For the year under review, the IEC comprises nine members: the four Division Heads, the Head Country Management, as well as the Function Heads of Human Resources, Finance/Procurement, and Legal. Two formers of the executive management team were still on notice period of their executive management contracts during 2020 and one executive management member left the IEC on November 30, 2020. The CEO received the highest compensation. The detailed disclosure of compensation of the IEC is as follows:
Compensation paid in 2020 to the Implenia Executive Committee
Annual Base Salary
Short-Term Incentive4, 5
Long-Term IncentivePSU 2020‑2023 cycle6
Blocked shares allocated7
Social security expenses9
Number of PSUs allocated
André Wyss, CEO1
Other members of the IEC2
Former members of the Implenia Executive Committee3
Grand Total 2020
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 November 30, 2020. Her compensation is included for the entire year as the notice period of her executive management contract started on December 1, 2020 and will end on May 31, 2021. Claudia Bidwell, CHRO, became a member of the IEC on December 1, 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 February 28, 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 December 31, 2019 and his executive management employment contract expired on August 31, 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 February 29,2020 and August 31, 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 Under other compensation are included 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).
The entire Group's Compensation Report can be found in the Annual Report.