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Long-term incentive Performance year 2017 |
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Performance year 2017 |
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2'978 |
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1'216 |
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2'675 |
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2'254 |
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9'123 |
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Performance / Vesting period |
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Year 2017 |
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3 years Grant date: 1 January 2018 Vesting period: years 2018, 2019, 2020 |
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Blocking period |
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2 years (years 2021, 2022) |
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Performance measures |
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Organic sales growth EBIT margin ROIC Individual objectives |
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EPS-related achievement determination: Ø (EPS value years 2018, 2019, 2020) divided by Ø (EPS value years 2017, 2016, 2015) * 1.04 rTSR-related achievement determination: Ø (ranking in the years 2018, 2019, 2020 of GF within the SMI-Mid) |
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Delivery |
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Monthly cash |
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Contributions to social security, pension, and insurances |
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Cash payment in March 2018 |
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1'750 PS with a total grant value of 2'254 based on share price of CHF 1'288 at 29 December 2017 |
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Executive Committee target compensation |
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2'978 |
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1'157 |
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2'163 |
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2'254 |
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8'552 |
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Compensation 2017 in % of target compensation* |
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100% |
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105.1% |
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123.7% |
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100% |
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106.7% |
(all financial figures in CHF 1'000, except number of shares and shareprice)
* These figures represent the ratio between elements of compensation achieved within 2017 compared to elements of target compensation.
EBIT = Earnings before interest and taxes
EPS = Earnings per share
LTI = Long-term incentive plan
PS = Performance shares
PS(EPS) = EPS dependent performance shares
PS(rTSR) = rTSR dependent performance shares
ROIC = Return on invested capital
STI = Short-term incentive plan
Ø = Average
CEO compensation 2017
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Fixed compensation elements |
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Variable compensation elements |
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Total 2017 |
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Fixed base salary |
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Benefits |
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Short-term incentive Performance year 2017 |
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Long-term incentive Performance year 2017 |
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Performance year 2017 |
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942 |
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400 |
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1'163 |
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966 |
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3'471 |
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Performance / Vesting period |
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Year 2017 |
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3 years Grant date: 1 January 2018 Vesting period: years 2018, 2019, 2020 |
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Blocking period |
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2 years (years 2021, 2022) |
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Performance measures |
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Organic sales growth EBIT margin ROIC Individual objectives |
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EPS-related achievement determination: Ø (EPS value years 2018, 2019, 2020) divided by Ø (EPS value years 2017, 2016, 2015) * 1.04 rTSR-related achievement determination: Ø (ranking in the years 2018, 2019, 2020 of GF within the SMI-Mid) |
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Delivery |
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Monthly cash |
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Contributions to social security, pension, and insurances |
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Cash payment in March 2018 |
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750 PS at grant value (based on share price at 29 December 2017 of CHF 1'288) 375 PS(EPS): grant value 483 375 PS(rTSR): grant value 483 Total Grant value: 966 |
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CEO target compensation |
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942 |
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374 |
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942 |
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966 |
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3'224 |
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Compensation 2017 in % of target compensation* |
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100% |
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107.0% |
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123.5% |
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100% |
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107.7% |
(all financial figures in CHF 1'000, except number of shares and shareprice)
* These figures represent the ratio between elements of compensation achieved within 2017 compared to elements of target compensation
EBIT = Earnings before interest and taxes
EPS = Earnings per share
LTI = Long-term incentive plan
PS = Performance shares
PS(EPS) = EPS dependent performance shares
PS(rTSR) = rTSR dependent performance shares
ROIC = Return on invested capital
STI = Short-term incentive plan
Ø = Average
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