Paying for sustainable performance
Winterthur, February 27, 2025
Dear Shareholder,
On behalf of the Board of Directors and of the Remuneration Committee (RC), I am pleased to present the 2024 Compensation Report.
This past year marked the inaugural phase of our strategic implementation following the strategy review conducted in 2023.
I am delighted to report that the company’s continued excellent performance has exceeded the strong growth in 2023 and reached our ambitious, increased goal. In 2024, we set a record for profitability and increased the value created for our customers and society. We are pleased to have been recognized by the capital markets and to have been able to deliver impressive value to our esteemed shareholders.
In 2024, our board members formed a cohesive and impactful team to accompany and guide the implementation of the Sulzer 2028 strategy. Our Executive Committee was further developed and strengthened by capable global leaders who were internally tested.
The compensation paid to the Board of Directors in 2024 was below the amounts previously approved by the AGM for the period in question. The total compensation paid to the Executive Committee for 2024 was entirely within the maximum compensation approved by the AGM 2023.
Given our continued excellent performance in 2024, fueled by our ambition for growth and excellence in challenging market conditions, we must ensure that our Board and Executive Committee are compensated consistently with company performance, evolving market practices, enabling business strategy and shareholder value creation. For this purpose, I led the remuneration committee in conducting a systematic compensation system review with the support of multiple reputable external subject matter experts. The comprehensive review of our compensation system has allowed us to continuously benchmark with relevant peers in our growth journey to strengthen our remuneration framework, ensuring it consistently reflects and upholds our compensation principles detailed in this report.
Another high-performing year has validated our strategy and its execution, pointing Sulzer toward a prosperous future. On behalf of Sulzer, the Board of Directors and the Remuneration Committee, I thank you for your continued trust in our company.
Yours Sincerely,
Dr. Hariolf Kottmann
Chairman
Remuneration Committee