Management of managers
Switzerland, European champion of wages of big bosses
A CEO of an SMI company earns an average of 8.3 million per year. Average companies have increased the remuneration of their managers by 37.4%.
According to Ethos, a CEO of an SMI company earns an average of 8.3 million annually. This amount would amount to 15 million for Sergio Ermotti, CEO of UBS.
KEYSTONE
Switzerland is positioned at the top of continental Europe for the remuneration of its business leaders listed on the stock market, reveals an analysis ofEthos. After a period of decline between 2014 and in the COVID-19 years, the salaries of the CEOs have left up since 2020, finding levels comparable to those of ten years ago.
In 2024, a manager of an SMI company received an average of 8.3 million francs, placing Switzerland behind the Anglo-Saxon countries (United States, Canada, United Kingdom), but leading in continental Europe. This upward trend is also confirmed for the presidents of the boards of directors, whose average remuneration increased by 9.3%, to reach 2.3 million francs in SMI companies.
Significant increase for SMIM
The most striking development concerns medium -sized companies (SMIM), where CEOs benefited from an average increase of 37.4% compared to 2023, bringing their remuneration to 4.3 million francs. In the smallest companies in the SPI index, managers have received an average of 1.5 million francs (+ 5.5%).
Over time, it is the medium and small businesses that have experienced the most significant progression. If the remuneration of SMI CEOs are approximately at the same level as ten years ago, those of SMIM managers increased by 13% over this period, and those of the smallest companies by 30%.
Shareholders’ alertness
Shareholders continue to exercise their vigilance in the face of these remuneration. During the 2025 general meetings, the remuneration report remained the most disputed point, with an average approval rate of 86.9% for the 155 companies of the SPI having organized such an vote, an increase of 1.8 points compared to the previous year.
The Ethos Foundation, which represents the interests of long -term institutional investors, maintains a critical position. It has not recommended that only 40.0% of remuneration reports and 39.9% of the durability reports subject to the vote. The refusal criteria include a lack of transparency, amounts deemed excessive, or variable remuneration exceeding the basic salary three times.
In addition, the proportion of companies which proceed to a binding vote rather than consultative on the sustainability report, a requirement carried by ethos, increased from 56% to 68% in one year. This development illustrates the positive impact that the systematic exercise of shareholders’ rights can have on governance practices of listed companies.
The top 25 of the big best paid bosses
The 25 best paid CEOs in 2024 in Switzerland according to Ethos (in thousands of francs).
Ethos/DR
In 2024, seven CEOs of listed companies on the Swiss Stock Exchange received remuneration over 10 million. This attributed remuneration does not take into account the potential lever effect of the actions and/or options received within the framework of a long -term remuneration plan and whose value could further increase or decrease according to the financial performance of the company and the assessment of the course.
Little surprise, the first place is coming back to the CEO of Galderma Group this year, a company that made its stock market in early 2024.
There are six leaders in the finance sector (Partners Group, UBS, Zurich Insurance Group, EFG International, Julius Bär and Swiss Re) and seven leaders of the Pharmacy/Chemistry (Galderma Group, Novartis, Alcon, Roche, Sandoz, Givaudan and Clariant) among the best remunerated CEOs in Switzerland in 2024.
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