Compensation in 2023
For the 2023 business year, the members of the Board of Directors received a fixed compensation of CHF thousands 784. Contributions to benefit plans and other social contributions amounted to CHF thousands 121. The fixed compensation was paid in cash (CHF thousands 784) as well as in the form of an entitlement to acquire LLB shares (CHF thousands 170). The entitlement is subject to a blocked period of three years.
In comparison with the previous year, the total compensation of the members of the Board of Directors increased by CHF thousands 14 or 1.3 per cent. The higher compensation expense in 2023 was attributable mainly to a moderate adjustment to attendance fees.
For the 2023 business year, the members of the Group Executive Board received a fixed compensation of CHF thousands 3ʼ199 and a variable compensation of CHF thousands 1ʼ733. Contributions to benefit plans and other social contributions amounted to CHF thousands 1ʼ042. The fixed compensation was paid in cash. The variable compensation was paid in cash (40 %) as well as in the form of an entitlement to acquire LLB shares (50 %) and a deferred cash component (10 %), both of which are subject to a deferral and blocked period of six years. The number of shares for the share-based compensation is calculated from the average share price of the last quarter of 2023 (CHF 63.68). The variable compensation for the members of the Group Executive Board was, on average, approximately 54 per cent of the fixed compensation or 35 per cent of total compensation.
The total compensation of the members of the Group Executive Board in 2023 decreased by CHF thousands 174 or 2.8 per cent. This decrease was primarily the result of the variable compensation, which was reduced by CHF thousands 179 or 9.4 per cent.
The total compensation of the members of the Board of Directors and the members of the Group Executive Board for the 2023 business year is reported on an accrual basis. The variable compensation was charged to the 2023 income statement. Payment of the STI to the members of the Group Executive Board will be made in the first quarter of 2024. The share entitlements (LTI) of the Group Executive Board and the Board of Directors are subject to a blocked period of six and three years respectively.
Details of the compensation and the participations of the members of the Board of Directors and the members of the Group Executive Board, as well as loans to them are shown in the following table.
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 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
2023 |
2022 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman |
300 |
300 |
0 |
0 |
40 |
40 |
86 |
86 |
426 |
426 |
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Gabriela Nagel-Jungo, Vice Chairwoman until 5 May 2023 2 |
42 |
124 |
0 |
0 |
10 |
30 |
6 |
11 |
58 |
165 |
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Richard Senti, Vice Chairman since 5 May 2023 2 |
117 |
72 |
0 |
0 |
27 |
20 |
11 |
7 |
155 |
99 |
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Nicole Brunhart, Member since 5 May 2023 2 |
45 |
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0 |
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13 |
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3 |
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61 |
0 |
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Leila Frick-Marxer, Member since 6 May 2022 3 |
65 |
42 |
0 |
0 |
20 |
13 |
5 |
3 |
90 |
58 |
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Patrizia Holenstein, Member until 6 May 2022 3 |
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24 |
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0 |
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7 |
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0 |
0 |
31 |
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Urs Leinhäuser, Member until 5 May 2023 2/4 |
31 |
82 |
0 |
0 |
7 |
20 |
0 |
0 |
38 |
102 |
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Thomas Russenberger, Member |
75 |
70 |
0 |
0 |
20 |
20 |
7 |
6 |
102 |
96 |
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Karl Sevelda, Member |
64 |
64 |
0 |
0 |
20 |
20 |
0 |
0 |
84 |
84 |
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Christian Wiesendanger, Member since 5 May 2023 2 |
45 |
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0 |
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13 |
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3 |
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61 |
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Total |
784 |
778 |
0 |
0 |
170 |
170 |
121 |
113 |
1'075 |
1'061 |
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Members of the Board of Management |
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Gabriel Brenna, Group CEO |
870 |
870 |
207 |
261 |
311 |
261 |
239 |
234 |
1'627 |
1'626 |
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Other members of the Board of Management |
2'329 |
2'329 |
486 |
695 |
729 |
695 |
803 |
803 |
4'347 |
4'522 |
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Total |
3'199 |
3'199 |
693 |
956 |
1'040 |
956 |
1'042 |
1'037 |
5'974 |
6'148 |
1 The members of the Board of Directors receive a portion of their fixed compensation in the form of entitlements. With the members of the Executive Management, 50 per cent of the variable compensation consists of entitlements, which contain shares and, since 2023, also a cash component. The total compensation comprises the total of the fixed and variable compensation plus the entitlements.
2 The members of the Board of Directors receive a portion of their fixed compensation in the form of entitlements. With the members of the Executive Management, 50 per cent of the variable compensation consists of entitlements, which contain shares and, since 2023, also a cash component. The total compensation comprises the total of the fixed and variable compensation plus the entitlements.
3 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.
4 The compensation was paid to Adulco GmbH.
Shareholdings of related parties
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Registered shares |
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31.12.2023 |
31.12.2022 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman |
3'695 |
3'065 |
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Gabriela Nagel-Jungo, Vice Chairwoman until 5 May 2023 1 |
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2'448 |
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Richard Senti, Vice Chairman since 5 May 2023 1 |
815 |
500 |
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Nicole Brunhart, Member since 5 May 2023 1 |
100 |
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Leila Frick-Marxer, Member since 6 May 2022 2 |
0 |
0 |
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Patrizia Holenstein, Member until 6 Mai 2022 2 |
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Urs Leinhäuser, Member until 5 May 2023 1 |
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2'363 |
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Thomas Russenberger, Member |
515 |
200 |
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Karl Sevelda, Member |
209 |
0 |
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Christian Wiesendanger, Member since 5 May 2023 1 |
0 |
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Total |
5'334 |
8'576 |
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Members of the Board of Management |
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Gabriel Brenna, Group CEO |
27'938 |
32'180 |
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Christoph Reich, Vice Group CEO |
23'662 |
21'810 |
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Natalie Flatz |
10'787 |
9'250 |
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Patrick Fürer |
10'237 |
8'000 |
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Urs Müller |
34'698 |
32'794 |
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Total |
107'322 |
104'034 |
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Other related companies and parties |
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Related parties |
4'800 |
4'800 |
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Total |
4'800 |
4'800 |
1 On 5 May 2023, Gabriela Nagel-Jungo and Urs Leinhäuser stepped down from the Board of Directors due to the term of office limitation rule. In their place, the General Meeting of Shareholders elected Nicole Brunhart and Christian Wiesendanger for a first term of office of three years. Richard Senti took over the office of Vice Chair from Gabriela Nagel-Jungo.
2 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.
No member of the Board of Directors or the Board of Management owns more than 0.2 per cent of the voting rights.
Loans to key management personnel
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Fixed mortgages |
Variable mortgages |
Total |
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in CHF thousands |
31.12.2023 |
31.12.2022 |
31.12.2023 |
31.12.2022 |
31.12.2023 |
31.12.2022 |
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Members of the Board of Directors |
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Georg Wohlwend, Chairman |
0 |
0 |
0 |
0 |
0 |
0 |
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Gabriela Nagel-Jungo, Vice Chairwoman until 5 May 2023 1 |
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200 |
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0 |
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200 |
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Richard Senti, Vice Chairman since 5 May 2023 1 |
198 |
398 |
473 |
271 |
671 |
669 |
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Nicole Brunhart, Member since 5 May 2023 1 |
0 |
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0 |
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0 |
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Leila Frick-Marxer, Member since 6 May 2022 2 |
0 |
0 |
0 |
0 |
0 |
0 |
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Patrizia Holenstein, Member until 6 May 2022 2 |
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Urs Leinhäuser, Member until 5 May 2023 1 |
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0 |
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0 |
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0 |
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Thomas Russenberger, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Karl Sevelda, Member |
0 |
0 |
0 |
0 |
0 |
0 |
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Christian Wiesendanger, Member since 5 May 2023 1 |
0 |
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0 |
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0 |
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and related parties |
0 |
0 |
0 |
0 |
0 |
0 |
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Total |
198 |
598 |
473 |
271 |
671 |
869 |
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Members of the Board of Management |
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Gabriel Brenna, Group CEO |
0 |
0 |
0 |
0 |
0 |
0 |
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Other members of the Board of Management |
1'910 |
1'910 |
0 |
0 |
1'910 |
1'910 |
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and related parties |
0 |
0 |
0 |
0 |
0 |
0 |
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Total |
1'910 |
1'910 |
0 |
0 |
1'910 |
1'910 |
1 On 5 May 2023, Gabriela Nagel-Jungo and Urs Leinhäuser stepped down from the Board of Directors due to the term of office limitation rule. In their place, the General Meeting of Shareholders elected Nicole Brunhart and Christian Wiesendanger for a first term of office of three years. Richard Senti took over the office of Vice Chair from Gabriela Nagel-Jungo.
2 On 6 May 2022, Patrizia Holenstein stepped down from the Board of Directors due to the term of office limitation rule. As her replacement, the General Meeting of Shareholders elected Leila Frick-Marxer for a first term of office of three years.
All mortgage loans to members of management in key positions and related parties are fully secured.
At 31 December 2023, the remaining term to maturity of the fixed mortgages for the members of the Board of Directors and related parties ranged between 27 and 37 months (previous year: between 3 and 49 months) at standard market client interest rates of 1.02 to 1.05 per cent per annum (previous year: 0.75 to 1.25 %).
At 31 December 2023, the remaining term to maturity of the variable mortgages for the members of the Board of Directors and related parties extended to a maximum of 3 months (previous year: 3 months) at standard market client interest rates of 2.51 per cent per annum (previous year: 1.28 %). Following expiry, these are extended for a further 3 months providing they are not revoked.
At 31 December 2023, the remaining term to maturity of the fixed mortgages for the members of the Board of Management ranged between 6 and 100 months (previous year: between 18 and 112 months) at interest rates of 0.81 to 1.80 per cent per annum (previous year: 0.81 to 1.80 %).
Of the total amount for mortgages for the members of the Board of Management, CHF thousands 1ʼ100 (previous year: CHF thousands 1ʼ000) was granted at the preferential interest rate for staff, the remainder was subject to standard market client interest rates. No other loans were issued to the members of the Board of Management (previous year: none).
No value allowances for loans and other credit lines to management were necessary. LLB granted no guarantees for management or related parties (previous year: none).