Roche CEO Schwan sees his 2019 pay dip by 2% as his European peers get big raises

Why was Roche CEO Severin Schwan’s 2019 compensation slightly down while many of his European biopharma peers got big raises?

The answer isn’t related to performance, at least not according to Roche’s annual report (PDF). Rather it’s due to changes the company made in how it awards performance-based shares—revisions that tie Schwan's compensation more to long-term growth than to short-term stock performance.