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LLB Annual Report 2023 de

Corporate Governance

Information unaudited Information ungeprüft Corporate governance

For the LLB Group, good corporate governance is an essential part of its business policy. It ensures efficient collaboration between the management bodies and a balance between responsibility and control.


We practise responsible corporate governance that is oriented towards value creation in the long term. It is characterised by efficient collaboration between the Group Executive Board and the Board of Directors, transparent accounting and reporting as well as good shareholder relations. The principles and rules on corporate governance are laid down in two laws: the Law on the Control and Supervision of Public Enterprises (ÖUSG) of 19 November 2009 and the Law on Liechtensteinische Landesbank (LLBG) of 21 October 1992. In addition, they are laid down in the statutes and rules of procedure of LLB. These documents are based on the directives and recommendations of the “Swiss Code of Best Practice for Corporate Governance” issued by the Swiss Business Federation (economiesuisse).

On 22 November 2011, the Liechtenstein Government as the representative of the principal shareholder, the Principality of Liechtenstein, adopted – with reference to the ÖUSG Law – a Participation Strategy for Liechtensteinische Landesbank AG. This strategy defines how the Principality intends to deal with its majority shareholding in the medium and long term and therefore also provides minority shareholders with certainty in planning. The Liechtenstein Government explicitly supports the stock exchange listing of LLB and retains a majority stake of at least 51 per cent. The Government represents the shareholder interest of the Principality at the General Meeting of Shareholders pursuant to the rights afforded to it by stock corporation law. It observes corporate autonomy as well as the rights and obligations arising from the stock exchange listing. At the same time, as a shareholder it also respects the decision-making authority of the Board of Directors concerning corporate strategy and corporate policy. On the basis of Art. 16 of the ÖUSG Law, the Participation Strategy was defined in consultation with LLB’s Board of Directors. Further information can be found at

This report on corporate governance complies with the requirements of the Corporate Governance Directive (RLCG) of the SIX Swiss Exchange Regulation in the version dated 29 June 2022 as well as the fully revised guidelines of the Six Exchange Regulation regarding the RLCG of 1 January 2023. If information required by the RLCG is disclosed in the Notes to the financial statement, a corresponding reference is shown.

The corporate governance report presents the situation as at 31 December 2023. Important changes that occurred between the balance sheet date and the editorial deadline for the annual report are clearly disclosed in the section Important changes since the balance sheet date or under the corresponding item.