Debate on PUK report Sergio Ermotti should only be allowed to earn 5 million francs

The Council of States has surprisingly adopted a motion by SVP Councillor of States Jakob Stark. This wants to limit the remuneration of bank managers to CHF 3 to 5 million per year.

On Monday, the Council of States adopted a motion by SVP Councillor of States Jakob Stark. It calls for remuneration at banks to be limited to a maximum of CHF 3 to 5 million per year, including variable salary components.

The small chamber passed this motion by 21 votes to 19 - against the will of the Federal Council. If the National Council also agrees, the national government must amend the law accordingly, as motions are binding.

The motion is aimed in particular at UBS CEO Sergio Ermotti, who received a total of CHF 14.4 million for 2023. 2.1 million as a fixed salary and 12.3 million as variable remuneration. In future, he will therefore have to make do with two thirds less salary, as decided by the Council of States during the debate on the PUK report on the CS debacle.