Executive summary 2018
Overview of 2018 compensation structure for the Executive Committee (including CEO)
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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 2018 |
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Long-term incentive Performance year 2018 |
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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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Year 2018 |
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3 years Grant date: 1 January year 2019 Vesting period: years 2019, 2020, 2021 |
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Blocking period |
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Additional 2 years Years 2022, 2023 |
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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 |
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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 2019, 2020, 2021) divided by Ø (EPS value years 2016, 2017, 2018) * 1.04 rTSR-related achievement determination: Ø (ranking in the years 2019, 2020, 2021 of GF within the SMI-Mid) The performance measures will be amended for the LTI-Plan 2019. A detailed outline can be found in chapter Changes for the Business Year 2019. |
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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 Subject to cap as defined in 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 Subject to cap as defined in 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 2018 (including CEO)
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Fixed compensation elements |
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Variable compensation elements |
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Total 2018 |
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Fixed base salary |
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Benefits |
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Short-term incentive Performance year 2018 |
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Long-term incentive Performance year 2018 |
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Performance year 2018 |
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3’003 |
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1’239 |
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2’797 |
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1’378 |
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8’417 |
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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 2019 |
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1’752 PS with a total grant value of 1’378 based on share price of CHF 786.50 at 31 December 2018 |
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Short-term incentive target |
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2’182 |
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Short-term incentive 2018 in % of target |
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128.2% |
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(all financial figures in CHF 1’000, except number of shares and share price)
PS = Performance shares
At the Annual Shareholders’ Meeting of 19 April 2017, a maximum sum of CHF 10.298 million for remuneration of the members of the Executive Committee for the business year 2018 was approved.
CEO compensation 2018
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Fixed compensation elements |
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Variable compensation elements |
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Total 2018 |
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Fixed base salary |
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Benefits |
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Short-term incentive Performance year 2018 |
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Long-term incentive Performance year 2018 |
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Performance year 2018 |
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950 |
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410 |
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1’247 |
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590 |
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3’197 |
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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 2019 |
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750 PS with a total grant value of 590 based on share price of CHF 786.50 at 31 December 2018 |
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Short-term incentive target |
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950 |
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Short-term incentive 2018 in % of target |
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131.3% |
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(all financial figures in CHF 1’000, except number of shares and share price)
PS = Performance shares
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