Published by Global Banking & Finance Review®
Posted on May 8, 2025
2 min readLast updated: January 24, 2026
Add as preferred source on GoogleEthos advises Holcim shareholders to reject Jan Jenisch's $58M compensation, citing excessive share options value and calling it unacceptable.
By Oliver Hirt and Ariane Luthi
(Reuters) -Proxy advisor Ethos has called on Holcim shareholders to reject the company's remuneration proposals, saying Chairman Jan Jenisch's estimated 48 million Swiss franc ($58 million) compensation realised in 2024 would make him the highest-paid manager among Swiss blue-chip companies.
Ethos calculated the figure for realised compensation for Jenisch, a former CEO of the cement maker, based on the performance of share options he received in 2020.
These options have significantly gained in value since the building materials company announced plans to spin-off its North American business in January 2024.
"Jan Jenisch's variable remuneration for 2024, which is 25 times his base salary as CEO, is unacceptable," said Vincent Kaufmann, CEO of the Ethos Foundation, calling on Holcim's board to abolish the option plan.
Holcim was one of the few Swiss companies that still granted share options with such a leverage effect, Ethos said.
Holcim, when asked for comment by Reuters, said Ethos' framing of Jenisch's remuneration was misleading.
"The value of this option scheme has been misrepresented by Ethos as it reflects a five-year rolling program, reflecting record performance over a 5-year period, and is not an annual remuneration," a Holcim spokesperson said.
Share options, which were valued at 890’001 Swiss francs when granted in 2020, are now worth more than 36.6 million Swiss francs according to Ethos.
When combined with payments for Jenisch's four months as CEO last year, chairman compensation for the remaining eight months of 2024, and other share awards, the total package came to 48 million francs, the proxy advisor said.
The figure dwarfed the 19.2 million francs realised compensation for Novartis CEO Vas Narasimhan, which provoked criticism at the drugmaker's AGM.
($1 = 0.8249 Swiss francs)
(Reporting by Oliver Hirt, writing by Ariane Luthi, editing by John Revill and David Evans)
The main topic is the opposition to Holcim chairman Jan Jenisch's $58 million compensation package by proxy advisor Ethos.
Ethos believes the compensation is excessive, particularly due to the high value of share options granted in 2020.
Holcim argues that Ethos misrepresented the value of the option scheme, which reflects a five-year performance period.
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