Compensation in the financial year 2024 (audited by the external auditor)
Compensation of the Board of Directors 2024
At the Annual General Meeting 2024, the shareholders approved a maximum aggregate amount of CHF 1,900,000 (incl. social security contributions) for the 2024/2025 term of office. The compensation allocated for this period amounts to CHF 1,568,174 (incl. social security contributions) and is therefore below the approved amount.
in CHF except number of shares | Base salary in cash | Number of SFS shares | Value of SFS shares1 | Social benefits2 | Total |
Thomas Oetterli, Chair | 253,333 | 1,500 | 163,800 | 57,799 | 474,932 |
Urs Kaufmann, Vice Chair | 106,666 | 500 | 54,600 | 24,632 | 185,898 |
Peter Bauschatz | 86,667 | 500 | 54,600 | – | 141,267 |
Tanja Birner, since April 24, 2024 | 60,000 | 500 | 54,600 | – | 114,600 |
Nick Huber | 86,667 | 500 | 54,600 | 21,595 | 162,862 |
Manuela Suter | 86,667 | 500 | 54,600 | 21,595 | 162,862 |
Fabian Tschan | 86,667 | 500 | 54,600 | 21,595 | 162,862 |
Jörg Walther | 86,667 | 500 | 54,600 | 21,623 | 162,890 |
Total Board of Directors | 853,334 | 5,000 | 546,000 | 168,840 | 1,568,174 |
1The market value of the SFS shares at the time the number of shares were allocated on May 2, 2024, was CHF 109.20 per share.
2Employer contributions as well as employee contributions taken over by the employer to social benefits.
Compensation of the Board of Directors 2023
in CHF except number of shares | Base salary in cash | Number of SFS shares | Value of SFS shares1 | Social benefits2 | Total |
Thomas Oetterli, Chair | 240,000 | 1,500 | 178,500 | 64,283 | 482,783 |
Urs Kaufmann, Vice Chair since April 26, 2023 | 93,333 | 500 | 59,500 | – | 139,500 |
Peter Bauschatz | 80,000 | 500 | 59,500 | 23,792 | 163,292 |
Nick Huber | 80,000 | 500 | 59,500 | 25,816 | 178,649 |
Bettina Stadler, until April 26, 2023 | 33,333 | – | – | 5,066 | 38,399 |
Manuela Suter | 80,000 | 500 | 59,500 | 23,792 | 163,292 |
Fabian Tschan, since April 26, 2023 | 53,333 | 500 | 59,500 | 19,748 | 132,581 |
Jörg Walther | 80,000 | 500 | 59,500 | 24,651 | 164,152 |
Total Board of Directors | 740,000 | 4,500 | 535,500 | 187,149 | 1,462,648 |
1The market value of the SFS shares at the time the number of shares were allocated on May 3, 2023, was CHF 119.00 per share.
2Employer contributions and employee contributions for social benefits paid by the employer.
Compensation of the Group Executive Board 2024
Two members left the GEB on December 31, 2023, and one new member joined the GEB on January 1, 2024. The total target compensation of the GEB was reviewed by the NCC as of January 1, 2024. Adjustments were made within the regular 3-year review cycle. The CEO’s base salary was reduced by 10% over a period of nine months to contribute to the project to increase the performance of Automotive Switzerland.
The total compensation paid out for the financial year amounted to CHF 6,814,298 (gross, incl. social security contributions). This was 7.3% less than in the previous year, which is due to the resignations of members of the GEB.
The 2023 and 2024 Annual General Meeting approved the maximum total compensation (fixed and variable compensation, incl. social security contributions) for the Group Executive Board of CHF 7,600,000. The compensation actually paid was thus below the approved amount.
SFS Group target achievement by category
Organic sales growth in % | EBIT margin in % | Cash-to-cash cycle in days | |
SFS Group | |||
Target achievement in % | 66.8 | 66.7 | 62.5 |
Divisions | |||
Target achievement in % | 41–124 | 48–137 | 70–150 |
Individual targets1 | |||
Target achievement in % | 97–113 | ||
Leadership/Values/Behavior | |||
Target achievement in % | 100–150 | ||
13–5 individual targets, that are derived from the targets defined for the SFS Group
The weighted target achievement for the variable cash compensation of the GEB for financial year 2024 was in the range between 74 and 103%.
For the determination of the share factor, the BoD assessed the aspects of market environment, strategy implementation and the financial situation of the company. Due to the broad economic slowdown, it assessed the market environment as challenging. Overall, strategy implementation is on track in all areas and the company’s financial situation and future prospects are considered to be positive. This results in an individual share factor of 1.00 for all members of the Group Executive Board.
The fixed total remuneration for 2024, comprising the basic salary, the variable cash salary, the value of the allocated shares and the other benefits, is shown in the table below.
in CHF except number of shares | Base salary gross in cash | Variable cash compensation gross | Number of SFS shares | Value of SFS shares gross1 | Other benefits2 | Total |
Jens Breu, CEO | 623,622 | 302,250 | 2,000 | 260,411 | 168,768 | 1,355,051 |
Other members of Group Executive Board3 | 2,895,851 | 1,118,468 | 5,400 | 708,864 | 637,188 | 5,360,371 |
Total Group Executive Board | 3,519,473 | 1,420,718 | 7,400 | 969,275 | 805,956 | 6,715,422 |
1The exchange value of the SFS shares at the time of the determination at the meeting of the Board of Directors on February 17, 2025, was CHF 117.00 per share. Employee contributions to social benefits had been added to compensation “gross” numbers.
2Employer contributions to social benefits and occupational pension plans.
3At the end of the reporting period, the Group Executive Board consisted of eight members (not including the CEO).
Compensation of the Group Executive Board 2023
in CHF except number of shares | Base salary gross in cash | Variable cash compensation gross | Number of SFS shares | Value of SFS shares gross1 | Other benefits2 | Total |
Jens Breu, CEO | 628,352 | 312,805 | 2,000 | 240,309 | 154,746 | 1,336,212 |
Other members of Group Executive Board3 | 3,087,797 | 1,220,678 | 5,580 | 685,823 | 713,201 | 5,707,500 |
Total Group Executive Board | 3,716,149 | 1,533,483 | 7,580 | 926,132 | 867,947 | 7,043,711 |
1The exchange value of the SFS shares at the time of the determination at the meeting of the Board of Directors on February 19, 2024, was CHF 109.00 per share. Employee contributions to social benefits had been added to compensation “gross” numbers.
2Employer contributions to social benefits and occupational pension plans.
3At the end of the reporting period, the Group Executive Board consisted of nine members and in the reporting period of ten members (not including the CEO).
Loans and credit facilities
SFS Group did not grant any loans, credits, securities or pension benefits other than from occupational pension funds to the members of the BoD, of the GEB or to any related parties.