March 9, 2018 / 6:29 AM / 7 months ago

UBS CEO Ermotti's pay rises to $14.92 million

ZURICH, March 9 (Reuters) - UBS Chief Executive Sergio Ermotti received 14.2 million Swiss francs ($14.92 million) in total compensation for 2017, up from 13.7 million francs a year earlier, Switzerland’s biggest bank said on Friday.

“The aggregate performance award pool for the (executive board) was 74.2 million francs for 2017, an increase of 3.1 percent compared with a year ago. This hike... compares with an increase of 16 percent in adjusted profit before tax and a 6 percent increase in the overall performance award pool of the firm,” it said in its annual compensation report.

Company’s annual report showed late additions to provisions, since UBS reported results in January, had pushed down 2017 operating profit before tax by 141 million francs and net profit attributable to shareholders by 112 million. Net profit attributable to shareholders was 1.1 billion francs in 2017. ($1 = 0.9516 Swiss francs) (Reporting by Michael Shields; Editing by Sherry Jacob-Phillips)

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