February 24, 2025|
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|9 months agoRecord-Breaking Compensation Package for Novartis CEO Sparks Controversy
Ethos Foundation recommends shareholders vote against Novartis executive compensation after CEO's salary reaches unprecedented CHF19.2 million.
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Generated IllustrationKey Takeaways
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- The Ethos Foundation has recommended that shareholders vote against all compensation-related items at the upcoming Novartis Annual General Meeting.
- Novartis CEO Vasant Narasimhan's compensation for 2024 reached a record level of CHF 19.2 million.
- The increase in compensation is attributed to a rise in variable compensation targets and leverage effects from variable plans.
- Ethos opposes the proposed maximum remuneration of CHF 95 million for the Executive Board for 2026.
- The Annual General Meeting where these votes will take place is scheduled for March 7.
By The Numbers
CHF 19.2 million
CEO Vasant Narasimhan's 2024 Salary
CHF 10 million
CEO Salary in 2018
CHF 42 million
Former CEO Daniel Vasella's 2009 Salary
CHF 95 million
Proposed Executive Board Cap for 2026
They Said
"When Vasant Narasimhan became CEO in 2018, his remuneration was around ten million francs. The company assured us at the time that excesses were a thing of the past."