Julius Baer Shareholders Reject Pay Report at Annual Meeting
Shareholders of Julius Baer Group Ltd. (BAER), Switzerland’s third-largest wealth manager, rejected the bank’s 2012 remuneration report in a non-binding vote.
In a so-called advisory vote at the annual general meeting in Zurich today, 64 percent of investors rebuffed executive pay including total compensation of 6.7 million Swiss francs ($7.2 million) for Chief Executive Officer Boris Collardi.
“The board of directors will take the appropriate measures to work toward a positive vote at the next AGM,” Julius Baer said in an e-mailed statement today.
Collardi’s 2012 pay includes a so-called integration award of 800,000 francs after the firm acquired non-U.S. Merrill Lynch wealth-management units from Bank of America Corp. The company has already paid out remuneration to executives for last year and plans to issue additional integration awards.
Collardi, 38, also had 6.3 million francs in loans as of Dec. 31, compared with 4.1 million francs a year earlier, the report showed.
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