This compensation report describes Sonovaʼs compensation principles and system, 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. 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 2023 Annual General Shareholder Meeting (AGM). It is written in accordance with the Ordinance against Excessive Compensation in Listed Stock Corporations, the standard relating to information on Corporate Governance of the SIX Swiss Exchange, and the principles of the Swiss Code of Best Practice for Corporate Governance of economiesuisse.
It has the following structure:
- Introduction by the Chair of the Nomination and Compensation Committee
- At a glance
- 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.