The management boards and supervisory boards of Austrian companies listed on the Vienna Stock Exchange were able to enjoy higher remuneration again in 2023 after a year of stagnation, according to an analysis by the Association of Investors (IVA). Total remuneration for management boards rose by 3.85 percent or around 10 million euros to 262 million euros.
The CEOs earn significantly more than their board colleagues: on average, they received 5.67 percent more than in the previous year. At Bawag, CEO Anas Abuzaakouk received 9.03 million euros, leading the CEO ranking. However, he had to accept losses: in 2022, he received 9.4 million euros.
Image: Ingo Folie
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Image: Ingo Folie
SBO boss Gerald Grohmann was able to make strong gains last year, earning significantly more at 5.5 million euros than in 2022 at 3.2 million euros. He also received a severance payment of 4 million euros when he left.
With a total of 36.6 million euros (2022: 38 million euros), the Bawag board members were again the top earners last year. Andritz ranked second: Here, the entire board received a total of 20.8 million euros, 3.8 million euros more than in the previous year. The top management level of voestalpine secured third place with a total of 15.4 million euros. In 2022, the steel group’s board members were still able to enjoy 22 million euros. In comparison, the two board members of the new IPO EuroTelesites performed somewhat meagerly with 354,000 euros.
On average, a single board member earned 1.513 million euros in 2023, 4,000 euros more than in 2022. Variable compensation is also becoming more important for Austrian listed companies. On average, it accounts for around 40 percent of salary. Individual companies stand out: At Palfinger, 75 percent of compensation last year depended on whether the defined goals were achieved, while at Andritz it was 74.5 percent. There are only a few companies that completely forego this control element. These include DO & CO, FACC, UBM and Warimpex.
But the supervisory board members also want to be paid for their supervisory duties. As with the other executive board salaries, Bawag also held the top spot in terms of remuneration for the supervisory board members with 1.515 million euros. The chairman of the control committee was pleased with an annual salary of 379,000 euros. EuroTelesites was again at the bottom of the list. As a young company that was only listed on the stock exchange in September of the previous year, it did not report any remuneration for the supervisory board members.