Everything should be clear. Since the rip-off initiative was adopted on March 3, 2013, the federal constitution states that members of the board of directors and executive board members may not receive “any severance or other compensation and no advance remuneration”. “Violation of the provisions will be punished with imprisonment of up to three years and a fine of up to six years’ remuneration,” it continues. 68 percent of those entitled to vote said yes to these provisions. Since January 1, 2014 there has been a federal council regulation drawn up by the then Minister of Justice, Simonetta Sommaruga.
But in the case of the Credit Suisse boss Tidjane Thiam these principles were violated several times – at least if you apply generally understandable standards. Shortly after Thiam in 2015 Credit Suisse came, it became known that he had received a welcome package worth CHF 14.3 million from the bank. This served as compensation for a blocked share package that Thiam had to leave with his former employer, the British insurance company Prudential.
“The constitution makes it clear that there must be no severance payments and no advance payments, and yet loopholes have been created.”Vincent Kaufmann, Director of the Ethos Investment Foundation
The entry fee led to a debate even then. But there was neither a fine nor a prison sentence, because it was supposedly only a compensation for valuable claims against the previous employer. And such is covered by the Federal Council regulation.
The claims were subsequently paid out to Thiam, regardless of whether he really met his goals at Prudential or at Credit Suisse. The only criterion was that Thiam stays with Credit Suisse for three years. This disturbs Vincent Kaufmann, director of the Ethos investment foundation: “The spirit of the rip-off initiative is not being implemented. The Constitution makes it clear that there must be no severance payments and no upfront payments, and yet loopholes have been created that allow just that. They should be closed. »
In such a case, the claim actually expires
Now that it is clear that Thiam will have to leave Credit Suisse at the end of the week, in addition to wages and bonuses for the past year and for the first eight months of this year, he will also receive deferred compensation worth 16 million. This is despite the fact that, according to the official Credit Suisse announcement, he himself has given notice. Of course, everyone knows that “voluntary termination” is only supposed to keep up appearances, but in such a case the entitlement to the deferred bonuses expires. However, if he so wishes, the Board of Directors can override these provisions and still pay the compensation. This is how Thiam became the so-called “Good Leaver”. You are glad that he leaves – and pays him off.
In total, Thiam will receive around CHF 30 million in the coming months, as the “Tages-Anzeiger” estimated on Friday – but only if he is silent and does not oppose the company. This is important in this case, because major US shareholders have threatened to sue the board if Thiam is fired. However, since he officially leaves voluntarily and has to keep the order of silence, a complaint is actually impossible.
A big annoyance for Thomas Minder
This could be thought of as a hidden severance payment to make a shareholder lawsuit impossible. But legally it is not, and thus permissible despite the constitutional article. For Thomas Minder, the father of the rip-off initiative, this is a major annoyance. He criticizes the Federal Council regulation. Minder also criticizes Parliament, which has not yet passed a law that should replace the regulation. On the contrary, the Council of States has expressly rejected a tightening of the regulation – to the annoyance of bourgeois council members as well. SVP Council of States member Hannes Germann says: “The Minder initiative was never implemented by law. Severance payments and advance payments are prohibited, and yet back doors have been created so that they have become possible. One should change that. »FDP Council of States Ruedi Noser does not want to know anything about it. He believes that the current regulation is sufficient. Noser: “It is okay for me to pay Mr. Thiam his share claims, even though he supposedly quit himself. In this affair, one thing is better: an end with horror than an endless terror. »
This leads Thomas Minder to the following statement: “I advise every initiative committee to record everything in much more detail and instead of writing 16 points in the constitution like we eight in the future.”
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Created: 08.02.2020, 20:57 PM
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