Annual Report and Remuneration Report 2013 published - Leonhard H. Fischer to step down from Board of Directors Julius Baer Group Ltd. today published its Annual Report 2013 and its Remuneration Report 2013. Both publications are available online at www.juliusbaer.com - Leonhard H. Fischer has decided to step down from the Board of Directors to avoid any potential conflicts of interests because of the intended acquisition of BHF-Bank by Kleinwort Benson Group, a wholly owned subsidiary of RHJ International SA, where he serves as CEO and member of the Board of Directors. Zurich, 3 March 2014 - Following the last Annual General Meeting in April 2013, Julius Baer's Board of Directors initiated a revision of the Group's compensation scheme and reporting. On the back of constructive input obtained from key stakeholders, and incorporating all legal and regulatory requirements, a new compensation framework has been developed and recently approved by the Board of Directors. Daniel J. Sauter, Chairman of the Board of Directors, comments: "We believe that the newly designed compensation framework, as described in our comprehensive Remuneration Report, is well-suited to support our ability to continue to attract the best professionals to Julius Baer. We have linked executive compensation directly and transparently to two Key Performance Indicators (KPIs), namely to the creation of economic value above the cost of capital and to the relative total shareholders return, hence adhering to the principle of 'pay for performance'." Key features of the new compensation structure and main changes *The 'pay-for-performance' link for all variable compensation elements for the members of the Executive Board has been established. *Based on detailed benchmarking, the pay mix for the members of the Executive Board has been changed to align it more closely to prevailing market practices. *Clearly defined caps have been established for the compensation of the members of the Executive Board. *The new scheme consists of a Deferred Bonus Plan (DBP) and an Equity Performance Plan (EPP). *The DBP is a cash-based variable compensation plan, which is tied to a set of Group and individual targets directly related to value creation for Julius Baer. The new DBP has been implemented for the compensation of 2013. The link to sustainable value creation is further enhanced by a more stringent deferral scheme, under which, relative to the former structure, a larger percentage is deferred and the deferral period is increased from three to five years. All deferred amounts are subject to standard claw-back provisions. *The EPP is an equity-based plan which is subject to the development of performance- and service-based vesting criteria. It cliff-vests after three years and will be effective for grants made in 2014. Any allocation of Performance Units (representing one share) under the EPP is subject to achieving the two Key Performance Indicator targets 'cumulative Economic Profit' and 'relative Total Shareholder Return' at the end of the performance period. The maximum uplift of the EPP is 50% of the number of Performance Units originally granted and is subject to full downside risk. *Share Ownership Guidelines have been introduced for the members of the Board of Directors and of the Executive Board to further strengthen the commitment to Julius Baer. Julius Baer will carefully observe all future developments and make the necessary changes as deemed required to ensure that its compensation framework is considered correct, fair and adequate by all key stakeholders. Leonhard H. Fischer to step down Leonhard H. Fischer has decided to step down from the Board of Directors of both Julius Baer Group Ltd. as well as of Bank Julius Baer & Co. Ltd. effective as of the AGM 2014. He has taken this decision to avoid any potential conflict of interests after the recent approval by the BaFin of the intended acquisition of BHF-Bank by Kleinwort Benson Group, a wholly owned subsidiary of RHJ International SA, where he serves as CEO and member of the Board of Directors. Daniel J. Sauter, Chairman of the Board of Directors, said: "I sincerely thank Lenny Fischer for his outstanding contribution during the past five years as member of our Board. His in-depth knowledge and understanding of the financial industry and his strategic skills have been invaluable in a transformative period where the Group has expanded its footprint on a global scale. And last but not least my colleagues and I have enjoyed working with him tremendously." Contacts Media Relations, Zurich, tel. +41 (0) 58 888 8888 Investor Relations, Zurich, tel. +41 (0) 58 888 5256 About Julius Baer Julius Baer is the leading Swiss private banking group with a focus on servicing and advising sophisticated private clients and a premium brand in global wealth management. Julius Baer's total client assets amounted to CHF 348 billion at the end of 2013, including CHF 254 billion of assets under management. Bank Julius Baer & Co. Ltd., the renowned Swiss private bank with origins dating back to 1890, is the principal operating company of Julius Baer Group Ltd., whose shares are listed on the SIX Swiss Exchange (ticker symbol: BAER) and form part of the Swiss Market Index (SMI), comprising the 20 largest and most liquid Swiss stocks. Julius Baer is currently integrating Merrill Lynch's International Wealth Management business outside the US. This will increase the Group's presence to more than 25 countries and 50 locations. Headquartered in Zurich, we have offices in key locations including Dubai, Frankfurt, Geneva, Hong Kong, London, Lugano, Monaco, Montevideo, Moscow, Singapore and Tokyo. For more information visit our website at www.juliusbaer.com Annual Report 2013 Remuneration Report 2013 Provider Channel Contact Tensid Ltd., Switzerland newsbox.ch Provider/Channel related enquiries www.tensid.ch www.newsbox.ch email@example.com +41 41 763 00 50
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Julius Baer: Annual Report and Remuneration Report 2013 publishe
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