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Leadership

Swiss banks get new rules on pay

12.11.2009
Swiss banks and insurers will have to ensure that a significant part of any bonuses paid to senior executives are deferred, although a cap will not be placed on the actual bonus amount paid.

The Swiss financial markets regulator FINMA yesterday published its new rules on remuneration in financial institutions.

The new rules will apply to Switzerland’s seven largest banks and five largest insurance providers, and will come into effect on 1 January.

Commenting on the new rules, FINMA said it did not “accede to the request that an absolute or relative cap be placed on salaries”.

The new rules place a focus on variable remuneration, such as bonuses, requiring that such monies must actually have been earned by the company over the long term, although FINMA does not limit the amount of variable remuneration an institution can pay.

FINMA also requires that all institutions covered by its new rules made a summary disclosure of the remuneration structure for all their employees. However, it said it does not intend to insist that individuals' names be disclosed with the remuneration received.

 

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