The chief executive of Switzerland’s largest bank UBS received CHF14.2 million ($14.92 million) in compensation for 2017, up from CHF13.7 million in 2016, UBS said on Friday.
The announcement comes at a time when executive pay and bonuses are under increased scrutiny in Switzerland.
In all, the bankexternal link’s 11-person management took home almost CHF100 million between them (CHF99.9 million, up from CHF97.9 million in 2016). The board of directors earned slightly less at CHF13.13 million, compared with CHF13.22 million the previous year, according to UBS’s annual compensation reportexternal link.
Chief Executive Tidjane Thiam said in November 2017 that bankers shouldn’t expect a big raise for 2017 as Credit Suisse emerges from two years of restructuring and cost cuts. Thiam and the executive board last year agreed to a 40% reduction to the bonuses originally proposed for them on 2016 earnings after investor groups voice their opposition.
A change to Swiss law in 2013 granted shareholders a veto right over salaries of top managers and board members of listed companies.
Nevertheless, Swiss blue-chip CEOs are dominating European wage rankings, according to a study by consultants Willis Towers Watson, published in October 2017. CEOs of Switzerland’s top firms were taking home almost double the median salaries of Europe’s 100 biggest companies, the report found.