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LLB Annual Report 2023 de

Material topics

Information unaudited Information ungeprüft Material topics

To the LLB Group, sustainability means that it creates long-term added value for its clients, shareholders, employees and other stakeholder groups. In order to provide the best possible transparency, our sustainability reporting is prepared in accordance with the GRI Standards, an internationally established framework for non-financial reporting. In accordance with the legislators, the thematic focus is based on a double materiality analysis.

Multi-step analysis process

The LLB Group last carried out a materiality analysis in 2022, in order to meet the increasing regulatory requirements from the EU and Switzerland. This also took into account the focal points of the corporate strategy ACT-26 (see chapter Strategy and organisation).

To define the material topics, we created a materiality matrix based on the double-materiality concept, in accordance with legal requirements. We identified those topics which are material for LLB’s business activities and have the greatest impact on the economy, environment and society on the one hand, and on the company’s own success on the other.

In a context analysis, we reviewed our value creation chain for any relevant influencing factors and identified our key stakeholder groups. These are our customers, the State of Liechtenstein as the main shareholder of the LLB Group, the public, our partners and non-governmental organisations (NGOs) as well as our employees.

Next, we compiled a detailed list of possible material topics based on a peer group analysis, taking into account the legal requirements and relevant sustainability reporting standards. Possible material topics are those that can have either positive or negative effects on the corporate environment or that at most harbour opportunities or risks for the LLB Group. This list comprised around 70 topics, which we were able to condense into 26 main topics, structured according to the aspects concerning non-financial reporting in accordance with the Liechtenstein Persons and Companies Act (PGR).

LLB Group materiality matrix 1


1The potential and actual impacts of the following issues were considered to be less material: Tax Compliance, Energy Efficiency and Renewable Energy, Mobility Management, Materials, Waste, Water and Sanitation, Biodiversity, Occupational Health and Well-being, Freedom of Association, Minimum Wages and Notification Requirements, Financial Literacy Support, Community Engagement, Human Rights in the Supply Chain, Indigenous Peoples’ Rights, Financial Crime Prevention, Sustainable Procurement, Corporate Citizenship

These topics were assessed with regard to their relevance by external and internal stakeholders as well as our management with the help of an online survey. After consolidating the results from the survey, we created a draft materiality matrix, which was discussed, evaluated and adjusted, where necessary, in a validation workshop attended by representatives of various departments of the LLB Group.

Legal bases

In view of the content requirements for non-financial reporting set out in the PGR, those topics from the areas of environmental, social and employee matters, anti-corruption and bribery matters as well as respect for human rights, at a minimum, were identified in the analysis as report content that is material in the sense of having “double materiality”. These are topics that have important impacts on the economy, society or the environment, which are relevant for an understanding of the LLB Group’s course of business and performance. The Board of Directors has been informed of the material topics and has approved them. In accordance with the legislators and GRI standards, these topics form the core of our non-financial reporting.

At the end of 2023, we launched an internal process that will result in a reassessment of the material topics. The requirements of the Corporate Sustainability Reporting Directive (CSRD) and the European Sustainability Reporting Standards (ESRS), which apply for the first time in the 2024 business year, will play an important role in updating the materiality analysis. We will publish the results in the new Sustainability Statement as part of the 2024 Annual Report.

In dialogue with stakeholder groups

For the LLB Group, sustainability as a corporate responsibility means meeting the expectations of the different internal and external stakeholder groups. We are in regular dialogue – personally, by electronic media, or at information meetings, working sessions or conferences – with the different stakeholders who affect the course of our business and over whom we have influence.

An important instrument is the LLB Group’s annual report, which has contained a sustainability report since 2015. Through it, we highlight our proactive focus on sustainability and social responsibility. For sustainability reasons, we do not print our annual report.

The most significant stakeholder groups are:

  • Clients: Their needs are uppermost at every point of contact. Using various channels, we determine the needs and level of satisfaction of our clients.
  • Principality of Liechtenstein: Our majority shareholder is the Principality of Liechtenstein. We regularly exchange ideas with representatives of the government and the state parliament (see chapter Corporate governance).
  • The public: All our branding and communication measures are high-profile, with close exchange with media representatives being an important element of trust-building.
  • Partners and non-governmental organisations (NGOs): Through our membership of associations and organisations, we maintain dialogue with partners and NGOs (see chapter International wealth management and Industry initiatives and corporate citizenship).
  • Employees: We reach our employees via our intranet, which is continuously updated, and through our LLB Voice staff magazine. There are also various events where employees have the opportunity to personally meet and discuss with members of the Group Executive Board (see chapter Employees).

Investor relations

As a publicly listed company, we are obliged to publish share-price-relevant facts by means of media communiqués. We inform shareholders, clients, employees and the public simultaneously, comprehensively and regularly about our business performance, value drivers as well as the implementation of our strategy and provide them with an overview of our key financial and operating figures. We maintain an open dialogue with analysts and investors in order to be able to report on the course of business on an ongoing basis. The aim is to ensure that the price of the LLB share represents the fair value of the company (see chapter Economic value creation).

Media relations

Irrespective of the ad hoc information and the annual media and analyst conference, we are in constant contact with the media and business journalists in our market regions. We make every effort to answer their questions in a transparent and timely manner. The LLB Group was the subject of around 710 media articles in 2023 (2022: 860).

Public affairs

Only by constantly seeking dialogue with different decision makers are we able to voice our opinion and be heard. The LLB Group is therefore in regular contact with opinion leaders and selected representatives from the world of politics and economics. We are also a member of the key industry associations and organisations such as the Liechtenstein Bankers Association and Chamber of Commerce and Industry (see chapter International wealth management). We also exchange views with the Liechtenstein Financial Market Authority (FMA) on a regular basis.

We are obliged to report to our majority shareholder, the Principality of Liechtenstein, on the course of business. Against this backdrop, there is a meeting twice a year of the senior management of the LLB Group and the Liechtenstein Head of Government. Once a year, the Group Board of Directors and the Group Executive Board invite the entire Government to a roundtable discussion.

Public relations

We use various channels to engage with the general public. With regular market commentaries and reports in local print media, we prove our expertise in financial matters. We strengthen our relationship with the local community by organising or sponsoring various events (see chapter Industry initiatives and corporate citizenship).

Digital communication channels

We have been consistently investing in the expansion of our digital communication channels for a number of years now. We operate a total of eleven different web portals and microsites that are centrally managed through the same content management system and conform with our brand. We also reach our clients with selected information through mobile and online banking. We are also in direct contact with clients over social media.