Credibility Culture

Remuneration 2022

Board of Directors

This section is audited pursuant to Article 17 of the Ordinance against Excessive Remuneration in Listed Stock Corporations.

The members of the Board of Directors received a total remuneration of CHF 0.9 million in the year under review (2021: CHF 0.9 million). It consisted of a fixed remuneration, paid in cash, and included social security payments. Total remuneration remained unchanged in comparison with the prior year figures.

In 2022 and 2021, none of the members of the Board of Directors received any remuneration or loans from the Group other than those disclosed in this report. No allowances or loans were paid to related parties of the members of the Board of Directors, and no remuneration was assigned to former members or related parties.

As at December 31, 2022, no credits or loans were outstanding.

Executive Committee

This section is audited pursuant to Article 17 of the Ordinance against Excessive Remuneration in Listed Stock Corporations.

The members of the Executive Committee received a total remuneration of CHF 5.3 million in the year under review (2021: CHF 5.2 million). This consisted of a fixed remuneration of CHF 2.9 million (2021: CHF 2.7 million) and a variable remuneration of CHF 2.5 million (2021: CHF 2.4 million). The base salary and the amount of target variable remuneration for all members of the Executive Committee were increased in comparison to prior year figures. In 2022, the average target achievement was 115.7% (2021: 127%). The decrease in achieving targets was due to the following factors:

• Business objectives: The variable remuneration based on the economic performance of the Belimo Group reached 120% of the target bonus and thus slightly below the 133% achievement of the previous year, with an EBIT margin of 18.0% (2021: 19.0%) and sales growth in local currencies of 11.9% (2021: 16.6%). 
• Individual objectives: An average of 109% (2021: 116%) was achieved, based on individual progress with respect to strategic initiatives and personal goals. The average target achievement of the Executive Committee per Belimo value was: credibility culture 113%, operational excellence 106%, solution leadership 111%, and customer value 104%.

Performance Achievement 2022

In 2022, the variable remuneration amounted to 98% of the fixed remuneration for the CEO and ranged from 73% to 96% of the fixed remuneration for the other Executive Committee members.

In 2022 and 2021, the highest remuneration paid to a member of the Executive Committee was to Lars van der Haegen, CEO.

None of the Executive Committee members received any remuneration or loans from the Group other than those disclosed in this report. No allowances or loans were paid to related parties of the members of the Executive Committee. Remuneration of CHF 0.7 million was assigned to former members of the Executive Committee. No remuneration was assigned to related parties.

As at December 31, 2022, no credits or loans were outstanding.

Shareholdings of the Members of the Governing Bodies

No shares or options were granted to the members of the Board of Directors in the year under review.

In 2022, 2‘776 shares (2021: 2‘026 shares) were granted to the members of the Executive Committee under the Employee Share Purchase Plan. The market price of the BELIMO Holding AG share at the purchase date was CHF 435.50 (2021: CHF 535.00).

As at December 31, 2022, the members of the Board of Directors and the Executive Committee (including related persons) owned the following numbers of shares of BELIMO Holding AG:

In the periods following the inception of the Employee Share Purchase Plan, the number of shares held by the Executive Committee has developed as shown below. The decrease in 2022 was attributable to the personnel changes within the Executive Committee.