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Julius Baer curbed CEO pay after shareholder disapproval in 2012

Chief Executive Boris Collardi of Swiss private bank Julius Baer addresses a news conference to present the bank's half-year results in Zuri
Chief Executive Boris Collardi of Swiss private bank Julius Baer addresses a news conference to present the bank's half-year results in Zuri

ZURICH (Reuters) - Julius Baer paid Chief Executive Boris Collardi 11 percent less last year than in 2012, including a voluntary cut after shareholders rejected his pay package last year.

The Swiss private bank said it paid Collardi 5.89 million Swiss francs ($6.69 million) last year in base salary, cash bonus, shares, pension fund, stock-based incentives and other benefits.

That is down from the 6.68 million francs that shareholders rejected in a non-binding vote in 2012.

"We understand their concerns and agree that the topic of compensation is both of economic and strategic importance to all of Julius Baer Group's stakeholders," the bank said in a separate pay report to shareholders.

In the report, it introduced measures such as linking pay more closely with executive performance, deferring bonuses, and share ownership rules.

Julius Baer last month reported full-year earnings short of expectations and said that the number of clients transferring from recently acquired Merrill funds was set to reach only the low end of its target range.

Julius Baer is one of 14 Swiss banks being investigated by U.S. prosecutors over how they helped Americans to conceal their wealth from the taxman.

(Reporting By Katharina Bart; Editing by David Goodman)

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