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Novartis even broke a new record with the compensation it paid to CEO Vas Narasimhan since the robbery attempt was adopted.
Narasimhan received a total compensation of 16.25 million francs in 2023; That’s more than any other executive at a publicly traded company since 2013, when Swiss voters approved the attempted heist.
Compared to 2022, Narasimhan’s total compensation almost doubled last year, according to the annual report. The increase is due to the fact that under his leadership, Novartis achieved or exceeded all targets set in its bonus programs.
More bonuses throughout
However, the increase is not only seen in Novartis. Most of the companies listed in the Swiss Leading Index (SLI) in 2023 had higher fees than in the previous year. This is shown in the first review of the annual reports of the AWP news agency. However, a number of annual reports are still pending, including those from major bank UBS and insurance group Zurich.
In twelve of the 16 companies in SLI that published their 2023 annual reports, the salary and bonus payments to the CEO are above the value of the previous year. Total CEO compensation increased by around 7 percent on average. (SDA)
Source :Blick
I’m Tim David and I work as an author for 24 Instant News, covering the Market section. With a Bachelor’s Degree in Journalism, my mission is to provide accurate, timely and insightful news coverage that helps our readers stay informed about the latest trends in the market. My writing style is focused on making complex economic topics easy to understand for everyone.
