Governance and RemunerationRemuneration ReportLetter from the Chairman of the Remuneration and Nomination Committee
Letter from the Chairman of the Remuneration and Nomination Committee
Philippe Weber Chairman of the Remuneration and Nomination Committee“Our goal is to ensure that our remuneration provides optimal incentives for successful leadership and is closely aligned with the interests of our shareholders.”
On behalf of the Board of Directors and the Remuneration and Nomination Committee, it is my pleasure to share with you PolyPeptide’s first Remuneration Report as a publicly listed company. The Remuneration Report explains our remuneration policies, principles and elements, as well as how PolyPeptide’s performance results impacted the variable incentive payments to the Executive Committee. This report also includes a review of the key activities and decisions of the Remuneration and Nomination Committee following PolyPeptide’s first day of trading on SIX Swiss Exchange on 29 April 2021.
Since PolyPeptide went public, a key focus of the Remuneration and Nomination Committee has been to develop a remuneration structure and governance framework that is simple, clear and transparent. Our goal is to ensure that our remuneration provides optimal incentives for successful leadership and is closely aligned with the interests of our shareholders. In furtherance of this, in 2021 the Remuneration and Nomination Committee refined the short-term incentive program for the Executive Committee that more closely links performance to pay and introduced PolyPeptide’s share-based long-term incentive program. For 2021, a portion of the current CEO’s variable pay qualified under the long-term incentive program, and during the upcoming year, we plan to further expand the eligible long-term incentive program target group.
In the coming period, we will continue to proactively assess and review our remuneration programs to ensure that they are fulfilling their purpose, remaining competitive to attract the best talent and rewarding individual performance, competence and desired behaviors in line with PolyPeptide’s values and leadership principles. Our aim is to balance fixed and variable compensation and short- and long-term incentives so that management’s interests are aligned with those of our shareholders. In short, we want to create a culture of sustainable value creation.
We encourage candid dialogue with our shareholders as we continue to develop and evolve our remuneration structure. At the general meeting in April 2022, you will have the opportunity to express your opinion on our remuneration policies, principles and elements through a consultative vote on this Remuneration Report. We will also ask for your approval of the aggregate compensation amount to be awarded (i) to the Board of Directors for the period until the next general meeting in 2023 and (ii) to the Executive Committee for the financial year 2023. We respectfully ask for your endorsement of these agenda items at the general meeting in April 2022.
I would like to thank you for your ongoing support and trust that you will find this first Remuneration Report interesting and informative.
Philippe Weber Chairman of the Remuneration and Nomination Committee