Swiss banking major UBS has raised the compensation of its CEO Sergio Ermotti by 21% to CHF10.73 million ($12.3 million) last year after it swung back to profit.
Ermotti’s leadership, which has resulted in relatively strong financial results and his focus on "protecting and improving the firm’s reputation" merited the raise, the bank said in a statement.
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However, UBS’s highest paid executive was investment banking chief Andrea Orcel, who received CHF11.43 million in 2013, while chairman Axel Weber was paid nearly CHF6.1 million.
The group praised Orcel for pushing for the "highest standards of employee conduct and behavior whilst at the same time addressing issues from the past."
UBS changed its pay structures, limiting cash payouts, after almost 37% of shareholders voted against the bank’s 2011 compensation report last May.
UBS noted that, as a result of the implementation of the Ordinance against excessive pay issued by the Swiss Federal Council, from 2015 onwards UBS will not only have an advisory vote on the compensation report, but will also seek shareholder approval on the compensation for the Group Executive Board and the Board of Directors.
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By GlobalData
