Julius Baer Group has lowered the compensation of its CEO Boris Collardi for 2013 after shareholders voted against the bank’s remuneration report.
The bank awarded Collardi pay of CHF5.9 million for 2013, down 12% from CHF6.7 million a year ago, after an CHF800,000 one-time payment related to the acquisition of Bank of America non-U.S. wealth units wasn’t repeated, the Zurich-based company said today in its annual remuneration report.
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Julius Baer said the new pay figures result from a redesigned model that takes into account a nonbinding vote against its pay plan for 2012 at last year’s annual meeting.
The new model is aimed at more closely tying pay to performance and includes some caps on executive compensation, the bank added.
Also, Leonhard Fischer has decided to step down from the Board of Directors of both Julius Baer Group as well as of Bank Julius Baer & Co.
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, where he serves as CEO and member of the Board of Directors, the Swiss banking giant said in a statement.
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By GlobalDataDaniel 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."
