Cantonal Council SZ Remuneration of the Cantonal Bank Executive Board under scrutiny

According to a narrow majority of the Cantonal Council, the remuneration of the Executive Board of Schwyzer Kantonalbank (SZKB) should be regulated more precisely. This is intended to prevent salary excesses.

On Thursday, the Cantonal Council voted 50 yes to 47 no in favor of a motion by the Center Party calling for a limit on the remuneration of SZKB management.

The majority of the SVP, FDP and GLP did not want a specific salary cap to be laid down in law. However, dissenters from the right and left of the Council supported the center motion and helped it to succeed.

The opponents of a statutory salary cap pointed out that the Bank Council had given assurances that it would prevent excessive remuneration for the Executive Board. Adjustments to the remuneration regulations by the Bank Council were the correct course of action. Under no circumstances should SZKB's business activities be impaired by political influences.

Remuneration up 56 percent

The remuneration of the Cantonal Bank's five-member Executive Board sparked criticism and outrage this spring. They were increased from CHF 2.562 million to CHF 3.996 million in the wake of the record results in the 2023 financial year. This corresponds to an increase of almost 56 percent.

The Bank Council has since admitted that the level of salaries for 2023, the underlying system and the communication in this context were not good. It expressed its willingness to adjust the remuneration regulations. SZKB is supervised by the Bank Council, which in turn is elected and monitored by the Cantonal Council.

Prior to the cantonal council meeting, the cantonal government had announced that the cantonal bank "owes the population greater accountability" than a private company. Salaries are ultimately a political discretionary decision to be made at cantonal council level. The cantonal government was therefore prepared to "facilitate this political debate and include the issue in the ongoing partial revision of the law on Schwyzer Kantonalbank".

SDA