Annual report 2018

74 | Galenica annual report 2018 In 2018, Jean-Claude Clémençon, CEO, was the member of the Corporate Executive Committee with the highest remu- neration. For the CEO, the target bonus (STI) is 50% of the annual base salary. For the other members of the Corporate Executive Committee, the target bonus (STI) is between 40% and 45%. These figures are unchanged compared to 2017. Further information on the bonus can be found on page 71 of the Remuneration Report. The LTI target for the CEO is 50% of the annual base salary. For the other mem- bers of the Corporate Executive Committee, the LTI target is between 25% and 35%. These figures are unchanged com- pared to 2017. Further information on the LTI can be found on page 71 of the Remuneration Report. Remuneration of the Corporate Executive Committee 2018 Remuneration of the CEO and the members of the Corporate Executive Committee The CEO and the members of the Corporate Executive Com- mittee receive a fixed base salary, a short-term bonus and long-term remuneration (LTI; see page 69 for remu- neration components). Customary benefits, such as contri- butions to pension funds and social security costs, are also provided. The ratio between annual base salary and variable elements for the Corporate Executive Committee is defined in the Articles of Association of Galenica. The aggregate of the maximum possible variable elements irrespective of the effective payout is limited to 300% of the base salary of the CEO and to 250% of the base salary of each of the members of the Corporate Executive Committee. Thereof, the short- term bonus must not exceed 200% of the base salary of the CEO and 150% of the salary of each member of the Corpo- rate Executive Committee. The bonus payment for the business year 2018 has been calculated based on a target achievement of 131.2% of the objectives, i.e. 59.6% of the maximum possible bonus for the year. For the LTI plan 2018–2020, the allocation of per- formance units has been defined on the basis of the average share price from February 2018 and the GEP target defined by the Remuneration Committee. The target achievement of the LTI plan 2016–2018 due in 2019 was 117.3%. Remuneration of the members of the Corporate Executive Committee in 2018 in thousand CHF Total of which Jean-Claude Clémençon, CEO Base salary 1,795 450 Bonus in cash (STI) 745 225 Bonus in shares (STI) 424 122 Long-term Incentive Programme 1) 579 217 Contributions to pension funds 291 80 Other remuneration 2) 36 11 Remuneration received 3,870 1,105 Social security costs 278 77 Remuneration of the members of the Corporate Executive Committee 4,148 1,182 Maximum amount according to GM resolution 5,800 1) The performance units falling due after three years are included with the fair value at grant based on the estimated target achievement (IFRS 2). The total remuneration of the LTI Programme 2018–2020 for the Corporate Executive Committee amounts to CHF 579,000, whereof CHF 217,000 is related to Jean-Claude Clémençon 2) Including private utilisation of company car Remuneration Report Level of target achievement 2017 und 2018 Level of target achievement for bonus (STI, one-year basis) 2017 118.8% 2018 131.2% Level of target achievement for LTI (three-year basis) 2015–2017 158.9% 2016–2018 117.3% Galenica