something in the air yesterday at the annual General meeting (AGM) of Novartis. Shareholders rant about accusations of corruption and a lot of bonuses and Medipreise, which were almost priceless. “Novartis brings to our health care system with exorbitant prices in a precarious situation”, criticised a shareholder.

The shareholder Association Actares refused to allow the Novartis leadership of the relief. The investment Foundation Ethos voted against the Blank Check for the variable remuneration of the chief days. But despite the headwinds, the boss of the group Vas Narasimhan (43) and Chairman Jörg Reinhardt (63), brought all of the items on the agenda with a clear majority.

Roche hidden real wages

Six years after the departure of Ex-captain Daniel Vasella (65) is not more than the black sheep is Novartis, in terms of good corporate governance. The sharper the shareholder representative with a competitor, Roche’s go to court. So Ethos will shoot at the annual General meeting of next Tuesday against the “intransparent remuneration report” of Novartis’s rivals.

“Roche is hiding the real wages by shares, still to control, rather than at market value are reported,” criticises the Ethos-in-chief Vincent Kaufmann (38) to VIEW. Because the market value of the total wage of the highest-earning amounts to the Manager in this country, Severin Schwan (51), of 15.1 million Swiss francs, and not only 11.8 million as reported.

Roche is the best proof that a lot of companies where the legal screws were not tightened after the adoption of the Minder Initiative, take advantage of all the freedoms. As a businessman criticizes the easing, the Roche is planning for the variable remuneration.

share gift also in the case of poor performance

so Far, the share was paid out on the proportion of the variable remuneration after three years depending on performance. The new business Manager will collect these shares, unless you work at Roche. “Thus, the shares is guaranteed a share of the variable remuneration is a de facto, even in the case of poor performance,” explains Kaufmann.

The Ethos of the Director shows itself to be pessimistic. Although the remuneration in the case of Roche and every year the excessive, can hold the shareholder representative, such as Ethos little about it. Against the big shareholders, their Opposition has no bread.

Surprisingly, the influential shareholder adviser ISS Roche to the cart travels. “By Roche variable wage imports shares regardless of the performance, moving the company against the market trend,” says ISS. Not only the new remuneration system was regressive, it was also a deterioration for the shareholders ‘ interests.

Axel Weber to dispense with part of the salary

Warm is necessary to put on the carpet the day of the big banks, Credit Suisse and UBS, which have their AGM on the 26. April and 2. May perform. “It would surprise us if the billion buses in France has no influence on the prospective variable compensation of UBS management,” emphasises the Ethos of the Director.

While he is expected for UBS CEO Sergio Ermotti (58) and a reduced prospective Bonus, is the reward of the UBS Board Chairman Axel Weber (61), depending on the result. But, Kaufmann asks: “It would be appropriate, if Axel Weber omitted a part of the salary.”