Shareholders at Julius Baer, Switzerland’s largest private bank, have scored the first direct hit on fat cat salaries by voting overwhelmingly against the proposed remuneration package for top executives.
Nearly 64 per cent of shareholders rejected the pay plan in a non-binding ballot does that not compel Julius Baer make changes. But it follows last month’s decision by the Swiss voters to accept a proposal that will make such shareholder ballots binding in the coming years.
Julius Baer plans to shell out CHF15.2 million ($16.3 million) to senior managers to reward their work in 2012.
The package contained a CHF6.68 million ($7.15 million) award to chief executive Boris Collardi, including an CHF800,000 bonus relating to last year’s purchase of Merrill Lynch’s wealth management business outside the United States.
"The board of directors will take the appropriate measures to work towards a positive vote at the next annual general meeting," Julius Baer said in a statement that did not include details of how the bank would respond the Wednesday’s negative vote. Full story...
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Nearly 64 per cent of shareholders rejected the pay plan in a non-binding ballot does that not compel Julius Baer make changes. But it follows last month’s decision by the Swiss voters to accept a proposal that will make such shareholder ballots binding in the coming years.
Julius Baer plans to shell out CHF15.2 million ($16.3 million) to senior managers to reward their work in 2012.
The package contained a CHF6.68 million ($7.15 million) award to chief executive Boris Collardi, including an CHF800,000 bonus relating to last year’s purchase of Merrill Lynch’s wealth management business outside the United States.
"The board of directors will take the appropriate measures to work towards a positive vote at the next annual general meeting," Julius Baer said in a statement that did not include details of how the bank would respond the Wednesday’s negative vote. Full story...
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