Remuneration Report
Migros has a clearly defined remuneration policy: the remuneration of Migros' management is based on predetermined salary bands. The FMC Board of Directors issues guidelines for the remuneration of the other organs.
The salary bands define minimum and maximum salaries for the various management levels. They are regularly reviewed and adjusted by the FMC Board of Directors and must be approved by the G. and A. Duttweiler Foundation. Mitreva Treuhand und Revision AG verifies that the salary bands are adhered to; the Chairman of the Board of Directors is informed of the results in writing.
Migros' remuneration model is clear and simple. Salaries are based consistently on rates of pay in the market, and the rationale of social capital is taken into account when fixing them. Clear guidelines are set for working at Migros. Workplace quality is a conscious component of responsible management. The benchmark working conditions, such as minimum wages, regulations for annual leave and employee training entitlements, can be found here.
For the remuneration of the Migros organs, the Board of Directors issues guidelines that are regularly reviewed and adjusted. These also apply to the external members of the boards of directors of FMC subsidiary companies. Internal members do not receive any form of remuneration for such mandates. The remuneration of the FMC Board of Directors is approved by the G. and A. Duttweiler Foundation.
The bonus-free remuneration and salary system is one of Migros' core values.
The bonus-free remuneration and salary system is one of Migros' core values and is integral to the company's long-term development. The members of the Board of Directors and Executive Board do not receive any bonuses or profit-sharing for their duties at Migros. They are not entitled to any contractually regulated severance pay.
Fees paid to members of the Board of Directors
Members of the FMC Board of Directors (including the Chairman) received a total of CHF 1'143'350 in fees in 2018 (2017: CHF 1'153'850), including attendance fees for committee meetings and conferences. No other forms of remuneration are paid, including in particular pension fund contributions or expenses. The Chief Executive Officer and the managing directors of the regional Cooperatives did not receive any form of remuneration in their capacity as members of the FMC Board of Directors.
The detailed disclosure of the remuneration paid to members of the Board of Directors is shown below:
1 The Chairman of the Board of Directors does not receive any attendance fees. The total remuneration includes annual expenses of CHF 20'000. 2 The Deputy Chair receives flat-rate remuneration of CHF 16'500. 3 The employee representatives are paid CHF 1'100 for each meeting/conference. 4 Committee meetings are remunerated as follows: 5 Plus overnight accommodation and board at the company's seminar centre during meetings of the Board of Directors. 6 Travel costs up to the Swiss border are covered by the FMC. 7 Plus remuneration for the seat on the board of Seba Aproz SA, amounting to CHF 10'000 per year. 8 Plus remuneration for the chairmanship of the board of Mitreva AG, amounting to CHF 16'500 per year. 9 Since 2000, Migros Culture Percentage has made an annual contribution of CHF 400'000 to the Gottlieb Duttweiler Chair of International Retail Management at the University of St. Gallen's Institute of Retail Management. The Migros funds are used to finance postdoctoral positions. Thomas Rudolph is the Director of the Institute of Retail Management and the Gottlieb Duttweiler Chair at the University of St. Gallen as well as the holder of a University-funded chair.Remuneration paid to members of the Board of Directors
Flat-rate remuneration
Attendance fee 4
Total remuneration 5
In CHF
2018
2017
2018
2017
2018
2017
Andrea Broggini (Chairman)
Remuneration and Nominations Committee (Chairman), Evaluation Committee until 31.05.2018 (Chairman) 1420'000
420'000
-
-
420'000
420'000
Doris Aebi, Vice-Chairwoman
Remuneration and Nominations (member), ADH (strategic issues), Evaluation Committee until 31.05.2018 (member) 276'500
76'500
24'350
36'750
100'850
113'250
Roger Baillod
Audit Committee (Chairman until 31.07.2018, member until 31.12.2018), Remuneration and Nominations Committee from 01.08.2018 (member), Evaluation Committee from 28.09.2018 (Chairman)60'000
60'000
28'100 8
21'900
88'100
81'900
Dominique Biedermann
Audit Committee (member)60'000
60'000
9'900
9'900
69'900
69'900
Jean-René Germanier
Remuneration and Nominations Committee (member), Evaluation Committee from 28.09.2018 (member) 760'000
60'000
8'400
22'550
68'400
82'550
Paola Ghillani
Audit Committee (member), ADH (strategic issues)60'000
60'000
26'400
20'900
86'400
80'900
Roelof Joosten, from 01.07.2018
Finance Committee (member)30'000
-
1'650
-
31'650 6
-
Thomas Rudolph
Finance Committee (member) 960'000
60'000
6'600
7'150
66'600
67'150
Ursula Schoepfer
Finance Committee (Chairwoman)60'000
60'000
20'250
19'150
80'250
79'150
Heinz Winzeler, until 30.06.2018
Finance Committee (member)30'000
60'000
3'300
7'150
33'300
67'150
Hans A. Wüthrich
Audit Committee (member until 31.07.2018, Chairman from 01.08.2018)60'000
60'000
15'900
9'900
75'900
69'900
Patrick Avanthay
(Employee Representative) 3-
-
11'000
11'000
11'000
11'000
Andrea Hilber Truttmann
(Employee Representative) 3-
-
11'000
11'000
11'000
11'000
Total
976'500
976'500
166'850
177'350
1'143'350
1'153'850
No pension fund contributions are paid.
Full-day meeting: CHF 2'750
Half-day meeting: CHF 1'650
Meeting before/after meetings of the Board of Directors: CHF 550
Allowance for chair of committee: CHF 12'000 (fixed annual fee)
Evaluation committee (only for pending elections), full-day meeting: CHF 1'350, half-day meeting: CHF 800
No pension fund contributions are paid.
Salaries of the Executive Board
The seven members of the FMC Executive Board (including the CEO) received a total of CHF 5.507 million in 2018 (2017: CHF 5.530 million). The highest single salary paid (Fabrice Zumbrunnen, Chief Executive Officer) was CHF 880'000 (2017: Herbert Bolliger, Chief Executive Officer until 31.12.2017, CHF 945'000). Two thirds of pension fund contributions are paid by the employer and one third by the employee.
Members of the Executive Board are provided with a company car. A lump-sum expenses allowance is included in the salaries above; no other benefits are paid. No variable forms of remuneration are paid. The seven members of the Executive Board do not receive any form of remuneration for business-related seats on management boards, supervisory boards or foundation councils. The remuneration for any approved mandates outside the Migros Group is paid to the employer.
