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Corporate governance

Remuneration Report

Raiffeisen’s remuneration policy is consistent with its cooperative values and underscores the banking group’s “We” culture. Raiffeisen attaches great importance to equal pay for both female and male employees with the same or similar roles and at the same functional level. Each Raiffeisen bank defines its remuneration model independently, based on the recommendations of Raiffeisen Switzerland.

Raiffeisen Group Remuneration Report

The Raiffeisen Group (Raiffeisen Switzerland, including the Raiffeisen banks and consolidated companies) paid CHF 1,132,900,833 in total remuneration in the year under review. The share of variable remuneration (excluding employer pension plan and social insurance contributions) totalled CHF 59,818,147.

Total remuneration 2022


in CHF	2021	2022

Total Raiffeisen Group remuneration¹	1,106,395,732	1,132,900,833
of which total Raiffeisen Group variable remuneration pool	58,621,036	59,818,147

1 Excluding employer pension plan and social insurance contributions.

Raiffeisen Switzerland Remuneration Report

A competitive remuneration model plays a key role for Raiffeisen Switzerland as an employer. The remuneration system is designed to attract skilled employees on the labour market and to retain them over the longer term, among other goals.

Raiffeisen Switzerland’s remuneration system is based on provisions of laws, rules and regulations, in particular FINMA Circular 2010/1 “Remuneration schemes”.

Remuneration governance

The Nomination and Remuneration Committee (NRC) consists of three to five members of the Board of Directors of Raiffeisen Switzerland. The NRC comprises four members for the 2022 to 2024 term of office and has been chaired by Sandra Lathion since 18 June 2022. She took over the chair from Thomas Rauber, who remains a member of the NRC. The NRC is responsible for implementing the remuneration regulations issued by the Board of Directors of Raiffeisen Switzerland. The NRC also reviews proposals concerning the remuneration of the Executive Board and the Board of Directors of Raiffeisen Switzerland. It submits recommendations to the Board of Directors for approval of the proposed remuneration. In addition, the NRC and the Board of Directors jointly evaluate the performance of the Chairman of Raiffeisen Switzerland’s Executive Board. Together with the Chairman of the Executive Board, the NRC reviews the performance assessments of the other members of Raiffeisen Switzerland’s Executive Board.

Raiffeisen Switzerland’s Board of Directors is responsible for the following:

outlining the remuneration policy in the form of regulations for Raiffeisen Switzerland and recommendations for the Raiffeisen banks;
approving the annual remuneration report submitted to the Board by the Nomination and Remuneration Committee;
reviewing its remuneration policy on a regular basis and whenever there are indications that reviews or revisions may be necessary;
having the structure and implementation of its remuneration policy checked regularly by external auditors and by Internal Auditing if necessary;
regularly determining the total amount of the collective profit-sharing element;
defining the fixed component of remuneration and the collective profit-sharing element for members of the Executive Board and the Head of Internal Auditing, including occupational pension contributions.

In the 2022 financial year, the NRC held eight meetings with an attendance rate of 100%. It focused on the following areas:

confirmation elections of the members and Chairman of the Board of Directors of Raiffeisen Switzerland;
filling vacant positions on the Executive Board of Raiffeisen Switzerland;
benefits strategy 2023+ of the Raiffeisen Pension Fund;
reconstitution of the NRC;
review of employment conditions at Raiffeisen Switzerland;
intensive dialogue with internal and external stakeholders;

Filling vacant positions on the Executive Board of Raiffeisen Switzerland.

In the year under review, Raiffeisen Switzerland filled the vacant positions on the Executive Board and the new position of Chief Operating Officer (COO) created as part of the strategy implementation. Roland Altwegg, who headed the Products & Investment Services department on an interim basis, definitively took over running this department on 24 February 2022. Uwe Krakau has headed the Operating Services department since 1 July 2022. Until then, it had been managed on an interim basis by Christian Poerschke, Head of the Finance & Human Resources department. Robert Schleich, interim head of the IT department, handed over management of the department to Niklaus Mannhart with effect from 1 September 2022.

Inclusion of additional attendees at meetings

The Chairperson of the Nomination and Remuneration Committee invites other members of the Board of Directors, members of the Executive Board, other experts, remuneration advisers and external legal advisers to attend if needed. The person whose remuneration is being discussed (for example a member of the Executive Board) is not involved.

Regular review of operational implementation

Internal Auditing regularly assesses the operational implementation of the remuneration regulations at Raiffeisen Switzerland to ensure compliance with Raiffeisen Switzerland’s remuneration system. Internal Auditing’s final report confirms that the design and implementation of the remuneration system comply with the remuneration policy and the relevant statutory and regulatory requirements.

The remuneration approval structure can be summarised as follows:

Remuneration approval structure | Raiffeisen Switzerland


Issue	Nomination and Remunerations Committee	Member of Board of Directors

Development or amendment of the remuneration policy	Recommendation	Approval
Remuneration report	Recommendation	Approval
Remuneration for
Chairman of the Executive Board	Recommendation	Approval
Other members of the Executive Board and Head of Internal Auditing¹	Recommendation¹	Approval
Member of Board of Directors	Recommendation	Approval
Total amount of the variable remuneration of Raiffeisen Switzerland	Recommendation	Approval

1 In the presence of the Chairman of the Executive Board (without the remuneration of the Head of Internal Auditing being decided).

At the 2022 General Meeting of Raiffeisen Switzerland, the Board of Directors proposed that the 2021 Remuneration Report be approved in a consultative vote. This proposal was approved by the General Meeting with 98.5% of the votes.

Remuneration policy

The Raiffeisen Group’s remuneration policy is designed to ensure that the interests of its employees are aligned with those of its clients. The Raiffeisen banks and Raiffeisen Switzerland each have their own remuneration model. These models regulate the remuneration paid to members of the Board of Directors and the Executive Board in detail, and lay out basic principles for the total remuneration paid to all employees. The Raiffeisen banks are guided by the recommendations of Raiffeisen Switzerland and local market conditions.

Raiffeisen Switzerland’s remuneration model is aligned with the business strategy. It gives due consideration to the Group’s goals, values, cooperative culture and long-term, sustainable focus. Raiffeisen Switzerland also attaches great importance to a simple and transparent remuneration system.

One of the most important aspects from Raiffeisen Switzerland’s viewpoint as an employer remains gender equality, especially when it comes to equal pay. At the same time, Raiffeisen Switzerland believes in equal pay for equal work. An analysis carried out in 2021 confirmed that Raiffeisen Switzerland complies with equal pay for women and men, and Raiffeisen was consequently awarded the Fair-ON-Pay certificate for this.

The following table contains a summary of the principles of the remuneration policy of Raiffeisen Switzerland.

Principles of the remuneration policy | Raiffeisen Switzerland



Principles of the remuneration policy \| Raiffeisen Switzerland

Transparency		The structure of the remuneration system of Raiffeisen Switzerland is simple and transparent; the principle of “equal pay for equal work” applies as an absolute matter of course.
Strategic direction		The remuneration system is aligned with the business strategy. It gives due consideration to the goals, values and cooperative culture, as well as the long-term and sustainable alignment of the Group.
Consideration of risk		Incentives are designed to encourage appropriate business conduct and avoid potential conflicts of interest and excessive risk behaviour.
Performance orientation		The remuneration system provides adequate incentives to drive and differentiate performance.
Market positioning		The remuneration system is attractive enough to recruit talented individuals, motivate them and ensure their long-term loyalty to the company. The appropriateness of the remuneration is reviewed based on regular market comparisons.

Remuneration system

Raiffeisen Switzerland’s remuneration system should be attractive enough to recruit new talent, motivate employees and retain them over the long term. The focus is nevertheless on team performance. Incentives are designed to encourage appropriate business conduct and avoid potential conflicts of interest and excessive risk appetite. Remuneration caps are defined for all risk carriers and employees of Raiffeisen Switzerland. All remuneration is paid in non-deferred cash.

For all employees (including members of the Executive Board, senior management and employees with controlling roles), remuneration comprises the following elements:

Fixed remuneration in line with the market: Every employee has an individual contract establishing the fixed remuneration. This is based on the defined role, as well as the employee’s skills and knowledge. It also has to be competitive in the labour market. The entire fixed remuneration is paid in cash.
Collective profit-sharing element: The variable remuneration is based on the success of the Group and is paid out in the form of a collective profit-sharing element. It makes up a small percentage of total remuneration. This low percentage depends on the pay grade and is therefore the same for all employees at the same pay grade, regardless of the area they work in. This is Raiffeisen Switzerland’s way of emphasising collaboration and collective team spirit. The collective profit-sharing element can be paid to employees in all positions, including those with controlling roles. Special care is taken to prevent the remuneration system giving employees with controlling roles incentives that could cause conflicts of interests with their duties. The collective profit-sharing element is a voluntary, variable benefit provided by Raiffeisen Switzerland as the employer. It is based on the differentiated understanding of roles at Raiffeisen Switzerland as a service provider to the Raiffeisen banks, the implementer of Group projects and an attractive, progressive and results-orientated employer. Employees generally have no contractual guarantee to be paid a collective profit-sharing element.

In addition, fringe benefits are granted within the framework of applicable regulations and directives and in line with the industry standard.

Recognition of special team performance

Raiffeisen Switzerland introduced two recognition programmes on 1 January 2021: Team Players and Team Prize. Both programmes were continued in 2022. The Team Players award gives visibility to special achievements of teams, such as organisational units, project teams or working groups, across all hierarchical levels throughout the organisation. Team Players are selected by the employees of Raiffeisen Switzerland. The Team Prize lets managers show recognition of above-average performance all year round, flexibly and unbureaucratically – for example in the form of a joint team event. The focus of both recognition programmes is on team performance.

Determining remuneration for the Board of Directors

The members of Raiffeisen Switzerland’s Board of Directors receive remuneration commensurate with their respective responsibilities and time commitment. Additionally, members belonging to a committee, heading a committee or chairing the Board of Directors receive higher pay. The members of the Board of Directors do not receive a collective profit-sharing element. The Board of Directors has no performance indicators that would encourage unnecessary risk-taking.

In line with the remuneration regulations in force, the Chairman of the Board of Directors received fixed remuneration of CHF 700,000 and was not entitled to receive committee fees. The Deputy Chairman received fixed remuneration of CHF 140,000. The full members of the Board of Directors received fixed remuneration of CHF 90,000. The Chairman of the Board of Directors received a lump-sum expense allowance of CHF 12,000 for his representative duties. The other members of the Board of Directors received an annual lump-sum expense allowance of CHF 6,000.

For their membership of the four committees (the Strategy and Innovation Committee, the Audit Committee, the Risk Committee and the Nomination and Remuneration Committee), full members of the Board of Directors also received the following remuneration:

As a member: CHF 30,000
As Chairman: CHF 50,000

If a member of the Board is appointed to a position on an interim basis, they are entitled to the remuneration for that position. The remuneration table below shows the total remuneration paid to the individual members of the Board of Directors. Loans granted to members of the Board of Directors are disclosed in Note 17 to the Annual Report. Loans to members of the Nomination and Remuneration Committee are approved by the Board of Directors, while loans to all other members of the Board of Directors are approved by the NRC.

Determining remuneration for the Executive Board

The maximum remuneration for the Executive Board and the Head of Internal Auditing as communicated at the Assembly of Delegates held on 15 June 2019 was once again adhered to in the 2022 reporting year. The cap on remuneration for the Chairman of the Executive Board is CHF 1.5 million (gross), and CHF 1.0 million (gross) for each of the other members of the Executive Board. The annual remuneration of the Executive Board consists of fixed variable remuneration and a collective profit-sharing element.

Fixed remuneration

Fixed remuneration for members of the Executive Board and the Head of Internal Auditing is based on the labour market value, the requirements of the assigned department, management responsibilities, and seniority. Each member of the Executive Board and the Head of Internal Auditing receive a fixed basic salary that is reviewed each year by the Nomination and Remuneration Committee. The members of the Executive Board and the Head of Internal Auditing receive market-standard pension and fringe benefits.

Collective profit-sharing element

The process and guidelines for setting variable remuneration in the form of a collective profit-sharing element are identical both for the members of the Executive Board and the Head of Internal Auditing, and for all other eligible employees of Raiffeisen Switzerland.

The Board of Directors sets the amount of the collective profit-sharing element that will be paid to the members of the Executive Board and the Head of Internal Auditing. This is based on the maximum remuneration rates set out in the remuneration regulations.

The remuneration structure is designed to ensure that the collective profit-sharing element paid to employees with controlling roles in no way depends on the risks they monitor.

Remuneration for the Board of Directors

In 2022, the remuneration principles in place since 1 January 2019 and presented to the Assembly of Delegates in June 2019 continued to apply. As a result, the members of the Board of Directors of Raiffeisen Switzerland received remuneration (excluding contributions to pension plans and social insurance) totalling CHF 2,000,000 for 2022. This is within the limits of total maximum gross remuneration approved in a consultative vote at the 2021 in General Meeting. In addition, the total employer share of social insurance contributions for the members of the Board of Directors amounted to CHF 380,820 in 2022. Details of the remuneration of the individual Board members and their positions are provided in the table below.

Remuneration for the Board of Directors | Raiffeisen Switzerland


in CHF Name	Position¹	Base remuneration	Committee remuneration	Total gross remuneration	Flat-rate expenses	Employer pension plan and social insurance contributions²

Müller, Thomas A.	Chairman of the Board of Directors, Member of the RC	700,000	-	700,000	12,000	131,457
Gantenbein, Pascal	Vice-Chairman of the Board of Directors, Chair of the RC, Member of the SIC	140,000	80,000	220,000	6,000	41,262
Golob, Andrej	Member of the Board of Directors, Member of the SIC	90,000	30,000	120,000	6,000	23,386
Lathion, Sandra	Member of the Board of Directors, Member of the AC	90,000	70,722	160,722	6,000	30,064
	Member of the NRC (until 17.06.2022)
	Chairwoman of the NRC (since 18.06.2022)
Rauber, Thomas	Member of the Board of Directors, Member of the AC	90,000	69,278	159,278	6,000	30,873
	Chairman of the NRC (until 17.06.2022)
	Member of the NRC (since 18.06.2022)
Roussy, Olivier	Member of the Board of Directors, Member of the AC, Member of the SIC	90,000	60,000	150,000	6,000	29,327
Schwab, Beat	Member of the Board of Directors, Chairman of the SIC, Member of the NRC	90,000	80,000	170,000	6,000	32,839
Valenzano Rossi, Karin	Member of the Board of Directors, Member of the RC, Member of the NRC	90,000	60,000	150,000	6,000	28,451
Walker, Rolf	Member of the Board of Directors, Chairman of the AC, Member of the RC	90,000	80,000	170,000	6,000	33,161
Total 2022		1,470,000	530,000	2,000,000	60,000	380,820

Total 2021		1,470,789	493,486	1,964,275	58,161	378,482

1 SIC = Strategy and Innovation Committee AC = Audit Committee RC = Risk Committee NRC = Nomination and Remuneration Committee
2 Employer contributions to the pension plan and social insurance comprise AHV/IV/EO and ALV including pension plans.

Remuneration for the Executive Board

Total remuneration paid to members of the Executive Board and the Head of Internal Auditing of Raiffeisen Switzerland for the year under review (excluding contributions to pension plans and social insurance) came to CHF 8,464,294. This is within the limits of total maximum gross remuneration approved in a consultative vote at the 2021 in General Meeting. Of this, CHF 1,476,364 was attributable to the basic salary and collective profit-sharing element of Heinz Huber, Chairman of the Executive Board of Raiffeisen Switzerland; this was the highest sum paid to an individual member of the Executive Board. Employer contributions to pension plans and social insurance totalled CHF 2,931,085¹; CHF 459,964 of this amount was paid to Heinz Huber. No additional compensation is paid for business-related board of director mandates of Executive Board members, as this is covered by the basic remuneration. Information on the remuneration at the Executive Board level is provided in the following table.

¹ Projection, since the collective profit-sharing element will be paid in April 2023.

Remuneration for the Executive Board | Raiffeisen Switzerland


in CHF Person/entity	Base remuneration	Committee remuneration	Total gross remuneration	Flat-rate expenses	Employer pension plan and social insurance contribution¹^,²

Huber, Heinz (Chairman of the Executive Board)
2022	1,318,182	158,182	1,476,364	24,000	459,964
2021	1,318,182	158,182	1,476,364	24,000	450,099

Executive Board and Head of Internal Auditing (total)³^,⁴
2022	7,580,399	883,895	8,464,294	166,477	2,931,085
2021	8,147,596	870,062	9,017,658	190,700	3,003,917

Former members of the Executive Board⁵
2022	410,523	-	410,523	-	186,489
2021	280,000	-	280,000	-	65,558

1 Employer contributions to the pension plan and social insurance comprise AHV/IV/EO and ALV including pension plans.
2 The employer contributions are mainly affected by changes to the model for daily sickness allowance insurance.
3 Including members of the Executive Board who left during the year under review.
4 Including interim members of the Executive Board.
5 Reported separately, included in the figures for Executive Board and Head of Internal Auditing (total).

Annual total compensation ratio – disclosure in accordance with GRI standard 2021
[GRI 2-21]

The highest-paid individual at Raiffeisen Switzerland received annual total compensation of CHF 1,476,364 in the 2022 financial year. This total represents a ratio of 1:11 to the median annual total compensation of the employees² of Raiffeisen Switzerland.

The annual total compensation of the highest-paid individual at Raiffeisen Switzerland has not changed compared to the previous year (+/–0%). Over the same period, the median annual total compensation of the employees² of Raiffeisen Switzerland rose by 2.3%.

² All employees of Raiffeisen Switzerland in fixed-term and permanent employment, as well as members of the Executive Board of Raiffeisen Switzerland (excluding the highest-paid individual).

Other compensation paid in the year under review

Raiffeisen Switzerland defines “other compensation” as financial benefits in connection with the conclusion of an employment contract with Raiffeisen Switzerland. This includes joining payments and compensation for waiving entitlements, or for financial disadvantages resulting from a change of job. Such payments are only agreed to by Raiffeisen Switzerland in justified exceptional cases. At Raiffeisen Switzerland, joining payments as well as payments related to the waiver of entitlements or to compensate for disadvantages that arise must be approved in compliance with a clear and transparent decision-making process.

Joining payments were not paid in the year under review. Raiffeisen Switzerland does not provide any severance payments, as Raiffeisen Switzerland considers severance payments to be payments not owed upon termination of an employment relationship.

Total remuneration for Raiffeisen Switzerland

In the year under review, Raiffeisen Switzerland paid out remuneration (excluding employer pension plan and social insurance contributions) totalling CHF 327,800,124. Accrued remuneration expenses (both fixed and variable) for the year under review have been recorded in full as personnel expenses. There are no remuneration expenses from earlier years under review affecting profit and loss. The Board of Directors approved and deferred a total amount for the collective profit-sharing element (excluding employer pension plan and social insurance contributions) of CHF 12,591,053 for Raiffeisen Switzerland in the year under review. Of this, CHF 883,895 relate to the Executive Board and the Head of Internal Auditing.

The definitive calculation of the collective profit-sharing element was made as at 31 December 2022 and was submitted to the Board of Directors of Raiffeisen Switzerland for a decision in February 2023. The payment date for the collective profit-sharing element is April 2023.

The total amount of the collective profit-sharing element benefited the same group of people as in the years before. The final number of beneficiaries will not be available until the end of April 2023. In the previous year, Raiffeisen Switzerland paid a collective profit-sharing element to 2,376 people.

Remuneration | Raiffeisen Switzerland


		Remuneration
in CHF	Total remuneration¹	fixed	variable²

Total remuneration Raiffeisen Switzerland³
2022	327,800,124	315,209,071	12,591,053
2021	337,193,774	324,674,094	12,519,680

1 When adjusted for the effect of making four branches independent, this would result in an increase in overall remuneration of CHF 13.4 million or 4.3%.
2 When adjusted for the effect of making four branches independent, this would result in an increase in variable remuneration of CHF 0.9 million or 7.8%. The variable remuneration is a deferral that is calculated on the basis of expected figures. The actual payment is made in April of the following year and differs from the deferral due to personnel adjustments up to the date of payment.
3 Excluding employer contributions to staff pension plans and social insurance.

Remuneration and remuneration recommendations
for the Raiffeisen banks

The Board of Directors of Raiffeisen Switzerland recommends that the Raiffeisen banks align their respective local remuneration systems to the recommendations made by Raiffeisen Switzerland.

Raiffeisen Switzerland advises the Raiffeisen banks and supports them in structuring and implementing their local remuneration systems while preserving their own responsibility. The most important features of these recommendations are as follows:

Remuneration for employees of Raiffeisen banks may involve a fixed and a variable element. Members of the Board of Directors are ineligible to receive variable remuneration.
Fixed remuneration is paid based on a clearly defined role and the employee’s skills and knowledge, as in the Raiffeisen Switzerland model.
According to the risk profile of Raiffeisen banks and their balanced business model, all remuneration (both fixed and variable) is provided in the form of non-deferred cash payments.
Variable remuneration in excess of CHF 3,000 accrues pension credits in the Raiffeisen Pension Fund.
The Board of Directors decides on the total sum of the variable remuneration, as well as on the individual allocation of the variable remuneration to the members and Chairman of the Executive Board.
The recommended allocation mechanism does not give employees an incentive to take excessively high risks, as doing so cannot significantly increase remuneration.

Raiffeisen Switzerland performs a monitoring role in this process. It regularly reviews the structure and implementation of the local remuneration systems and works with the Raiffeisen banks to address any deviations in a clearly defined process.

2022 Reporting