Implenia Executive Committee compensation
For the year under review, the IEC comprises nine members: the CEO, the four Division Heads, the Head Country Management, as well as the Function Heads of Human Resources, Finance/Procurement, and Legal. One former member of the IEC, who left in 2020, was still on notice period until 31 March 2021. The CEO received the highest compensation. The detailed disclosure of compensation of the IEC is as follows:
Compensation awarded in 2021 | ||||||||||||||||
Annual | Short-Term | Long-Term Incentive | Retention award7 | Other 2021 | Social | Total | ||||||||||
2021 | CHF t | CHF t | Number of | CHF t | CHF t | CHF t | CHF t | CHF t | ||||||||
André Wyss, CEO1 | 1,200 | 1,146 | 29,017 | 1,100 | ‑ | ‑ | 582 | 4,028 | ||||||||
Other members of the IEC2 | 2,802 | 1,949 | 45,069 | 1,708 | 700 | 119 | 1,414 | 8,692 | ||||||||
Total IEC | 4,002 | 3,095 | 74,086 | 2,808 | 700 | 119 | 1,996 | 12,720 | ||||||||
Former members of the | 75 | 51 | ‑ | ‑ | ‑ | 73 | 51 | 250 | ||||||||
Grand total 2021 | 4,077 | 3,146 | 74,086 | 2,808 | 700 | 192 | 2,047 | 12,970 | ||||||||
1 This is the highest compensation for an IEC member.
2 Marco Dirren, Anita Eckardt, German Grüniger, Matthias Jacob, Christian Späth, Jens Vollmar, Adrian Wyss, and Claudia Bidwell were part of executive management for the full year. Amounts in EUR for Matthias Jacob, Head Country Management, were converted at a rate of EUR 1 = CHF 1.08157 which is the average yearly exchange rate used in Implenia 2021 consolidated financial statements.
3 Included in this table is one former member of executive management: Christelle Beneteau left the executive management on 30 November 2020 and her executive management employment contract expired on 31 March 2021. Her compensation is included pro-rata.
4 Short-Term Incentive for the performance year 2021, which is paid in the subsequent year.
5 Short-Term Incentives for former members of executive management: the Short-Term Incentive payment for Christelle Beneteau is included pro-rata until the expiration of her executive management employment contract, respectively until 31 March 2021.
6 The number of PSUs is calculated by dividing the LTI award amount by the fair value per PSU. The fair value at time of grant was CHF 37.91. The potential matching shares described in detail under the section “Overview on 2019, 2020 and 2021 LTI Grants” have been considered in this fair value. For Matthias Jacob, Head Country Management, the LTI award in EUR was converted at a rate of EUR 1 = CHF 1.1036 (the currency exchange rate on grant date).
7 The total reported value of the retention awards is composed of restricted shares with a three-year blocking period (CHF 490,068.18 respectively 25,551 shares using the closing price at grant, CHF 19.18) and a cash payment (CHF 209,941.82). Six members of the IEC received a retention award, with total individual payouts ranging from CHF 100,000 to CHF 155,000.
8 Other compensation includes perquisites such as mobility allowance, car lease financed by the Company, child benefit or accumulated vacation paid to executive members leaving Implenia.
9 Social security expenses include mandatory employer social security expenses and pension contributions as per governmental requirements and market practice.
10 No additional fees or compensation were invoiced by members of the IEC for the year under review (2020: CHF 0).
Compensation awarded in 2020 | ||||||||||||||||||
Annual | Short-Term | Long-Term Incentive | Blocked shares | Other 2020 | Social | Total | ||||||||||||
2020 | CHF t | CHF t | Number of | CHF t | Number | CHF t | CHF t | CHF t | CHF t | |||||||||
André Wyss, CEO1 | 1,200 | 240 | 31,610 | 1,100 | ‑ | ‑ | ‑ | 437 | 2,977 | |||||||||
Other members of the IEC2 | 2,683 | 1,127 | 46,275 | 1,610 | ‑ | ‑ | 112 | 1,256 | 6,788 | |||||||||
Total IEC | 3,883 | 1,367 | 77,885 | 2,710 | ‑ | ‑ | 112 | 1,693 | 9,765 | |||||||||
Former members of the | 570 | 60 | ‑ | ‑ | 459 | 8 | 138 | 223 | 999 | |||||||||
Grand Total 2020 | 4,453 | 1,427 | 77,885 | 2,710 | 459 | 8 | 250 | 1,916 | 10,764 | |||||||||
1 This is the highest compensation for an IEC member.
2 Marco Dirren, Anita Eckardt, German Grüniger, Matthias Jacob, Christian Späth, Jens Vollmar and Adrian Wyss were part of executive management for the full year. Christelle Beneteau left executive management on 30 November 2020. Her compensation is included for the entire year as the notice period of her executive management contract started on 1 December 2020 and will end on 31 May 2021. Claudia Bidwell, CHRO, became a member of the IEC on 1 December 2020 and her compensation is included pro-rata. Amounts in EUR for Matthias Jacob, Head Country Management, were converted at a rate of EUR 1 = CHF 1.07024 which is the average yearly exchange rate used in Implenia 2020 consolidated financial statements.
3 Included in this table are two former members of executive management: André Métral left the Group Executive Board on 28 February 2019, but remained employed with Implenia; his compensation related to the notice period of his executive position is included for the first two months of the year. René Kotacka left the IEC on 31 December 2019 and his executive management employment contract expired on 31 August 2020. His compensation is included pro-rata.
4 Short-Term Incentive for the performance year 2020, which is paid in the subsequent year. As a sign of solidarity with all stakeholders of Implenia, the CEO has, in agreement with the Board of Directors, decided to forfeit a substantial part of his STI.
5 Short-Term Incentives for former members of Executive Management: the Short-Term Incentive payments for André Metral and René Kotacka are included pro-rata until the expiration of their executive management employment contract, respectively until 29 February 2020 and 31 August 2020.
6 The number of PSUs is calculated by dividing the LTI award amount by the fair value per PSU. The fair value at time of grant was CHF 34.80. For Matthias Jacob, Head Country Management, the LTI award in EUR was converted at a rate of EUR 1 = CHF 1.0659 (the currency exchange rate on grant date). Not included are the Ina Invest RSUs that 2019 LTIP plan participants received following the spin-off of half of Implenia’s development portfolio into Ina Invest.
7 Amounts based on closing price when shares were allocated at the end of November 2020.
8 Other compensation includes perquisites such as mobility allowance, car lease financed by the Company, child benefit or accumulated vacation paid to executive members leaving Implenia.
9 Social security expenses include mandatory employer social security expenses and pension contributions as per governmental requirements and market practice.
10 No additional fees or compensation were invoiced by members of the IEC for the year under review (2019: CHF 0).
At the AGM 2020, the shareholders approved a maximum compensation amount of CHF 13 million for the financial year 2021. In 2021, executive management total compensation amounted to CHF 12.97 million. The Company is therefore within the approved limits.
At the AGM 2021, the shareholders approved a maximum compensation amount of CHF 13 million for the financial year 2022. The Company expects to be within the approved limits.