The salaries and bonuses of the CEOs of the thirty largest listed Swiss companies rose again last year. Novartis even set a new record with its compensation for CEO Vas Narasimhan since the rip-off initiative was adopted.
Narasimhan received total compensation of 16.25 million francs in 2023 – more than any other manager of a listed company since 2013, when Swiss voters approved the rip-off initiative.
Legend: The CEO of Novartis, Vas Narasimhan, received a record salary in 2023 since the rip-off initiative was adopted. Keystone/GEORGIOS KEFALAS
Compared to 2022, Narasimhan’s total compensation almost doubled last year, according to the annual report. The reason for the increase is that under his leadership Novartis achieved or exceeded all of the goals set in the bonus programs.
More bonuses throughout
However, an increase is not only observed at Novartis. In 2023, the remuneration of most of the companies listed in the Swiss Leader Index (SLI) was higher than in the previous year. This is shown by an initial evaluation of the annual reports by the AWP news agency.
Legend: In 2023, the salaries and bonuses of the CEOs of the thirty largest listed Swiss companies rose again. Keystone/GAETAN BALLY
However, a number of annual reports are still outstanding, including those from the major bank UBS and the insurance group Zurich.
Of the 16 companies in the SLI that have already published the 2023 annual report, in twelve the salary and bonus payments for the CEO are above the previous year’s value. On average, the total compensation for the CEO increased by around 7 percent.