At the annual general meeting of UBS to be held on 2 May 2019, Ethos recommends to oppose all proposals related to the remuneration of the board of directors and the executive management. Ethos considers that the CHF 73.3 million requested for the 2018 bonus of the 13 members of the executive management is excessive in light of the bad performance of the bank’s share price in 2018.
At the Annual General Meeting to be held on 26 April 2019, Ethos recommends to oppose all proposals related to the remuneration of the board of directors and the executive management of Credit Suisse. The proposed increase in the executive management’s variable remuneration is excessive in light of the bank’s financial results.
Ethos Study on the 2015 Swiss Proxy Season: Mixed picture in terms of implementation of Minder Initiative
At the end of the 2015 Swiss proxy season Ethos publishes a study on the different aspects tied to the implementation of the Minder Initiative and the corporate governance of the companies comprised in the Swiss Performance Index (SPI). Ethos has found that the spirit of the Minder Initiative is often circumvented regarding the vote on the remunerations of the board and executive management. In addition, several principles of good governance are often not respected such as the independence of the board or the equal treatment of shareholders.
The Ethos Foundation has issued its 2014 proxy voting guidelines. One notable feature of this edition is the principles that Ethos will apply with regard to the implementation of the ordinance of execution of the initiative “against excessive remuneration”, the so-called "Minder" initiative. Ethos recommends that companies have a separate vote for the fixed and variable remuneration components. Under no circumstances will the Foundation be able to accept, prospectively, remuneration amounts without knowing in detail the mechanisms linking compensation to performance. Moreover, in the event of outstanding performance, the variable remuneration should not exceed three times the fixed salary in order to avoid excessive risk-taking by the management.
On 24 November 2013, the Swiss people will vote on the popular initiative “1:12 – for fair wages“. The initiative aims at anchoring in the Swiss Constitution that the highest salary paid by a company shall not exceed twelve times the lowest salary in the same company.
For further information please refer to the French version of this news.
Ethos’ position on the Ordinance draft regarding the Minder initiative (“against excessive remuneration”)
Ethos Foundation comments the Swiss Government for having proceeded to a hearing on its Ordinance for the application of the Minder popular initiative “against excessive remuneration”.
For further information please refer to the German version of this news.
General meetings of UBS and Credit Suisse Group : Ethos recommends to oppose the remuneration reports
Ethos Foundation recommends to oppose the remuneration reports at the annual general meetings of Credit Suisse (26 April) and UBS (2 May). Despite the progress made by the two banks with regard to the executive remuneration structure, the amounts paid are still too high.
Enhanced rights for shareholders – Ethos’ position following the approval of the Minder initiative by the Swiss people
Ethos Foundation is satisfied that, in the future, the shareholders of Swiss listed companies will have rights with regard to board and executive remuneration. Both the Minder popular initiative and the parliamentary counter-project were pursuing the same objective. Ethos will now weigh in for the introduction of the most important provisions of the counter-project in the law of application of the initiative that will be elaborated by the Swiss parliament