Julius Baer Shareholders Approve CEO's $6.7 Million Pay
Shareholders of Julius Baer Group Ltd., Switzerland’s third-largest wealth manager, approved the bank’s 2013 remuneration report in a non-binding vote, after the company revised its compensation policy.
Investors accepted the report, including total compensation of 5.9 million Swiss francs ($6.7 million) for Chief Executive Officer Boris Collardi, in a vote at the annual general meeting today, the Zurich-based company said in an e-mailed statement.
“In response to the rejection of last year’s remuneration report, the board of directors reassessed and reshaped the group’s compensation system from the ground up,” Daniel Sauter, chairman of Julius Baer, said in a speech published on the company’s website. “Through discussions with many shareholders, we learned what we needed to change.”
The report was approved by 92.1 percent in the vote, Sabine Jaenecke, a spokeswoman for the company, said in an e-mail.
Julius Baer is revising compensation after opposition to excessive pay stiffened among the Swiss following the government bailout of UBS AG (UBSN), Switzerland’s biggest bank, in 2008 and a plan -- later scrapped -- by Novartis AG to pay departing Chairman Daniel Vasella as much as $78 million.
Julius Baer said last year it planned to take measures on executive pay to win over its investors after 64 percent of shareholders rebuffed the 2012 pay of Collardi, 39, in a non-binding vote.
In March of last year, Swiss voters approved rules giving shareholders a binding vote on managers’ pay. All publicly traded Swiss companies have to implement the rules, known as the fat-cat initiative, by 2015.
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