Compensation in 2025
Board of Directors
For the 2025 business year, the members of the Board of Directors received:
- Fixed compensation: CHF 1.1 million, of which CHF 848ʼ000 was paid in cash and CHF 260ʼ000 in the form of share entitlements (three-year blocked period);
- Contribution to benefit plans and social contributions: CHF 149ʼ000;
- The number of shares for the share-based compensation is calculated from the average share price of the last quarter of 2025 (CHF 78.26).
In comparison with the previous year, the total compensation of the members of the Board of Directors increased by CHF 104ʼ000 or 9.8 per cent. This was due to adjustments to the compensation of the Chairman of the Board of Directors as well as to the share entitlements and attendance fees of the members of the Board of Directors.
Group Executive Board
For the 2025 business year, the members of the Group Executive Board received:
- Fixed compensation: CHF 3.3 million, paid in cash;
- Variable compensation: CHF 1.9 million, paid in cash (40 %) as well as in the form of 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;
- Contribution to benefit plans and social contributions: CHF 1.2 million;
- The GPI (Group Performance Indicator) for the 2025 business year is 120.3 per cent (2024: 118.7 %);
- The number of shares for the share-based compensation is calculated from the average share price of the last quarter of 2025 (CHF 78.26). The variable compensation for the members of the Group Executive Board was, on average, approximately 57 per cent of the fixed compensation or 36 per cent of total compensation.
The total compensation of the members of the Group Executive Board in 2025 increased slightly by CHF 11ʼ000 or 0.2 per cent. The reason for this increase is the personnel changes in corporate management during the business year.
All compensation was reported on an accrual basis and charged to the 2025 income statement. Payment of the STI to the members of the Group Executive Board will be made in the first quarter of 2026. 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.
Detailed information on compensation, participations and loans is given below.
Compensation of key management personnel
Fixed compensation | Variable compensation | Entitlements 1 | Contribution to benefit plans and other social contributions | Total | ||||||
in CHF thousands | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 | 2025 | 2024 |
Members of the Board of Directors | ||||||||||
Georg Wohlwend, Chairman | 320 | 300 | 0 | 0 | 80 | 40 | 100 | 88 | 500 | 428 |
Richard Senti, Vice Chairman | 137 | 125 | 0 | 0 | 30 | 30 | 13 | 12 | 180 | 167 |
Nicole Brunhart, Member | 68 | 68 | 0 | 0 | 30 | 20 | 14 | 5 | 112 | 93 |
Leila Frick-Marxer, Member | 78 | 65 | 0 | 0 | 30 | 20 | 6 | 5 | 114 | 90 |
Thomas Russenberger, Member | 90 | 80 | 0 | 0 | 30 | 20 | 9 | 8 | 129 | 108 |
Karl Sevelda, Member | 70 | 64 | 0 | 0 | 30 | 20 | 0 | 0 | 100 | 84 |
Christian Wiesendanger, Member | 85 | 68 | 0 | 0 | 30 | 20 | 7 | 5 | 122 | 93 |
Total | 848 | 770 | 0 | 0 | 260 | 170 | 149 | 124 | 1’257 | 1’063 |
Members of the Board of Management | ||||||||||
Gabriel Brenna, Group CEO until 11 June 2025 2 | 782 | 921 | 154 | 221 | 231 | 331 | 234 | 244 | 1’401 | 1’717 |
Other members of the Board of Management 3/4 | 2’560 | 2’404 | 607 | 572 | 911 | 859 | 950 | 867 | 5’028 | 4’702 |
Total | 3’342 | 3’325 | 761 | 793 | 1’142 | 1’189 | 1’184 | 1’111 | 6’429 | 6’418 |
1The 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, 60 per cent of the variable compensation consists of entitlements, which contain shares and a cash component. The total compensation comprises the total of the fixed and variable compensation plus the entitlements.
2On 11 June 2025, Gabriel Brenna stood down as Chief Executive Officer and left the company per 31 October 2025. During the period from 11 June 2025 to 30 September 2025, Group CFO Christoph Reich additionally took over the duties of Chief Executive Officer ad interim. Christoph Reich received no additional compensation for this interim function. On 1 October 2025, Christoph Reich was appointed the new Chief Executive Officer of the company.
3Urs Müller took early retirement and stood down from the Executive Management from 31 March 2025 and ended his employment relationship with the bank from 31 July 2025. From 1 April 2025 until the arrival of Michael Hartmann as a new member of the Executive Board on 1 June 2025, CEO Gabriel Brenna additionally managed the Retail and Corporate Banking Division. Gabriel Brenna received no additional compensation for this interim function.
4At the end of November 2025, the Board of Directors appointed Markus Schifferle as a member of the Group Executive Board and Group CFO subject to the approval of the FMA Liechtenstein. This body granted its approval on 12 January 2026. The compensation made to the other members of the Board of Management disclosed in this report therefore does not include the compensation Markus Schifferle received.
Shareholdings of related parties
Registered shares | ||
31.12.2025 | 31.12.2024 | |
Members of the Board of Directors | ||
Georg Wohlwend, Chairman | 4’884 | 4’387 |
Richard Senti, Vice Chairman | 1’568 | 1’187 |
Nicole Brunhart, Member | 100 | 100 |
Leila Frick-Marxer, Member | 0 | 0 |
Thomas Russenberger, Member | 1’268 | 887 |
Karl Sevelda, Member | 962 | 581 |
Christian Wiesendanger, Member | 0 | 0 |
Total | 8’782 | 7’142 |
Members of the Board of Management | ||
Gabriel Brenna, Group CEO until 11 June 2025 1 | 30’353 | |
Christoph Reich, Group CEO since 1 October 2025 1 | 22’374 | 25’591 |
Natalie Flatz | 14’823 | 12’687 |
Patrick Fürer | 15’439 | 12’569 |
Michael Hartmann since 1 June 2025 2 | 0 | |
Urs Müller until 31 March 2025 2 | 36’687 | |
Total | 52’636 | 117’887 |
Other related companies and parties | ||
Related parties | 250 | 4’800 |
Total | 250 | 4’800 |
1On 11 June 2025, Gabriel Brenna stood down as Chief Executive Officer and left the company per 31 October 2025. During the period from 11 June 2025 to 30 September 2025, Group CFO Christoph Reich additionally took over the duties of Chief Executive Officer ad interim. On 1 October 2025, Christoph Reich was appointed the new Chief Executive Officer of the company.
2Urs Müller took early retirement and stood down from the Executive Management from 31 March 2025 and ended his employment relationship with the bank from 31 July 2025. From 1 April 2025 until the arrival of Michael Hartmann as a new member of the Executive Board on 1 June 2025, CEO Gabriel Brenna additionally managed the Retail and Corporate Banking Division.
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
Fixed mortgages | Variable mortgages | Total | ||||
in CHF thousands | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 | 31.12.2025 | 31.12.2024 |
Members of the Board of Directors | ||||||
Georg Wohlwend, Chairman | 0 | 0 | 0 | 0 | 0 | 0 |
Richard Senti, Vice Chairman | 198 | 198 | 471 | 472 | 669 | 670 |
Nicole Brunhart, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Leila Frick-Marxer, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Thomas Russenberger, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Karl Sevelda, Member | 0 | 0 | 0 | 0 | 0 | 0 |
Christian Wiesendanger, Member | 0 | 0 | 0 | 0 | 0 | 0 |
and related parties | 0 | 0 | 0 | 0 | 0 | 0 |
Total | 198 | 198 | 471 | 472 | 669 | 670 |
Members of the Board of Management | ||||||
Gabriel Brenna, Group CEO until 11 June 2025 1 | 0 | 0 | 0 | |||
Christoph Reich, Group CEO since 1 October 2025 1 | 0 | 0 | 0 | |||
Other members of the Board of Management 2/3 | 1’000 | 1’910 | 0 | 0 | 1’000 | 1’910 |
and related parties | 0 | 0 | 0 | 0 | 0 | 0 |
Total | 1’000 | 1’910 | 0 | 0 | 1’000 | 1’910 |
1On 11 June 2025, Gabriel Brenna stood down as Chief Executive Officer and left the company per 31 October 2025. During the period from 11 June 2025 to 30 September 2025, Group CFO Christoph Reich additionally took over the duties of Chief Executive Officer ad interim. On 1 October 2025, Christoph Reich was appointed the new Chief Executive Officer of the company.
2Urs Müller took early retirement and stood down from the Executive Management from 31 March 2025 and ended his employment relationship with the bank from 31 July 2025. From 1 April 2025 until the arrival of Michael Hartmann as a new member of the Executive Board on 1 June 2025, CEO Gabriel Brenna additionally managed the Retail and Corporate Banking Division.
3At the end of November 2025, the Board of Directors appointed Markus Schifferle as a member of the Group Executive Board and Group CFO subject to the approval of the FMA Liechtenstein. This body granted its approval on 12 January 2026. The loans made to the other members of the Board of Management disclosed in this report therefore do not include any corresponding loans made to Markus Schifferle.
All mortgage loans to members of management in key positions and related parties are fully secured.
At 31 December 2025, the remaining term to maturity of the fixed mortgages for the members of the Board of Directors and related parties ranged between 3 and 13 months (previous year: between 15 and 25 months) at standard market client interest rates of 1.02 to 1.05 per cent per annum (previous year: 1.02 to 1.05 %).
At 31 December 2025, 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 0 months (previous year: 0 months) at standard market client interest rates of 0.80 per cent per annum (previous year: 2.01 %). Following expiry, these are extended for a further three months providing they are not revoked.
At 31 December 2025, the remaining term to maturity of the fixed mortgages for the members of the Board of Management extended to 25 months (previous year: between 0 and 88 months) at an interest rate of 0.52 per cent per annum (previous year: 1.05 to 1.80 %).
Of the total amount for mortgages for the members of the Board of Management, CHF thousands 1ʼ000 (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).