Executive compensation at Switzerland’s largest publicly traded companies reached new highs in 2025, driven by an increasing alignment with U.S. pay structures and a strong endorsement from shareholders. According to the Ethos Foundation’s annual compensation report released on June 23, 2025, eight CEOs of Swiss firms received total remuneration packages exceeding 10 million Swiss francs, reflecting a broader shift toward international standards in executive pay.
## Why Swiss Executive Pay Is Rising
The rise in compensation is largely attributed to the growing influence of American institutional investors within the Swiss Market Index (SMI). As these investors increase their stakes in major Swiss corporations, they bring expectations for pay scales comparable to those found in U.S. markets, where multi-million-franc packages are common.
Ethos Foundation director Vincent Kaufmann noted that this shift represents a distinct change in corporate culture. While Ethos recommended voting against these high-pay packages in a majority of cases, shareholders approved them with an average support rate of 87.5% across SMI firms. This suggests that the investor base is increasingly comfortable with the premium costs associated with global executive talent.
## The Highest-Paid CEOs in 2025
The following figures represent “at grant” compensation, which reflects the value of packages at the time they are awarded, as reported by the companies to shareholders.
| Rank | CEO | Company | Compensation (CHF) |
| :— | :— | :— | :— |
| 1 | Flemming Ornskov | Galderma | 17.5 Million |
| 2 | David Layton | Partners Group | 16.0 Million |
| 3 | Vasant Narasimhan | Novartis | 15.2 Million |
| 4 | Sergio Ermotti | UBS | 14.9 Million |
| 5 | Nicolas Bos | Richemont | 13.6 Million |
| 6 | Thomas Schinecker | Roche | 12.6 Million |
| 7 | Mario Greco | Zurich Insurance | 10.4 Million |
| 8 | Jan Jenisch | Amrize | 10.3 Million |
## “At Grant” vs. “Realized” Compensation
There is a significant distinction between the figures disclosed for shareholder approval and the actual income executives may eventually receive. The “at grant” figures provided by the Ethos Foundation do not account for the potential appreciation of stocks and options tied to long-term performance plans.
If performance-based incentives are factored in—referred to as “realized” pay—the rankings shift significantly. Under this methodology, Novartis CEO Vasant Narasimhan becomes the highest-paid executive, with total realized compensation reaching nearly 25 million francs. This gap highlights the reliance on variable, performance-linked pay structures that reward executives based on the company’s financial success and stock market performance over time.
## Future Outlook for Swiss Governance
The trend toward higher executive compensation is likely to continue as Swiss firms compete for top-tier international management. While the Ethos Foundation continues to push for more restrained pay policies, the current shareholder sentiment indicates that boards have significant latitude to match global market rates. Investors should monitor upcoming annual general meetings to see if the support for these high-value packages remains consistent or if rising economic pressures lead to a cooling of shareholder approval.