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– Compensation report – Compensation of the Board of Directors for 2022

Compensation of the Board of Directors for 2022

Compensation of the Board of Directors: overview

In 2022, the Board of Directors received total compensation in the amount of kCHF 2’340 (previous year: kCHF 2’862). Of this total, kCHF 1’152 was in the form of cash fees (previous year: kCHF 1’444); kCHF 905 was in RSUs (previous year: kCHF 1’155) and kCHF 283 was in the form of social security contributions (previous year: kCHF 263).

The total Board compensation paid in 2022 was 18.3% lower than in 2021, which is due to the reduced size of the Board of Directors. Nevertheless, the aggregated Board compensation was still below the maximum aggregate compensation for the Board, which was approved at the AGM 2021. The structure and level of the Board compensation remained unchanged compared with the previous year.

The portion of compensation delivered in RSUs amounts to 70% of the cash compensation for the Chairwoman, and to between 70% and 133% for the other active members of the Board of Directors. The RSUs are subject to a staged three-year vesting period.

Compensation of the Board of Directors

 

 

2022

thousands of CHF

 

Cash fees 3)

 

Restricted share unit (RSUs) plan 4)

 

Social security contributions 5)

 

Total

Board of Directors

 

1’152

 

905

 

283

 

2’340

Suzanne Thoma, Chairwoman

 

358

 

250

 

84

 

692

Matthias Bichsel, Vice Chairman

 

134

 

155

 

33

 

322

Alexey Moskov

 

94

 

125

 

32

 

251

David Metzger

 

131

 

125

 

37

 

293

Hanne Birgitte Breinbjerg Sørensen

 

169

 

125

 

42

 

336

Markus Kammüller 1)

 

94

 

125

 

31

 

250

Peter Löscher, former Chairman 2)

 

105

 

-

 

15

 

120

Gerhard Roiss 2)

 

41

 

-

 

5

 

46

Mikhail Lifshitz 2)

 

26

 

-

 

4

 

30

 

 

2021

thousands of CHF

 

Cash fees

 

Restricted share unit (RSUs) plan

 

Social security contributions

 

Total

Board of Directors

 

1’444

 

1’155

 

263

 

2’862

Peter Löscher, Chairman

 

447

 

250

 

66

 

763

Suzanne Thoma, Vice Chairwoman

 

136

 

155

 

32

 

323

Matthias Bichsel

 

138

 

125

 

24

 

286

Lukas Braunschweiler

 

28

 

-

 

3

 

31

Mikhail Lifshitz

 

112

 

125

 

27

 

264

David Metzger

 

84

 

125

 

25

 

234

Alexey Moskov

 

112

 

125

 

27

 

264

Marco Musetti

 

37

 

-

 

4

 

41

Gerhard Roiss

 

173

 

125

 

26

 

324

Hanne Birgitte Breinbjerg Sørensen

 

176

 

125

 

31

 

332

1) Member of the Board of Directors since April 6, 2022.

2) Member of the Board of Directors until April 6, 2022.

3) Disclosed gross.

4) RSU awards granted in 2022 had a fair value of CHF 77.8203 at grant date. The amount represents the full fair value of grants made in 2022. Suzanne Thoma will not receive RSU while participating in PSP as CEO.

5) The amount includes mandatory social security contributions on the cash fees and estimated contributions on the RSU (based on their fair value at grant) and includes both the employer and employee contributions paid by the company on behalf of the Board members.

At the 2022 and 2021 AGMs respectively, shareholders approved a maximum aggregate compensation amount of kCHF 2’984 for the Board of Directors. The table below shows the reconciliation between the compensation that was/will be paid out for the two periods of office and the maximum aggregate compensation amounts approved by the shareholders.

Reconciliation between the reported Board compensation and the amount approved by the shareholders at the Annual General Meeting

thousands of CHF

 

Compensation earned during financial year as reported (A)

 

Minus compensation earned from Jan to AGM of financial year (B)

 

Plus compensation accrued from Jan to AGM of year following financial year (C)

 

Total compensation earned for the period from AGM to AGM (A-B+C)

 

Amount approved by shareholders at respective AGM

 

Ratio between compensation earned for the period from AGM to AGM versus amount approved by shareholders

AGM 2022–AGM 2023

 

2022

 

Jan 1, 2022 to 2022 AGM

 

Jan 1, 2023 to 2023 AGM

 

2022 AGM to 2023 AGM

 

2022 AGM

 

2022 AGM

Board (total)

 

2’340

 

388

 

307

 

2’259

 

2’984

 

75.7%

AGM 2021–AGM 2022

 

2021

 

Jan 1, 2021 to 2021 AGM

 

Jan 1, 2022 to 2022 AGM

 

2021 AGM to 2022 AGM

 

2021 AGM

 

2021 AGM

Board (total)

 

2’862

 

386

 

393

 

2’869

 

2’984

 

96.2%

As of December 31, 2021, and December 31, 2022, there were no outstanding loans or credits granted to the members of the Board of Directors, former members of the Board of Directors or related parties. 

In 2021 and 2022, no compensation was granted to former members of the Board of Directors or related parties.

Shareholdings of the Board of Directors

As of the end of 2022 and 2021, the members of the Board of Directors held the following shares in the company:

Shareholdings at December 31, 2022

 

 

2022

 

 

Sulzer shares

 

Restricted share units (RSU)

 

Total share awards and shares

Board of Directors

 

23’434

 

21’095

 

44’529

Suzanne Thoma

 

744

 

4’701

 

5’445

Matthias Bichsel

 

12’600

 

4’406

 

17’006

Alexey Moskov

 

2’217

 

3’786

 

6’003

David Metzger

 

600

 

2’808

 

3’408

Hanne Birgitte Breinbjerg Sørensen

 

7’273

 

3’786

 

11’059

Markus Kammüller

 

0

 

1’608

 

1’608

Shareholdings at December 31, 2021

 

 

2021

 

 

Sulzer shares

 

Restricted share units (RSU)

 

Total share awards and shares

Board of Directors

 

55’307

 

34’874

 

90’181

Peter Löscher

 

22’238

 

8’818

 

31’056

Suzanne Thoma

 

0

 

2’232

 

2’232

Matthias Bichsel

 

9’976

 

5’038

 

15’014

Mikhail Lifshitz

 

6’182

 

4’410

 

10’592

David Metzger

 

0

 

1’800

 

1’800

Alexey Moskov

 

639

 

3’756

 

4’395

Gerhard Roiss

 

14’413

 

4’410

 

18’823

Hanne Birgitte Breinbjerg Sørensen

 

1’859

 

4’410

 

6’269