— Compensation report — Compensation of the Executive Committee for 2022
Compensation of the Executive Committee for 2022
The following table discloses the actual compensation paid to the members of the Executive Committee in detail for financial year 2022 while performing services for medmix.
|
|
|
2022 |
||||||||||||
|
|
|
Cash compensation |
|
Deferred compensation based on future performance |
||||||||||
|
thousands of CHF |
|
Base salary |
|
Bonus 2) |
|
Other 3) |
|
Pension and social security contributions 4) |
|
Total cash-based compen- sation |
|
Estimated value of share-based grant under the Perfor- mance Share Plan (PSP) 5) |
|
Total (incl. conditional share-based grant) |
|
thereof highest single compensation G. Cimermans, CEO |
|
550 |
|
458 |
|
27 |
|
331 |
|
1’366 |
|
1’114 |
|
2’480 |
|
Total Executive Committee 1) |
|
1’270 |
|
818 |
|
31 |
|
676 |
|
2’795 |
|
1’575 |
|
4’370 |
Note: 2021 Mandatory compensation disclosure took effect as per the first day of trading of medmix shares on September 30, 2021. For maximum transparency, medmix opted to disclose compensation paid as of the spin-off date of September 20, 2021.
|
|
|
2021 |
||||||||||||
|
|
|
Cash compensation |
|
Deferred compensation based on future performance |
||||||||||
|
thousands of CHF |
|
Base salary |
|
Bonus |
|
Other |
|
Pension and social security contributions 4) |
|
Total cash-based compen- sation |
|
Estimated value of share-based grant under the Perfor- mance Share Plan (PSP) |
|
Total (incl. conditional share-based grant) |
|
thereof highest single compensation G. Cimermans, CEO |
|
154 |
|
163 |
|
5 |
|
73 |
|
395 |
|
0 |
|
395 |
|
Total Executive Committee |
|
335 |
|
254 |
|
6 |
|
144 |
|
739 |
|
0 |
|
739 |
1) The total Executive Committee compensation for 2022 includes the compensation of Girts Cimermans, CEO since September 20, 2021; Jennifer Dean, CFO since September 20, 2021; Itee Satpathy, Chief Human Resources Officer since December 01, 2021.
2) Expected bonus for the performance years 2022, to be paid out in the following year (accrual principle).
3) Other consists of child, schooling allowances, insurance allowances and tax services.
4) Includes the employer contribution to social security.
5) Represents the full fair value of the PSUs granted under the PSP in 2022. Estimated value of share-based grant under the 2022 PSP incudes the additional grant value compensated for the portion of PSUs forfeited during the spinoff of medmix from Sulzer in financial year 2021. PSUs granted in 2022 had a fair value of CHF 31.81 at grant date, based on a third-party fair value calculation. While the share price to convert the grant value into a number of granted PSUs is based on the three-month weighted average share price before the grant date (CHF 33.8798 per PSU for April 2022 grants), the disclosed fair values are calculated on the grant dates by using market value approaches, which typically leads to differences between the original grant value according to the compensation architecture and the disclosed fair market values. The total estimated value under 2022 PSP includes number of PSUs granted due to forfeiture of Sulzer PSUs.
The total compensation of kCHF 4,370 awarded to the members of the Executive Committee for the financial year 2022 is within the maximum aggregate compensation amount of kCHF 5,500 that was approved by the shareholders at the 2021 EGM for financial year 2022.
No severance payments to members of the Executive Committee were made during the reporting year. As of December 31, 2022, there were no outstanding loans or credits granted to the members of the Executive Committee or former members of the Executive Committee. In 2022, no compensation was granted to former members of the Executive Committee or related parties.