Zurich, Switzerland (GenevaLunch) - UBS’a annual report, published Monday 15 March, stoked the fire under a debate in the lower house of Swiss parliament over limiting executive pay packages. Thirteen top managers at the Swiss bank were paid CHF68.7 million in 2009, of which nearly CHF55 was in the form of bonuses, and the bank spent another CHF41.3 paying former managers a mix of compensation.
The figures were nearly 10 times those for 2008, when the bank turned to the government for a bailout package.
The bank two weeks earlier, 1 March, announced losses for a third quarter running, and the details about payouts come just as the lower house of the Swiss parliament has been debating putting a cap on executive pay.
Swiss senior managers remain the best-paid in Europe (see Le Temps map, text in French), earning on average CHF13 million in pay plus bonuses and other forms of compensation. Businessman Thomas Minder has for several years pushed parliament to vote for pay caps.
UBS annual report, including a discussion of executive compensation packages
Links to other sites: Business Week, Le Temps (Fre), TD Waterhouse/Dow Jones
This work by genevalunch.com is licensed under a Creative Commons Attribution-NonCommercial-NoDerivs 3.0 Unported.
News story, GenevaLunch, 16 March 2010.
Filed under: Business
Tags: board, bonuses, compensation, executives, package, pay, UBS
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