Related party transactions
Information checkedInformation unaudited Information geprüft Information ungeprüft Related party transactions
Related parties
The LLB Group is controlled by the Principality of Liechtenstein, which holds 57.5 per cent of the registered shares of Liechtensteinische Landesbank AG, Vaduz. The shareholder group, consisting of the Haselsteiner Familien-Privatstiftung and grosso Holding Gesellschaft mbH, holds 5.9 per cent of the registered shares. At the end of the year under report, LLB held 0.9 per cent of its own shares and 0.4 per cent were held by members of the Board of Directors and the Board of Management. The remaining registered shares are owned by the general public.
The related parties of the LLB Group comprise the Principality of Liechtenstein, associated companies, members of the Board of Directors and the Board of Management, as well as their close family members and companies, in which these individuals are part of the company management, either through their majority shareholding or through their function, as well as own pension funds.
Within the scope of its business activity, the LLB Group also conducts banking transactions with related parties. These transactions mainly involve loans, investments and services. The volumes of these transactions, the holdings and corresponding income and expenses are shown below. For information regarding important business transactions with the Principality of Liechtenstein reference is made to note 8 in the separate financial statement of LLB AG.
See “Scope of consolidation” for a detailed list of the intercompany relationships of the LLB Group.
Compensation of key management personnel
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Fixed compensation |
Variable compensation |
Entitlements 1 |
Contribution to benefit plans and other social contributions |
Total |
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in CHF thousands |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
2021 |
2020 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman 2 |
194 |
275 |
0 |
0 |
26 |
37 |
55 |
73 |
275 |
385 |
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Gabriela Nagel-Jungo, Vice Chairwoman |
190 |
154 |
0 |
0 |
33 |
32 |
43 |
14 |
266 |
200 |
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Patrizia Holenstein, Member |
70 |
70 |
0 |
0 |
20 |
20 |
0 |
7 |
90 |
97 |
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Urs Leinhäuser, Member 3 |
81 |
81 |
0 |
0 |
20 |
20 |
0 |
0 |
101 |
101 |
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Thomas Russenberger, Member |
71 |
71 |
0 |
0 |
20 |
20 |
5 |
5 |
96 |
96 |
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Richard Senti, Member |
76 |
76 |
0 |
0 |
20 |
20 |
6 |
6 |
102 |
102 |
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Karl Sevelda, Member |
61 |
56 |
0 |
0 |
20 |
20 |
0 |
0 |
81 |
76 |
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Total |
743 |
783 |
0 |
0 |
159 |
168 |
109 |
105 |
1'011 |
1'057 |
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Members of the Board of Management 4 |
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Roland Matt, Group CEO since 26.01.2021 5 |
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804 |
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167 |
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167 |
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231 |
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1'369 |
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Gabriel Brenna, Group CEO since 01.03.2021 |
748 |
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147 |
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147 |
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210 |
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1'252 |
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Other members of the Board of Management |
2'464 |
2'766 |
485 |
568 |
485 |
568 |
862 |
952 |
4'296 |
4'854 |
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Total |
3'212 |
3'570 |
632 |
735 |
632 |
735 |
1'071 |
1'183 |
5'547 |
6'223 |
1 The members of the Board of Directors receive a portion of their fixed compensation in the form of share entitlements. With Ithe members of the Executive Management, 50 per cent of the variable compensation consists of share entitlements. The total compensation comprises the total of the fixed and variable compensation plus the share entitlements.
2 Georg Wohlwend resigned from the Board of Directors on 3 November 2020. The task of chairing the Board of Directors until Georg Wohlwend's re-election at the Annual General Meeting on 7 May 2021 was taken over by Vice Chair Gabriela Nagel-Jungo.
3 The compensation was paid to Adulco GmbH.
4 Since the resignation of Roland Matt, the Executive Management consists of five members.
5 On 26 January 2021, Roland Matt stepped down as Chairman of the Executive Board and left the company on 31 May 2021. During the period from 26 January 2021 to 28 February 2021, Deputy Chairman Urs Müller assumed the duties of Chairman of the Executive Board.
Loans to key management personnel and related parties
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Fixed mortgages |
Variable mortgages |
Total |
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in CHF thousands |
31.12.2021 |
31.12.2020 |
31.12.2021 |
31.12.2020 |
31.12.2021 |
31.12.2020 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman 1 |
0 |
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0 |
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0 |
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Gabriela Nagel-Jungo, Vice Chairwoman |
200 |
400 |
0 |
0 |
200 |
400 |
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Patrizia Holenstein, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Urs Leinhäuser, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Thomas Russenberger, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Richard Senti, Member |
305 |
575 |
364 |
93 |
669 |
668 |
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Karl Sevelda, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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and related parties |
0 |
0 |
0 |
0 |
0 |
0 |
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Total |
505 |
975 |
364 |
93 |
869 |
1'068 |
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Members of the Board of Management |
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Roland Matt, Group CEO until 26.01.2021 2 |
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2'000 |
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1'000 |
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3'000 |
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Gabriel Brenna, Group CEO since 01.03.2021 |
0 |
0 |
0 |
0 |
0 |
0 |
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Other members of the Board of Management |
1'560 |
1'560 |
0 |
0 |
1'560 |
1'560 |
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and related parties |
0 |
0 |
0 |
0 |
0 |
0 |
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Total |
1'560 |
3'560 |
0 |
1'000 |
1'560 |
4'560 |
1 Georg Wohlwend resigned from the Board of Directors on 3 November 2020. The task of chairing the Board of Directors until Georg Wohlwend's re-election at the Annual General Meeting on 7 May 2021 was taken over by Vice Chair Gabriela Nagel-Jungo.
2 On 26 January 2021, Roland Matt stepped down as Chairman of the Executive Board and left the company on 31 May 2021.
All mortgage loans to member of management in key positions and related parties are fully secured.
At 31 December 2021, the maturities of the fixed mortgages for the members of the Board of Directors and related parties ranged between 15 and 51 months (previous year: between 3 and 63 months) at standard market client interest rates of 0.75 to 1.25 per cent per annum (previous year: 0.95 to 1.65 %). Following its expiry, a mortgage was reissued at new market rates.
At 31 December 2021, the maturities of variable mortgages for members of the Board of Directors and related parties extended to a maximum of 1 month (previous year: 1 month) at standard market client interest rates of 0.80 to 0.95 per cent per annum (previous year: 0.95 %). Following expiry, these are extended for a further 3 months providing they are not revoked. One variable mortgage was reissued at market conditions.
At 31 December 2021, the maturities of fixed mortgages for members of the Board of Management ranged between 0 and 42 months (previous year: between 1 and 118 months) at interest rates of 1.05 to 1.80 per cent per annum. (previous year: 0.46 to 1.80 %).
The fair value of the collateral of the newly issued mortgages amounted to CHF thousands 1'055.
Of the total amount of mortgages for the members of the Board of Management, CHF thousands 500 (previous year: CHF thousands 1'500) was granted at the preferential interest rate for staff, the remainder was subject to the standard market client interest rate. No other loans were issued to the Board of Management (previous year: none).
No allowances for loans and other credit lines to management were necessary. LLB granted third party guarantees amounting to CHF thousands CHF 500 (previous year: CHF thousands 168) for management and related parties. In addition, LLB confirmed that it would extend two mortgages.
Transactions with key management personnel and related parties
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in CHF thousands |
2021 |
2020 |
+ / – % |
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Loans |
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As at 1 January |
5'628 |
3'628 |
55.1 |
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Loans issued / changes to management and related parties |
270 |
2'000 |
– 86.5 |
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Loan repayments / changes to management and related parties |
– 3'470 |
0 |
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As at 31 December |
2'429 |
5'628 |
– 56.8 |
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Deposits |
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As at 1 January |
3'914 |
6'695 |
– 41.5 |
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Change |
3'782 |
– 2'780 |
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As at 31 December |
7'697 |
3'914 |
96.6 |
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Income and expenses |
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Interest income |
32 |
47 |
– 31.6 |
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Interest expenses |
– 0 |
– 2 |
– 76.8 |
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Other income 1 |
21 |
7 |
224.4 |
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Other expenses |
0 |
0 |
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Total |
53 |
51 |
3.0 |
1 Mainly net fee and commission income
Transactions with associated companies
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in CHF thousands |
2021 |
2020 |
+ / – % |
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Loans |
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As at 1 January |
10'003 |
1'502 |
566.2 |
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Change |
– 9'367 |
8'502 |
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As at 31 December |
636 |
10'003 |
– 93.6 |
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Deposits |
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As at 1 January |
29'757 |
13'063 |
127.8 |
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Change |
– 13'227 |
16'694 |
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As at 31 December |
16'530 |
29'757 |
– 44.4 |
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Income and expenses |
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Interest income |
49 |
87 |
– 43.4 |
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Interest expenses |
– 0 |
0 |
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Other income |
64 |
20 |
211.8 |
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Other expenses |
– 154 |
– 153 |
0.5 |
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Total |
– 41 |
– 45 |
– 10.0 |
The LLB Group has not issued guarantees to third parties for related parties.
No company has currently unused credit limits (previous year: CHF 10 million).
Transactions with own pension funds
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in CHF thousands |
2021 |
2020 |
+ / – % |
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Loans |
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As at 1 January |
0 |
0 |
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Change |
0 |
0 |
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As at 31 December |
0 |
0 |
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Deposits |
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As at 1 January |
10'976 |
17'868 |
– 38.6 |
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Change |
9'655 |
– 6'892 |
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As at 31 December |
20'631 |
10'976 |
88.0 |
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Income and expenses |
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Interest income |
0 |
0 |
– 100.0 |
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Interest expenses |
– 0 |
0 |
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Other income 1 |
1'809 |
1'009 |
79.3 |
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Other expenses |
0 |
0 |
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Total |
1'809 |
1'009 |
79.3 |
1 Mainly earnings from derivative financial instruments as well as income from commissions and fees.
No guarantees have been granted by the LLB Group for third parties on behalf of own pension funds.
Claims exist from derivative financial instruments against the own pension fund totalling CHF thousands 22 (previous year: CHF thousands 133) and liabilities amounting to CHF thousands 957(previous year: CHF thousands 370).