Banking major UBS shelled out a total compensation of 68.71 million Swiss francs (nearly $65 million) to its executive board members in 2009, while the highest individual pay touched 13.19 million Swiss francs.
UBS awarded about 12 million Swiss francs as base salary to these Group Executive Board (GEB) members, according to the bank's annual report.
The entity, which incurred an annual loss of 2.7 billion Swiss francs in 2009, paid a total compensation of 68.71 million Swiss francs.
UBS had a total strength of 12 GEB members as on December 31, 2009 whereas there were 13 people at start of last year.
The highest executive was co-CEO (Investment Bank) Carsten Kengeter, who received a package of 13.19 million Swiss francs. Kengeter got a base salary of 669,092 Swiss francs.
"The total compensation for the highest-paid member of the GEB this year, Carsten Kengeter, amounted to 13 million Swiss francs for the financial year 2009. The majority of this was granted in the form of notional shares that vest over three to five years," the annual report said.
One of the biggest Swiss banks, UBS has been severely hit by the financial turmoil, following which the entity slipped into annual losses in 2008 and 2009.
