Companies Mercer International
Mercer International (MERC): executive pay, fiscal 2025
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CEO pay, last three years
- $3,174,950FY2023
- $2,951,587FY2024
- $2,860,261FY2025
CEO total pay was $2,860,261 in fiscal 2025, down from $2,951,587 in fiscal 2024.
FY2025: salary $815,512 · bonus $402,440 · stock awards $1,503,665 · option awards $0
Frequently asked questions
Answers are drawn only from the figures disclosed in this brief and cited to their location in the source filing. Where a figure required for an answer is not disclosed, that is stated rather than estimated.
Full detail
Every table from the filing. Open any section.
Summary compensation table
| Named executive officer | Salary | Bonus | Stock awards | Option awards | Non-equity incentive | Pension / NQDC | All other | Total |
|---|---|---|---|---|---|---|---|---|
| Juan Carlos Bueno | $815,512 | $402,440 | $1,503,665 | $0 | $0 | $117,443 | $21,201 | $2,860,261 |
| Chief Executive Officer | ||||||||
| Adolf Koppensteiner | 523,143 | 186,365 | 361,374 | 0 | 0 | 4,811 | 99,350 | 1,175,043 |
| Chief Operating Officer, Pulp Products | ||||||||
| Richard Short | 393,342 | 160,574 | 394,115 | 0 | 0 | 42,575 | 49,687 | 1,040,293 |
| Chief Financial Officer | ||||||||
| Carsten Merforth | 443,460 | 190,627 | 306,625 | 0 | 0 | 32,033 | 39,040 | 1,011,785 |
| Chief Operating Officer, Wood Products | ||||||||
| Wolfram Ridder | 480,147 | 175,862 | 221,325 | 0 | 0 | 25,655 | 55,135 | 958,124 |
| Senior Vice President, Innovation & Government Relations | ||||||||
A dash means the company reported no figure in that column; 0 means it reported zero. Figures are as printed in the filing, without adjustment.
Three-year trend — total compensation per named executive
| Named executive officer | FY2025 total | FY2024 total | FY2023 total | Δ FY2024→2025 |
|---|---|---|---|---|
| Juan Carlos Bueno | $2,860,261 | $2,951,587 | $3,174,950 | ↓ −91,326 |
| Adolf Koppensteiner | 1,175,043 | 1,223,169 | 1,118,702 | ↓ −48,126 |
| Richard Short | 1,040,293 | 999,403 | 645,115 | ↑ +40,890 |
| Carsten Merforth | 1,011,785 | 1,002,912 | — | ↑ +8,873 |
| Wolfram Ridder | 958,124 | 956,461 | — | ↑ +1,663 |
Prior-year totals as disclosed in the corresponding proxy; deltas are computed values with the derivation shown in the register.
Incentive-plan design — the Compensation Discussion & Analysis
Our executive compensation program is designed to attract and retain top talent by competing effectively for high-quality individuals, aligning compensation with our business purpose and commitment to Shareholder value creation, and rewarding executives for their contributions to overall success and individual performance. The framework is principally performance-based, focusing on market competitiveness, at-risk incentive pay, and shareholder alignment through equity-based awards.
| CEO STI target (% of salary) | — |
|---|---|
| CEO LTI target (% of salary) | — |
| Independent consultant | MCL |
| Clawback policy | true |
| Anti-hedging | true |
| Anti-pledging | true |
Equity grants and outstanding awards
Grants of plan-based awards — fiscal year 2025
| Executive | Award | Grant date | Threshold | Target | Granted | Maximum | Grant-date fair value |
|---|---|---|---|---|---|---|---|
| Juan Carlos Bueno | PSU | 2025-02-19 | 115,667 | 231,333 | — | 250,000 | $1,625,000 |
| Adolf Koppensteiner | PSU | 2025-02-19 | 27,798 | 55,596 | — | 111,192 | 722,748 |
| Carsten Merforth | PSU | 2025-02-19 | 23,587 | 47,173 | — | 94,346 | 613,249 |
| Wolfram Ridder | PSU | 2025-02-19 | 17,025 | 34,050 | — | 68,100 | 442,650 |
| Richard Short | PSU | 2025-02-19 | 30,317 | 60,633 | — | 121,266 | 788,229 |
Vehicle mix — grant-date fair value by award type
| Named executive officer | Time-vested (RSU) | Performance-vested (PSU) | Options / SARs | % performance-vested |
|---|---|---|---|---|
| Juan Carlos Bueno | $0 | $1,625,000 | $0 | 100.0% |
| Adolf Koppensteiner | 0 | 722,748 | 0 | 100.0% |
| Carsten Merforth | 0 | 613,249 | 0 | 100.0% |
| Wolfram Ridder | 0 | 442,650 | 0 | 100.0% |
| Richard Short | 0 | 788,229 | 0 | 100.0% |
% performance-vested = PSU grant-date fair value ÷ (RSU + PSU + Options), a computed value with the derivation shown in the register.
Outstanding equity awards at fiscal year-end 2025
| Executive | Award | Shares unvested | Exercise price | Market value unvested |
|---|---|---|---|---|
| Wolfram Ridder | PSU | 62,670 | — | $124,087 |
| Carsten Merforth | PSU | 86,824 | — | 171,912 |
| Adolf Koppensteiner | PSU | 102,371 | — | 202,695 |
| Richard Short | PSU | 108,091 | — | 214,020 |
| Juan Carlos Bueno | PSU | 425,775 | — | 843,035 |
Director compensation
| Director | Cash fees | Stock awards | Option awards | Non-equity incentive | All other | Total |
|---|---|---|---|---|---|---|
| William D. McCartneyIndependent · Governance and Nominating Committee | $135,000 | $165,000 | $0 | $0 | $0 | $300,000 |
| Linda J. WeltyIndependent · Human Resources Committee · Environmental, Health and Safety Committee | 100,000 | 100,000 | 0 | 0 | 0 | 200,000 |
| James ShepherdIndependent · Audit Committee · Governance and Nominating Committee | 100,000 | 100,000 | 0 | 0 | 0 | 200,000 |
| Alan WallaceIndependent · Audit Committee · Human Resources Committee | 100,000 | 100,000 | 0 | 0 | 0 | 200,000 |
| Rainer RettigIndependent · Human Resources Committee (Chair) · Governance and Nominating Committee | 100,000 | 100,000 | 0 | 0 | 0 | 200,000 |
| Alice LabergeIndependent · Audit Committee · Governance and Nominating Committee | 80,000 | 100,000 | 0 | 0 | 0 | 180,000 |
| Janine NorthIndependent · Human Resources Committee · Environmental, Health and Safety Committee | 80,000 | 100,000 | 0 | 0 | 0 | 180,000 |
| Thomas CorrickIndependent · Governance and Nominating Committee · Environmental, Health and Safety Committee | 80,000 | 100,000 | 0 | 0 | 0 | 180,000 |
| Markwart von PentzIndependent · Audit Committee · Environmental, Health and Safety Committee · Newly elected | 80,000 | 100,000 | 0 | 0 | 0 | 180,000 |
| Torbjörn LööfIndependent · Human Resources · Environmental, Health and Safety · Not standing for re-election · Departed during FY | 0 | 0 | 0 | 0 | 0 | — |
Board fee structure and ownership guideline
| Annual cash retainer | $80,000 |
|---|---|
| Annual equity retainer | $100,000 |
| Per board meeting fee | — |
| Committee chair fees (audit / comp / nom-gov) | 20,000 / 20,000 |
| Stock ownership guideline | Director stock ownership guidelines Yes |
Total cost of the board
| Component | FY2025 |
|---|---|
| Cash retainers and fees | $855,000 |
| Equity awards (grant-date value) | $965,000 |
| All other compensation | $0 |
| Total cost of the board | $1,820,000 |
Computed as the sum of the director compensation table rows above; inputs and formula shown in the register.
Peer group, and who names Mercer International as a peer
Companies that benchmark against MERC
2 companies name MERC as a compensation peer
- Clearwater Paper CorpCLWFY2025
- ENNIS, INC.EBFFY2026
- Magnera CorpMAGNFY2025
- RAYONIER ADVANCED MATERIALS INC.RYAMFY2025
- Sylvamo CorpSLVMFY2025
Each company listed discloses MERC in its own benchmarking peer group, as disclosed in each company's most recent proxy statement within the last two proxy seasons. Two companies are therefore absent by design: one that named MERC in an earlier year and no longer does, and one whose own most recent disclosure is older than the last two seasons.
Disclosed peer group — fiscal year 2025
The compensation peer group as the company disclosed it in its own proxy — the reference set behind the percentile above.
Peer reciprocity
Of the companies Mercer International names as compensation peers, which name it back in their own disclosed peer groups. A peer set the market reciprocates reads differently from one selected in a single direction.
Reciprocity shown where the peer’s own current proxy has been read — each mark is cited in the register to that peer’s filing. A dash means the peer’s current proxy was read and names no reciprocal group including Mercer International.
Chief executive pay against the peer group
Most recent fiscal-year chief executive compensation at each disclosed peer, taken from that company’s own proxy statement.
| Rank | Company | FY | Chief executive | Salary | Stock awards | Option awards | Non-equity incentive | Total |
|---|---|---|---|---|---|---|---|---|
| 1 | Cascades Inc. | 2025 | Josh Weinstein | $1,435,577 | $11,961,027 | $0 | $5,420,100 | $18,887,776 |
| 2 | International Paper | 2025 | Andrew Silvernail | 1,000,000 | 12,174,818 | 0 | 1,318,500 | 14,838,324 |
| 3 | Magnera Corporation | 2025 | Curtis Begle | 910,000 | 7,274,307 | — | 846,400 | 9,792,264 |
| 4 | Methanex Corporation | 2025 | Phillippe Lord | 1,000,000 | 5,697,085 | 0 | 1,352,000 | 8,114,286 |
| 5 | Clearwater Paper Corporation | 2025 | Arsen Kitch | 1,000,000 | 3,107,277 | 0 | 937,500 | 5,201,341 |
| 6 | Chemtrade Logistics Income Fund | 2025 | John Albright | 870,000 | 1,778,421 | 0 | 1,239,750 | 3,905,735 |
| 7 | Mativ Holdings Inc. | 2025 | Shruti Singhal | 1,061,077 | 2,131,441 | 0 | 0 | 3,256,333 |
| 8 | Mercer International | 2025 | Juan Carlos Bueno | 815,512 | 1,503,665 | 0 | 0 | 2,860,261 |
| — | Wacker Chemie AG | — | — | — | — | — | — | not in coverage universe |
| — | West Fraser Timber Co. Ltd. | — | — | — | — | — | — | not in coverage universe |
| — | Rayonier Advanced Materials Inc. | — | — | — | — | — | — | not in coverage universe |
| — | SGL Carbon SE | — | — | — | — | — | — | not in coverage universe |
| — | Trinseo PLC | — | — | — | — | — | — | not in coverage universe |
| — | Interfor Corporation | — | — | — | — | — | — | not in coverage universe |
| — | Symrise AG | — | — | — | — | — | — | not in coverage universe |
| — | Borregaard ASA | — | — | — | — | — | — | not in coverage universe |
| — | Rottneros AB | — | — | — | — | — | — | not in coverage universe |
| — | Ence Energia y Celulosa SA | — | — | — | — | — | — | not in coverage universe |
| — | Stora Enso Oyj | — | — | — | — | — | — | not in coverage universe |
| — | UPM-Kymmene Oyj | — | — | — | — | — | — | not in coverage universe |
| — | Canfor Corporation | — | — | — | — | — | — | not in coverage universe |
| — | Stella-Jones Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Western Forest Products Inc. | — | — | — | — | — | — | not in coverage universe |
| — | UFP Industries, Inc. | — | — | — | — | — | — | not in coverage universe |
| — | Huhtamäki Oyj | — | — | — | — | — | — | not in coverage universe |
| — | Fuchs Petrolub SE | — | — | — | — | — | — | not in coverage universe |
| — | Metsä Board Oyj | — | — | — | — | — | — | not in coverage universe |
| — | Svenska Cellulosa Aktiebolaget SCA | — | — | — | — | — | — | not in coverage universe |
Each peer’s compensation is from its most recently filed proxy; fiscal years differ by company. Each peer’s figures come from its own filings; the subject company is highlighted. Peers whose chief executive compensation is outside our coverage universe are stated as such, never left blank.
Incentive design against the same peers
| Company | Annual incentive payout | Long-term vehicle mix | PSU measures include TSR | Compensation consultant |
|---|---|---|---|---|
| Mercer International | not disclosed | PSU 100 | not disclosed | MCL |
| Borregaard ASA | not disclosed | not disclosed | not disclosed | not disclosed |
| Canfor Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| Cascades Inc. | 186.9% | PRSU 60 · RSU 40 | Yes — Relative TSR | FW Cook (and FIT Remuneration Consultants LLP) |
| Chemtrade Logistics Income Fund | 150% | PSU 61 · RSU 39 | Yes — Relative TSR | Ferguson Partners Consulting |
| Clearwater Paper Corporation | not disclosed | PSU 60 · RSU 40 | not disclosed | Semler Brossy |
| Ence Energia y Celulosa SA | not disclosed | not disclosed | not disclosed | not disclosed |
| Fuchs Petrolub SE | not disclosed | not disclosed | not disclosed | not disclosed |
| Huhtamäki Oyj | not disclosed | not disclosed | not disclosed | not disclosed |
| Interfor Corporation | not disclosed | not disclosed | not disclosed | not disclosed |
| International Paper | 87.9% | PSU 100 | Yes — Relative TSR | Frederic W. Cook |
| Magnera Corporation | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners LLC |
| Mativ Holdings Inc. | not disclosed | not disclosed | not disclosed | Meridian Compensation Partners, LLC |
| Methanex Corporation | 41.6% | PSU 50 · RSU 50 | No | Pearl Meyer |
| Metsä Board Oyj | not disclosed | not disclosed | not disclosed | not disclosed |
| Rayonier Advanced Materials Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Rottneros AB | not disclosed | not disclosed | not disclosed | not disclosed |
| SGL Carbon SE | not disclosed | not disclosed | not disclosed | not disclosed |
| Stella-Jones Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| Stora Enso Oyj | not disclosed | not disclosed | not disclosed | not disclosed |
| Svenska Cellulosa Aktiebolaget SCA | not disclosed | not disclosed | not disclosed | not disclosed |
| Symrise AG | not disclosed | not disclosed | not disclosed | not disclosed |
| Trinseo PLC | not disclosed | not disclosed | not disclosed | not disclosed |
| UFP Industries, Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
| UPM-Kymmene Oyj | not disclosed | not disclosed | not disclosed | not disclosed |
| Wacker Chemie AG | not disclosed | not disclosed | not disclosed | not disclosed |
| West Fraser Timber Co. Ltd. | not disclosed | not disclosed | not disclosed | not disclosed |
| Western Forest Products Inc. | not disclosed | not disclosed | not disclosed | not disclosed |
Read from each company’s Compensation Discussion and Analysis: annual incentive payout as a percentage of target, the disclosed long-term vehicle mix, whether performance-share measures include a total shareholder return component, and the retained compensation consultant. “Not disclosed” appears only where the company’s filing does not state the item.
Say-on-pay history and pay ratio
| Meeting year | Meeting date | For | Against | Abstain | Support | Outcome |
|---|---|---|---|---|---|---|
| 2026 | 2026-06-01 | 42,232,601 | 2,708,877 | 100,174 | 93.97% | Passed |
| 2025 | 2025-05-30 | 50,455,258 | 118,623 | 192,756 | 99.77% | Passed |
Rows are labeled by annual-meeting year, with the meeting date beside each; the vote held in a given year acts on the prior fiscal year’s compensation.
Say-on-pay — history, company’s computation
| Meeting year | Meeting date | Approval — company’s computation |
|---|---|---|
| 2026 | 2026-06-01 | 93.97%a |
| 2025 | 2025-05-30 | 99.77%b |
a. Approved under the standard stated in the filing — “Vote Board Recommendation Broker Non-Vote Vote Required for Approval Effect of Abstentions and Broker Non-Votes 1 Election of nine directors FOR This matter is non-routine, thus if you hold your Shares in street name, your broker may not vote your Shares for you Majority of votes cast No effect 2 Approval, on a nonbinding, advisory basis, of the compensation paid to our named executive officers FOR This matter is non-routine, thus if you hold your Shares in street name, your broker may not vote your Shares for you Majority of outstanding options, warrants and rights (b) Number of Shares remaining available for future issuance under equity compensation plans (excluding securities reflected in column (a)) (c) Equity compensation plans approved by Shareholders (1)(2) -- $ -- 3,134,194 (3) Equity compensation plans not approved by Shareholders -- -- -- (1) The 2022 Plan.”.
b. Approved under the standard stated in the filing — “Abstentions will be excluded entirely from the vote and will have no effect on the outcome (other than potentially triggering the majority voting requirements set forth in our Governance Guidelines and as described above).”.
Approval percentages are the company’s own reported computations under its own stated standard, not recomputed by Velarion. Where a company does not state a standard, none is assumed.
Insider trades since the proxy
No insider equity transactions reported since the proxy statement.
Sources (40 citations)
Each figure is listed with the filing it comes from, where it appears in that filing, and the value as printed. Any figure can be independently confirmed against the source.
- Section 01, Juan Carlos Bueno. DEF 14A, filed 2026-04-21. Section “Summary Compensation Table” · page 70. As printed: 2,860,261. View filing ↗
- Section 01, Adolf Koppensteiner. DEF 14A, filed 2026-04-21. Section “Summary Compensation Table”. As printed: 1,175,043. View filing ↗
- Section 01, Richard Short. DEF 14A, filed 2026-04-21. Section “Summary Compensation Table”. As printed: 1,040,293. View filing ↗
- Section 01, Carsten Merforth. DEF 14A, filed 2026-04-21. Section “Summary Compensation Table”. As printed: 1,011,785. View filing ↗
- Section 01, Wolfram Ridder. DEF 14A, filed 2026-04-21. Section “Summary Compensation Table”. As printed: 958,124. View filing ↗
- Section 03, Juan Carlos Bueno PSU. DEF 14A, filed 2026-04-21. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Adolf Koppensteiner PSU. DEF 14A, filed 2026-04-21. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Carsten Merforth PSU. DEF 14A, filed 2026-04-21. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Wolfram Ridder PSU. DEF 14A, filed 2026-04-21. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 03, Richard Short PSU. DEF 14A, filed 2026-04-21. Section “Grants of Plan-Based Awards Table” · grants of plan-based awards table. View filing ↗
- Section 08, William D. McCartney. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 300,000. View filing ↗
- Section 08, Linda J. Welty. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 200,000. View filing ↗
- Section 08, James Shepherd. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 200,000. View filing ↗
- Section 08, Alan Wallace. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 200,000. View filing ↗
- Section 08, Rainer Rettig. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 200,000. View filing ↗
- Section 08, Alice Laberge. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 180,000. View filing ↗
- Section 08, Janine North. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 180,000. View filing ↗
- Section 08, Thomas Corrick. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 180,000. View filing ↗
- Section 08, Markwart von Pentz. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: 180,000. View filing ↗
- Section 08, Torbjörn Lööf. DEF 14A, filed 2026-04-21. Section “Director Compensation”. As printed: —. View filing ↗
- Section 06, 2026 vote. Form 8-K, filed 2026-06-01. Item 5.07 · say-on-pay result. As reported: 93.97% (votes for as printed: 42,232,601). View filing ↗
- Section 06, 2025 vote. Form 8-K, filed 2025-05-30. Item 5.07 · say-on-pay result. As reported: 99.77% (votes for as printed: 50,455,258). View filing ↗
- Section 01 trend, Δ column (computed). Computed. Δ = current-FY total − prior-FY total per named officer.
- Section 03b vehicle mix (computed). Computed. RSU / PSU / Options grant-date fair values summed per officer from the grants table; % performance-vested = PSU ÷ (RSU+PSU+Options).
- Section 09b board cost (computed). Computed. Cash 855,000 + equity 965,000 + all other 0 = 1,820,000, summed across the director compensation table rows.
- Cascades Inc., Section 10b CEO total. DEF 14A, filed 2026-02-27. CEO total compensation as printed in Cascades Inc.'s own proxy. As printed: 18,887,776. View filing ↗
- International Paper, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in International Paper's own proxy. As printed: 14,838,324. View filing ↗
- Magnera Corporation, Section 10b CEO total. DEF 14A, filed 2026-01-14. CEO total compensation as printed in Magnera Corporation's own proxy. As printed: 9,792,264. View filing ↗
- Methanex Corporation, Section 10b CEO total. DEF 14A, filed 2026-04-07. CEO total compensation as printed in Methanex Corporation's own proxy. As printed: 8,114,286. View filing ↗
- Clearwater Paper Corporation, Section 10b CEO total. DEF 14A, filed 2026-03-27. CEO total compensation as printed in Clearwater Paper Corporation's own proxy. As printed: 5,201,341. View filing ↗
- Chemtrade Logistics Income Fund, Section 10b CEO total. DEF 14A, filed 2026-04-28. CEO total compensation as printed in Chemtrade Logistics Income Fund's own proxy. As printed: 3,905,735. View filing ↗
- Mativ Holdings Inc., Section 10b CEO total. DEF 14A, filed 2026-03-17. CEO total compensation as printed in Mativ Holdings Inc.'s own proxy. As printed: 3,256,333. View filing ↗
- Mercer International (subject), Section 10b CEO total. DEF 14A, filed 2026-04-21. CEO total compensation as printed in Mercer International's own proxy. As printed: 2,860,261. View filing ↗
- Section 10a, Magnera Corporation reciprocity. DEF 14A. Magnera Corporation names Mercer International in its own disclosed peer group (read from its most recent proxy). View filing ↗
- Section 10a, Chemtrade Logistics Income Fund reciprocity. DEF 14A. Chemtrade Logistics Income Fund's most recent proxy was read; its disclosed peer group does not include Mercer International. View filing ↗
- Section 10a, International Paper reciprocity. DEF 14A. International Paper's most recent proxy was read; its disclosed peer group does not include Mercer International. View filing ↗
- Section 10a, Mativ Holdings Inc. reciprocity. DEF 14A. Mativ Holdings Inc.'s most recent proxy was read; its disclosed peer group does not include Mercer International. View filing ↗
- Section 10a, Cascades Inc. reciprocity. DEF 14A. Cascades Inc.'s most recent proxy was read; its disclosed peer group does not include Mercer International. View filing ↗
- Section 10a, Methanex Corporation reciprocity. DEF 14A. Methanex Corporation's most recent proxy was read; its disclosed peer group does not include Mercer International. View filing ↗
- Section 10a, Clearwater Paper Corporation reciprocity. DEF 14A. Clearwater Paper Corporation names Mercer International in its own disclosed peer group (read from its most recent proxy). View filing ↗