Energy Axpo CEO again earns well over CHF 1 million
Axpo CEO Christoph Brand has once again raked in a salary in the millions for the 2024/25 financial year. In the end, the demands of various cantons were only partially met.
11.12.2025, 11:53
SDA
The annual report shows an annual salary of CHF 1.65 million for the CEO for the financial year ending in September - including benefits in kind and contributions to the pension fund and social insurance. In the previous year, this figure was 1.82 million.
After the chief executive's salary in the 2023/2024 financial year rose to 1.8 million Swiss francs from 1.1 million in the previous year, there was criticism from shareholders. Various cantons called for a salary cap at CHF 1 million. Axpo is owned by the cantons and cantonal utilities of north-eastern Switzerland.
Shareholders have the "last word"
He understands that questions about remuneration are polarizing, said Chairman of the Board of Directors Thomas Sieber on Thursday at the annual results media conference when asked whether he could understand the outcry. However, a new remuneration model had been worked out together with the shareholders.
This was approved at an extraordinary general meeting in November. "We are now implementing it."
In his view, the shareholders have thus taken a decisive step towards "having the final say on remuneration", Sieber continued. With the resolutions, they can now determine the maximum salary amounts for the Executive Board themselves.
Salary cap above current salary
Axpo has changed its remuneration model since the 2024/25 financial year, as stated in the annual report published on Thursday. Short-term variable remuneration will be significantly reduced in the new contract model. Meanwhile, a long-term remuneration component will be introduced "in the interests of shareholders", which will only be paid out in three years' time.
The Annual General Meeting in January 2025 also approved the introduction of a "say on pay" rule. This means that from now on, the AGM will approve the maximum total amount of remuneration for Group Management on an annual basis. This will be implemented from the 2025/26 financial year.
In addition, the basic salaries of the Executive Board will be reduced from October 1, 2025, i.e. also with the current financial year, by around 15 percent for the CEO alone, according to the statement.
The new model includes a salary cap for the CEO: fixed and variable remuneration excluding pension contributions, additional benefits and social security contributions may not exceed 1.37 million. This part of the salary - i.e. excluding the aforementioned additional benefits - was 1.33 million for Brand 2024/25.
