This compensation report describes Sonova’s compensation principles, system, and key components, as well as the method of determining the compensation of members of the Board of Directors and the Management Board. It also explains the roles, responsibilities, and governance procedures involved in the design, approval, and implementation of compensation plans. Furthermore, it provides information on the organization of the Board of Directors. More information on topics such as Board composition, independence, diversity, competence, evaluation, and risk and compliance management, as well as corporate responsibility, can be found in the corporate governance report.
The compensation report provides the context for the shareholder votes on the compensation of the Board of Directors and the Management Board, submitted for approval at the 2020 Annual General Shareholders’ Meeting (AGM). This report includes COVID-19 related measures on their compensation.
It has the following structure:
- Introduction by the Chairman of the Nomination and Compensation Committee
- Compensation policy and principles
- Compensation governance
- Compensation components and system
- Compensation for the financial year
- Share ownership information
For ease of reference, abbreviations are also summarized in a glossary at the end of this report.