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Compensation Report


Changes in compensation for the Board of Directors

The Compensation Committee conducted a benchmarking analysis in 2022 for the Board of Directors compensation on the same basic structures as in prior years. Feedback from exchanges with investors and proxy advisors was also taken into consideration. The results showed that total compensation levels are at market level. However, the Board membership basis cash fee was found to be significantly lower, while the share-based compensation was determined to be higher compared to the peer group. This leads to volatility in total compensation when the share price fluctuates significantly. To better balance cash and share-based compensation and to reduce the volatility of total compensation, from the Annual Shareholders' Meeting 2023, the following changes will become effective for all members of the Board of Directors, including the Chair:



Restricted shares




Basis fee



Board membership

Currently: CHF 70’000 Change to: CHF 100’000

Currently: 3’000 shares Change to: 2’500 shares




Additional fees



Board chairmanship 1

Currently: CHF 290’000 Change to: CHF 260’000

Currently: 3’000 shares Change to: 3’500 shares

Independent Lead Director

CHF 22’500


Audit Committee chairmanship

CHF 80’000


Audit Committee membership

CHF 30’000


Compensation Committee chairmanship

CHF 60’000


Compensation Committee membership

CHF 20’000


Nomination and Sustainability Committee chairmanship

CHF 60’000


Nomination and Sustainability Committee membership

CHF 20’000


1 The Chairman of the Board of Directors is not eligible for additional committee fees.

Based on an estimated share price of CHF 60.00, the reduction by 500 shares in the Board membership basis fee reflects an approximate value of CHF 30’000. Consequently, the cash component will be increase by that amount. As a result, total compensation levels will be more stable in the future. With respect to the Board chairmanship fee, the aforementioned benchmarking analysis showed that the total compensation level is adequate. The fee for the Board chairmanship will therefore be adjusted in line with the change for the basis Board membership fee, in order to keep the total Board chairmanship compensation unchanged. No further fees will be changed.