Shareholder Group Slams Novartis AG (NVS) Over Chairman's Pay
2/3/2012 8:13:34 AM
Shareholder group Ethos called for Novartis investors to vote against re-electing board members who were among those deciding on the pay awarded to the Swiss drugmaker's chairman, Daniel Vasella. The call is part of an attack on Vasella for "earning a million Swiss francs a month, which goes too far," Ethos director Dominique Biedermann told journalists in Zurich. Vasella's pay rose to 13.5 million Swiss francs ($14.8 million) in 2011, when Novartis' profit fell 7 percent, from roughly 12 million Swiss francs the year prior.