Last year ABB CEO Urlich Spiesshofer earned $9.4 million, as his executive salary rose by 20%. Now his and other executive salaries will become a topic of discussion at the next week’s Annual General Meeting.
According to Dagens industri, ABB CEO executive bonus was equivalent to 394% of the base salary, despite the fact that earnings per share fell to its lowest level since 2006 and the share price fell by 12%, while the employees are faced with the largest savings program of more than ten years.
At the next week’s meeting shareholders will vote on the compensation package for ABB’s executives proposed by The Board of Directors, which proposes that shareholders approve the maximum aggregate amount of compensation of the Executive Committee for the financial year 2017 in the amount of $51.8 million, ABB announced in the Invitation to the meeting.
While Cevian offered no comment to Di’s question on how they will vote on the compensation issue, the counselor at Ethos Foundation, Geneva-based association offering advice on board meetings and organizing proxies, recommends that shareholders vote against a new package at the meeting, reports Dagens industri.