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Statements
Bonus Index Swiss Banks 2009
About the Bonus Index
The Obermatt Bonus Index provides recommended levels of executive bonuses based on indexing operating performance. This rewards true operating performance only – free from external factors which distort most bonus plans.
The Bonus Index is a fair and motivational solution for executives. Even in a recession, out-performers can be rewarded with high bonuses. It is also fair for shareholders as it is objective and provided by an independent third party and – in the long term – rewards sustainable management practices only.
The Obermatt Bonus Index measures a company or division of a company relative to a customized peer group. Actual period performance is compared to the corresponding period in the previous year (year-over-year comparison) in a percentile rank calculation. This percentile rank is converted into a Bonus Rating and a Bonus Multiplier to assess deserved variable executive compensation.
The Bonus Index is provided free of charge to shareholder proxy advisories, institutional investors and the media. Customers get quarterly updates on the Obermatt Bonus Index. List of references: obermatt.com/references/
How to use the results
Obermatt recommends using the Bonus Index for those variable executive compensation components that are based on financial performance.
Obermatt recommends complementing the Bonus Index with a bonus that is based on a subjective, personal assessment of performance.
A long-term sustainable compensation package for executives and key people should also include a significant portion of long-term blocked company stock.
In exceptional situations, e.g. restructuring, bankruptcy avoidance and large acquisitions, the Obermatt Bonus Index requires additional interpretation support from Obermatt which is available upon request.
Executive Summary only availabe in German (see German report)
Results sorted by Bonus Multiplier
see Bonus Index method
| Bonus Rating |
Bonus Multiplier |
Company Name | Ranked by Metric | Metric Value |
Operating Index |
Operating Alpha |
Operating Rank |
Number of Peers |
| H+ | 2.0 | Postfinance | Operating Income | 34.4% | 0.7% | 33.7% | 100% | 35 |
| H+ | 1.9 | Banque Cantonale de Genève | Operating Income | 2.6% | 0.7% | 1.8% | 97% | 35 |
| H+ | 1.9 | Basler Kantonalbank | Operating Income | 2.4% | 0.7% | 1.7% | 94% | 35 |
| H+ | 1.8 | Migrosbank | Operating Income | 1.8% | 0.7% | 1.1% | 91% | 35 |
| H | 1.8 | Banque Cantonale Vaudoise | Operating Income | 1.3% | 0.7% | 0.6% | 88% | 35 |
| H | 1.7 | Basellandschaftliche Kantonalbank | Operating Income | 1.3% | 0.7% | 0.6% | 85% | 35 |
| H | 1.6 | Aargauer Kantonalbank | Operating Income | 1.3% | 0.7% | 0.5% | 82% | 35 |
| A+ | 1.6 | Graubündner Kantonalbank | Operating Income | 1.3% | 0.7% | 0.5% | 79% | 35 |
| A+ | 1.5 | Walliser Kantonalbank | Operating Income | 1.2% | 0.7% | 0.5% | 76% | 35 |
| A+ | 1.5 | Credit Suisse | Operating Income | 6.2% | 0.8% | 5.4% | 74% | 39 |
| A+ | 1.5 | Schwyzer Kantonalbank | Operating Income | 1.2% | 0.7% | 0.5% | 73% | 35 |
| A+ | 1.4 | Bank Linth | Operating Income | 1.1% | 0.7% | 0.4% | 70% | 35 |
| A | 1.3 | Luzerner Kantonalbank | Operating Income | 1.0% | 0.7% | 0.3% | 67% | 35 |
| A | 1.3 | Nidwaldner Kantonalbank | Operating Income | 0.9% | 0.7% | 0.2% | 64% | 35 |
| A | 1.2 | VP Bank | Operating Income | 2.8% | 0.8% | 2.0% | 62% | 39 |
| A | 1.2 | Berner Kantonalbank | Operating Income | 0.9% | 0.7% | 0.2% | 61% | 35 |
| A | 1.2 | Liechtensteinische Landesbank | Operating Income | 1.7% | 1.1% | 0.6% | 61% | 37 |
| M | 1.2 | Urner Kantonalbank | Operating Income | 0.8% | 0.7% | 0.1% | 58% | 35 |
| M | 1.1 | Obwaldner Kantonalbank | Operating Income | 0.8% | 0.7% | 0.0% | 55% | 35 |
| M | 1.0 | Vontobel | Operating Income | 1.1% | 0.8% | 0.2% | 52% | 39 |
| M | 1.0 | St. Galler Kantonalbank | Operating Income | 0.7% | 0.7% | 0.0% | 52% | 35 |
| M- | 1.0 | Raiffeisen | Operating Income | 0.7% | 0.7% | 0.0% | 48% | 35 |
| M- | 1.0 | Julius Bär | Operating Income | 0.6% | 0.8% | -0.2% | 48% | 39 |
| M- | 0.9 | Appenzeller Kantonalbank | Operating Income | 0.7% | 0.7% | 0.0% | 45% | 35 |
| M- | 0.9 | Bank Sarasin | Operating Income | 0.2% | 0.8% | -0.6% | 45% | 39 |
| M- | 0.8 | Banque Cantonale Neuchâteloise | Operating Income | 0.5% | 0.7% | -0.3% | 42% | 35 |
| M- | 0.8 | Partners Group | Operating Income | -3.4% | -0.3% | -3.1% | 42% | 107 |
| B | 0.8 | Freiburger Kantonalbank | Operating Income | 0.3% | 0.7% | -0.4% | 39% | 35 |
| B | 0.7 | Banca dello Stato del Cantone Ticino | Operating Income | 0.3% | 0.7% | -0.4% | 36% | 35 |
| B | 0.7 | Banque Cantonale du Jura | Operating Income | -0.2% | 0.7% | -1.0% | 33% | 35 |
| B | 0.6 | EFG International | Operating Income | -5.0% | 0.8% | -5.8% | 31% | 39 |
| B | 0.6 | Zuger Kantonalbank | Operating Income | -0.3% | 0.7% | -1.0% | 30% | 35 |
| B- | 0.5 | Schaffhauser Kantonalbank | Operating Income | -0.3% | 0.7% | -1.0% | 27% | 35 |
| B- | 0.5 | Valiant | Operating Income | -0.4% | 0.7% | -1.1% | 24% | 35 |
| B- | 0.4 | Baloise Bank Soba | Operating Income | -0.5% | 0.7% | -1.2% | 21% | 35 |
| B- | 0.4 | Bank Rothschild | Operating Income | -6.9% | 0.8% | -7.7% | 21% | 39 |
| L | 0.4 | Bank CA St. Gallen | Operating Income | -0.9% | 0.7% | -1.6% | 18% | 35 |
| L | 0.3 | Thurgauer Kantonalbank | Operating Income | -1.0% | 0.7% | -1.8% | 15% | 35 |
| L | 0.2 | Neue Aargauer Bank | Operating Income | -1.2% | 0.7% | -1.9% | 12% | 35 |
| L | 0.2 | UBS | Operating Income | -9.8% | 0.8% | -10.6% | 10% | 39 |
| L- | 0.2 | Clientis | Operating Income | -1.5% | 0.7% | -2.2% | 9% | 35 |
| L- | 0.1 | Bank Coop | Operating Income | -1.7% | 0.7% | -2.4% | 6% | 35 |
| L- | 0.1 | Zürcher Kantonalbank | Operating Income | -1.9% | 0.7% | -2.6% | 3% | 35 |
| L- | 0.0 | Glarner Kantonalbank | Operating Income | -4.6% | 0.7% | -5.3% | 0% | 35 |
Results sorted by company
see Bonus Index method
| Company Name | Ranked by Metric | Metric Value |
Operating Index |
Operating Alpha |
Operating Rank |
Bonus Rating |
Bonus Multiplier |
Number of Peers |
| Aargauer Kantonalbank | Operating Income | 1.3% | 0.7% | 0.5% | 82% | H | 1.6 | 35 |
| Appenzeller Kantonalbank | Operating Income | 0.7% | 0.7% | 0.0% | 45% | M- | 0.9 | 35 |
| Baloise Bank Soba | Operating Income | -0.5% | 0.7% | -1.2% | 21% | B- | 0.4 | 35 |
| Banca dello Stato del Cantone Ticino | Operating Income | 0.3% | 0.7% | -0.4% | 36% | B | 0.7 | 35 |
| Bank CA St. Gallen | Operating Income | -0.9% | 0.7% | -1.6% | 18% | L | 0.4 | 35 |
| Bank Coop | Operating Income | -1.7% | 0.7% | -2.4% | 6% | L- | 0.1 | 35 |
| Bank Linth | Operating Income | 1.1% | 0.7% | 0.4% | 70% | A+ | 1.4 | 35 |
| Bank Rothschild | Operating Income | -6.9% | 0.8% | -7.7% | 21% | B- | 0.4 | 39 |
| Bank Sarasin | Operating Income | 0.2% | 0.8% | -0.6% | 45% | M- | 0.9 | 39 |
| Banque Cantonale de Genève | Operating Income | 2.6% | 0.7% | 1.8% | 97% | H+ | 1.9 | 35 |
| Banque Cantonale du Jura | Operating Income | -0.2% | 0.7% | -1.0% | 33% | B | 0.7 | 35 |
| Banque Cantonale Neuchâteloise | Operating Income | 0.5% | 0.7% | -0.3% | 42% | M- | 0.8 | 35 |
| Banque Cantonale Vaudoise | Operating Income | 1.3% | 0.7% | 0.6% | 88% | H | 1.8 | 35 |
| Basellandschaftliche Kantonalbank | Operating Income | 1.3% | 0.7% | 0.6% | 85% | H | 1.7 | 35 |
| Basler Kantonalbank | Operating Income | 2.4% | 0.7% | 1.7% | 94% | H+ | 1.9 | 35 |
| Berner Kantonalbank | Operating Income | 0.9% | 0.7% | 0.2% | 61% | A | 1.2 | 35 |
| Clientis | Operating Income | -1.5% | 0.7% | -2.2% | 9% | L- | 0.2 | 35 |
| Credit Suisse | Operating Income | 6.2% | 0.8% | 5.4% | 74% | A+ | 1.5 | 39 |
| EFG International | Operating Income | -5.0% | 0.8% | -5.8% | 31% | B | 0.6 | 39 |
| Freiburger Kantonalbank | Operating Income | 0.3% | 0.7% | -0.4% | 39% | B | 0.8 | 35 |
| Glarner Kantonalbank | Operating Income | -4.6% | 0.7% | -5.3% | 0% | L- | 0.0 | 35 |
| Graubündner Kantonalbank | Operating Income | 1.3% | 0.7% | 0.5% | 79% | A+ | 1.6 | 35 |
| Julius Bär | Operating Income | 0.6% | 0.8% | -0.2% | 48% | M- | 1.0 | 39 |
| Liechtensteinische Landesbank | Operating Income | 1.7% | 1.1% | 0.6% | 61% | A | 1.2 | 37 |
| Luzerner Kantonalbank | Operating Income | 1.0% | 0.7% | 0.3% | 67% | A | 1.3 | 35 |
| Migrosbank | Operating Income | 1.8% | 0.7% | 1.1% | 91% | H+ | 1.8 | 35 |
| Neue Aargauer Bank | Operating Income | -1.2% | 0.7% | -1.9% | 12% | L | 0.2 | 35 |
| Nidwaldner Kantonalbank | Operating Income | 0.9% | 0.7% | 0.2% | 64% | A | 1.3 | 35 |
| Obwaldner Kantonalbank | Operating Income | 0.8% | 0.7% | 0.0% | 55% | M | 1.1 | 35 |
| Partners Group | Operating Income | -3.4% | -0.3% | -3.1% | 42% | M- | 0.8 | 107 |
| Postfinance | Operating Income | 34.4% | 0.7% | 33.7% | 100% | H+ | 2.0 | 35 |
| Raiffeisen | Operating Income | 0.7% | 0.7% | 0.0% | 48% | M- | 1.0 | 35 |
| Schaffhauser Kantonalbank | Operating Income | -0.3% | 0.7% | -1.0% | 27% | B- | 0.5 | 35 |
| Schwyzer Kantonalbank | Operating Income | 1.2% | 0.7% | 0.5% | 73% | A+ | 1.5 | 35 |
| St. Galler Kantonalbank | Operating Income | 0.7% | 0.7% | 0.0% | 52% | M | 1.0 | 35 |
| Thurgauer Kantonalbank | Operating Income | -1.0% | 0.7% | -1.8% | 15% | L | 0.3 | 35 |
| UBS | Operating Income | -9.8% | 0.8% | -10.6% | 10% | L | 0.2 | 39 |
| Urner Kantonalbank | Operating Income | 0.8% | 0.7% | 0.1% | 58% | M | 1.2 | 35 |
| Valiant | Operating Income | -0.4% | 0.7% | -1.1% | 24% | B- | 0.5 | 35 |
| Vontobel | Operating Income | 1.1% | 0.8% | 0.2% | 52% | M | 1.0 | 39 |
| VP Bank | Operating Income | 2.8% | 0.8% | 2.0% | 62% | A | 1.2 | 39 |
| Walliser Kantonalbank | Operating Income | 1.2% | 0.7% | 0.5% | 76% | A+ | 1.5 | 35 |
| Zuger Kantonalbank | Operating Income | -0.3% | 0.7% | -1.0% | 30% | B | 0.6 | 35 |
| Zürcher Kantonalbank | Operating Income | -1.9% | 0.7% | -2.6% | 3% | L- | 0.1 | 35 |
The Bonus Multiplier in the table is the multiplier by which individual target bonuses (typically expected bonuses or average historic bonuses) are multiplied to calculate the deserved indexed bonus for 2010.
Notes
Metric values used:
- UBS: Operating income of investment banking was excluded from total operating income
- Credit Suisse: Operating income of investment banking was excluded from total operating income
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About Obermatt
Obermatt is an international financial research company focused on indexing corporate operating performance to measure rank and compare key financial ratios standardized and independent of external factors.
Obermatt helps corporations, private equity firms and investors add value for their shareholders and to their portfolios through products that make innovative use of indexed performance measurement. The company is employee owned and headquartered in Zurich, Switzerland.
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