Rampant Remuneration: Swiss CEO Pay Sees Significant Surge
August 26, 2025
The salaries of CEOs at companies listed on the Swiss stock exchange jumped by more than 7% in 2024, with pay packages climbing back to roughly the same level as a decade ago.
Research conducted by the Ethos Foundation found that the average salary of a Swiss Market Index (SMI) CEO had reached 8.3 million Swiss Francs (U$10.3 million), up 7.4% on the average 2023 CEO salary.
This means that the average CEO salaries of Switzerland’s largest listed companies are behind those in Canada, the UK and the US, but ahead of those in the continental European region.
The study analysed the pay packages of CEOs and chairpersons of the boards of directors of the largest companies listed in Switzerland, as well as voting results at this year’s Swiss AGMs. Remuneration levels had generally trended downwards between 2014 and COVID. However, since 2020, CEO pay has risen again, with salaries in 2024 returning to roughly the same level as in 2014.
CEO pay has also surged in the UK, reaching a new all-time high and breaking the record for a third consecutive year as highlighted in a report released by the High Pay Centre this week. As reported by Minerva Analytics, in 2024/25 the median FTSE 100 CEO pay stood at £4.6 million (U$6.2 million), up almost 7% from £4.3 million in 2023/24. The median CEO at a FTSE 100 firm is paid 122 times more the median UK full time worker.
Founded in 1997, Ethos’ goal is to support pension funds investing in a sustainable and responsible manner, taking ESG criteria into account. The organisation currently comprises 253 members that manage assets totalling 405 billion Swiss Francs.
The salary of medium-sized company CEOs climbed significantly, according to Ethos’ findings, with the average CEO of a medium-sized firm taking home 4.3 million Swiss Francs, up 37% from 2023. Meanwhile, the CEO remuneration at 125 small-sized companies was 1.5 million Swiss Francs per year, increasing 5.5% from the previous year.
The study also found that the chairpersons of SMI companies’ boards of directors received average pay of 2.3 million francs. This represents a 9.3% increase on 2023, through it is 8.8% lower than 2014. This has followed a similar trend to CEO pay, with remuneration levels falling between 2014 and 2020, but rapidly rising again since then.
Ethos spotlighted that the average approval rate for remuneration reports at SMI companies had risen to 89% in 2024, up from 82.3% the previous year. However, Ethos stated that long-term shareholders, such as the organisation and its member pension funds, have “remained critical” regarding both management remuneration and sustainability reporting this year. It added that since the beginning of the year, the foundation has recommended voting in favour of 40% of remuneration reports and 40% of sustainability reports.
‘Given the potential impact of the leverage effect of long-term remuneration, we expect companies to be more transparent about the remuneration actually paid,” said Vincent Kaufmann, CEO at Ethos. “By publishing, explaining and justifying this remuneration properly, companies can not only limit criticism but also shareholder protests at general meetings.”
Ethos rejected remuneration reports that lacked sufficient transparency, the amount of remuneration was too high in comparison with companies of a similar size, or if the variable remuneration exceeded three times the base salary. “Criticism was also levelled when the leverage effect of variable remuneration components was excessively high, or when the performance criteria were not demanding enough,” Ethos added.
While Ethos acknowledged that the average approval rate for remuneration reports had risen, but also highlighted that the AGMs of notable Swiss companies Logitech and Richemont are set to take place next month and may impact the support levels for these reports.
Shareholders at Richemont have this week been advised to oppose a proposed bonus payments to Richemont’s executive committee, which totalled 30.6 million Swiss francs. Richemont were criticised for not providing the targets and results that underpin the variable compensation.
Investors were also urged to vote against the re-election of Richemont’s Chairman Johann Rupert and board member Anton Rupert due to the company’s unequal voting rights structure, which the proxy advisor argued benefits both individuals.
The Rupert family holds 9.1% of the equity of the company, but due to the dual-class share structure (DCSS) it utilises this translates to 50% of voting rights at the firm. DCSS can be detrimental to shareholders, restricting their influence and granting greater control over the company to founders and senior figures.
UK FinTech Wise and US Tech firm The Trade Desk have recently bundled proposals to extend the sunset trigger of its DCSS in management resolutions, as reported by Minerva Analytics. The Wise proposal passed at a special general meeting at the end of last month, while shareholders are set to vote on The Trade Desk’s proposal on 17 September.
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Last Updated: 26 August 2025