Information unaudited Information ungeprüftOwn workforce

Committed and qualified employees are a fundamental prerequisite for the success of the LLB Group. This is why we attach great importance to attractive and modern working conditions. We also promote diversity in the workforce, create the necessary foundations for equal opportunities and pay equality and are committed to reducing any negative effects on underrepresented groups.

1 General Information

During the course of the double materiality assessment, we identified the following material impacts, risks and opportunities in relation to the LLB Group’s own workforce:

• We expect the active promotion of diversity and equal opportunities within our workforce to have a positive effect on underrepresented groups. Employees feel valued and respected through targeted measures. In this context, we place particular focus on women and people over 50 years of age. As the measures will be implemented at all locations, we expect these to have a positive effect over the medium to long term.
• Offering different working time models (part-time, job sharing, working from home etc.) will provide women and men with equal opportunities for a good work/life balance, which can lead to greater equality and a positive effect on gender equality.
• We at the LLB Group are actively committed to equality and equal pay, which in turn has a positive effect on our employees. Through targeted measures to review and adjust salary structures, we ensure all employees receive fair and equal pay, regardless of gender or age. These initiatives promote a fair and inclusive working environment, strengthen employee motivation and contribute towards the long-term retention of talented specialists.
• We have also identified negative effects specifically in the area of equality: Women continue to be underrepresented in management positions within the LLB Group. This is first and foremost attributable to the fact that women were rarely represented in the traditionally male-dominated financial sector for many years and, accordingly, it was less common for women to choose relevant courses of study or careers. The existing underrepresentation is thus primarily due to structural developments and industry trends rather than company-specific factors, the business model or the strategic alignment of the LLB Group.
• As a service company, we rely on motivated and qualified employees. A high staff turnover rate leads to costs for filling vacancies, can reduce the quality of the services offered and increases the operational risk for the bank. Our dependence on qualified employees is also influenced by external factors, such as the availability of specialists, changes in the labour market and societal expectations. These trends increase the competition for talent and require continuous adjustments to our working conditions and recruitment strategies.
• We see the systematic and Group-wide continuous development of our employees’ technical and sales skills as a differentiating feature in the market and, as such, a significant opportunity for the LLB Group. We promote the skills and expertise of our employees through numerous measures, thereby ensuring the long-term success of the LLB Group. At present, we are unable to quantify the anticipated positive effect in financial terms.

The effects identified relate to employees in a fixed-term or permanent employment relationship with the LLB Group. We have not determined any further adverse impacts or risks beyond the negative impacts and risks described: The risk of physical harm is limited due to the nature of the activities performed by our employees. While psychological harm in connection with the workload or incidents of discrimination, harassment and violence is conceivable, this cannot, in our view, be categorised as material due to the small number of cases. In addition, the LLB Group operates in a particular sector and predominantly in countries with a low risk of human rights violations (e.g. child and forced labour). This is why we see no material negative effects or risks here either. Given these circumstances, we do not see the necessity to make any adjustments to the business model.

1.1 Effects in connection with the transition plan for climate change mitigation

Our transition plan for climate change mitigation (see section Transition plan for climate change mitigation) has clear consequences for our employees. As part of our mobility management, on the one side we offer financial incentives for using public transport and therefore promote environmentally friendly travel for employees. This can result in financial disadvantages for employees who are dependent on a car powered by an internal combustion engine. When adopting such measures, we always pay attention to the consequences for our employees and carefully weigh up the positive and negative effects.

At the same time, the transition to a climate-neutral economy opens up new opportunities for our employees. We offer a wide range of training programmes that provide our employees with the opportunity to develop new skills in sustainable financial products and services. Furthermore, additional jobs will be created in the area of sustainable investment and green financial products. These measures not only contribute to reducing the environmental impact, but also support the long-term success and innovative strength of the LLB Group.

1.2 Groups of employees particularly affected

Women are particularly affected by the identified negative impacts, although we have not determined any significant differences between geographical locations. This assessment is based on an evaluation of key HR figures and the results of the employee survey, which fed into the double materiality assessment. We did not find any differences in the risks and opportunities identified, i.e. there is no clearly identifiable part of the workforce to which the risks and opportunities described can be attributed.

By combining data and risk analyses, training, stakeholder dialogues and the implementation of appropriate policies and directives, the LLB Group has developed a comprehensive understanding of how certain characteristics, environments and activities can have a negative effect on employees. This enables the bank to take proactive measures and prevent any negative effects as best as it can.

2 Policies relating to the company’s own workforce

The “Investment Strategy of the Government of the Principality of Liechtenstein for its Investment in Liechtensteinische Landesbank AG” defines the guiding principles for the role of the LLB Group as an employer. The various bodies within the LLB Group therefore have to consider their ethical and social responsibility towards employees when implementing the corporate strategy. The topics addressed by the investment strategy include, for example, ensuring equality between men and women, establishing and securing the bank’s position as an attractive employer or the continuous promotion and professional education of employees.

The HR strategy at the LLB Group reflects the requirements of the investment strategy and sets additional priorities. It concentrates on building up staffing levels in accordance with the strategy and making sure employees’ skills are aligned with new areas of expertise (e.g. digital transformation, agility). The strategy relies on systematic further development of the technical and sales skills of employees with customer contact and expanding management numbers through constant learning and further development. The strategy also places special emphasis on social responsibility and diversity, with a view to making us more attractive as an employer for all generations and promoting gender balance in the workplace. Another area of focus is a competitive salary system, ensuring we have the best applicants, even in a competitive environment.

The HR strategy sets out the framework for the management of impacts, risks and opportunities as they relate to our own workforce. It applies throughout the Group. The Group Human Resources (HR) business area is responsible for the operational implementation of the HR strategy. It reports to the Group Executive Board on all relevant aspects during the business year. The HR strategy is also set out in more specific detail in the form of Group regulations at the level of our subsidiaries; its implementation is entrusted either to organisational units of the LLB Group or to the personnel responsible for HR in the respective company. All employees of an LLB Group company have access to all directives via the Intranet.

2.1 Policies relating to working conditions

In order to reduce the risk of high employee turnover, we continuously evaluate and optimize our working conditions. In addition to improving the quality of the workplace, the focus of our efforts is on the work-life balance, a transparent compensation system as well as providing continuous training and professional education for our employees. The overarching framework is provided by the LLB Group’s HR strategy; particular importance is also attached to the Group regulation “Compensation policy of the LLB Group”. Our Group-wide compensation policy defines the foundations, values and objectives as well as the minimum requirements for the structure of the compensation systems and places particular emphasis on their coordination with risk management. It also governs the reporting within and outside the Group as well as the respective responsibilities. The Group regulation applies to all permanent and temporary employees of LLB Group companies.

The Board of Directors is responsible for the Group regulation on compensation policy. It also determines the level of compensation for its members. It receives advisory support from the Group Nomination & Compensation Committee. An individual target level of compensation is defined for each member of the Group Executive Board (see the chapter Compensation report).

2.2 Policies relating to diversity and equal opportunities

Our diversity strategy defines the general objectives, measures and key figures relating to the sustainability aspect “Diversity and equal opportunities”. Its aim is to promote diversity in the workforce, create the necessary conditions for equality and equal pay and reduce negative effects on underrepresented groups – especially women in management positions. We place particular emphasis on gender equality and a healthy generational mix. In this context, the diversity strategy sets out the following target vision:

• We are an attractive employer for all generations.
• We establish an appropriate gender balance at all levels.

We specifically want to continually increase the proportion of women and younger employees in positions of responsibility. With a view to achieving a generational mix, we want to retain deserving employees for longer and help younger employees with potential to progress more quickly. Our aim is to also further reduce our gender pay gap – the difference in pay between men and women. The diversity strategy applies across the Group to all employees in a permanent or temporary employment relationship with an LLB Group company. Responsibility for implementation lies with the Group Human Resources business area, which reports directly to the Group CEO.

In addition to the diversity strategy, the Group regulation “Fit & Proper – assessment of the members of the Board of Management, the Board of Directors and the holders of key functions” is of special relevance for the sustainability aspect “Diversity and equal opportunities”. This governs the process of the search for, selection, suitability assessment and on-boarding of members of the Board of Directors and the Board of Management as well as of employees in defined key functions. The aim is to take due account of specific statutory requirements relating to candidates’ technical and personal competencies. The Group regulation rejects any form of discrimination and is taken into consideration and implemented on a consistent basis when making appointments to the positions described. Responsibility lies with Group Legal & Regulatory.

2.3 Policies relating to training and skills development

Our HR strategy sees the training and professional education of employees and, in particular, the further development of technical and sales skills as an important differentiating feature in the market. We therefore place a great deal of emphasis on the continuous advancement of our employees. A separate Group directive on “Professional education” governs the main aspects of career professional education and applies to all employees with a permanent or temporary employment relationship with an LLB Group company. It provides clarity on how the business promotes internal and external professional education measures, in terms of money and time, and sets out the obligations of employees.

As a basic principle, any professional education must support the corporate objectives. At the same time, the options on offer should also be beneficial to our employees’ careers – see the section Measures in connection with training and skills development. Group Learning & Development is responsible for implementation on the operational level. There is a separate regulation for apprentices and those on the Young Talents programme.

2.4 Policies relating to human rights

The LLB Group is a member of the UN Global Compact. This represents an undertaking on our part to ensure that our business activity takes account of basic employment and human rights, environmental protection and the fight against corruption. We have therefore consistently implemented the requirements applicable to us on the protection of employee and human rights. For example, we have set up a Representation of Employees and a works council in Liechtenstein and Austria respectively. The members of these two bodies are chosen via free and independent elections and offer employees their services and support during working hours.

The Code of Conduct and the Supplier Code of Conduct each contain a clear commitment to promoting and respecting human rights. In addition, the Code of Conduct expressly commits us to combat human trafficking, forced labour and child labour. The Supplier Code of Conduct and Code of Conduct each apply on a Group-wide basis. The Group Legal & Regulatory business area is responsible for implementation of the Code of Conduct; responsibility for the Supplier Code of Conduct lies with the Group Sourcing & Procurement organisational unit. In the event of any actual or suspected human rights violations, various complaint mechanisms are available to our employees (see the section Grievance mechanisms and remedial measures).

As regards the rights of our workforce, we take our lead from the UN Guiding Principles on Business and Human Rights, the International Labour Organization (ILO) Declaration on Fundamental Principles and Rights at Work and guidelines from the Organisation for Economic Co-operation and Development (OECD) for multinational companies. Consistency with the above-mentioned international standards is not systematically reviewed at the LLB Group. It is our conviction that there is a high degree of consistency due to the high legal standards in the core markets of the LLB Group.

For the most part, the countries where the LLB Group has a presence are not associated with any significant risk of forced or child labour. According to the Global Slavery Index, our target markets of Switzerland, Austria and Germany are among the countries with the lowest rates of modern slavery and forced labour worldwide. No comparable data is available for Liechtenstein, although we believe the situation to be similarly stable. We also maintain two representative offices in the United Arab Emirates (UAE), which, according to the Global Slavery Index, is a country associated with a high risk of forced labour and child labour. By having management localised in Europe and headquartered in Vaduz, which is involved in both the recruitment of new employees and procurement, we also guarantee compliance with the provisions of our Code of Conduct and our Supplier Code of Conduct in the UAE.

2.5 Policy for the prevention of workplace accidents

We do not have any separate guidelines on the prevention of workplace accidents as the bank’s activities carry a low risk of accidents. We do, however, ensure compliance with all statutory provisions on workplace safety.

2.6 Policy for the prevention of discrimination and harassment

Our Code of Conduct prohibits any form of discrimination, harassment or bullying. The Code explicitly states that the LLB Group offers all employees the same opportunities in terms of recruitment and promotion, regardless of gender, age, religion, nationality, ethnic background, sexual orientation, marital or family status and levels of physical ability. The additional characteristics of race, skin colour, political opinion and social origin listed in the ESRS have not been explicitly included in the Code of Conduct as our list is only intended for illustration purposes and does not claim to be exhaustive. This does not affect our commitment to basic equality and our condemnation of any form of discrimination.

By consistently implementing the Code, we create a safe, respectful working environment based on mutual trust and appreciation. Violations and wrongdoing are punished consistently and proportionately. Group Legal & Regulatory is responsible for the content of the Code. The Group Human Resources organisational unit is responsible for measures aimed at combating violence and harassment. The Integrity Committee discusses and defines these measures (for more information on the Code of Conduct and Integrity Committee, see the chapter Corporate governance and integrity).

The LLB Group takes account of all national statutory requirements relating to discrimination at its respective locations. In Liechtenstein, the Criminal Code (section 283 StGB) prohibits the public denigration or defamation of people on account of characteristics such as skin colour, language, nationality, ethnicity, religion or outlook, gender, disability, age or sexual orientation. It is also forbidden to bar people from using services available to the general public because of these characteristics. In addition, there is a Gender Equality Act in Liechtenstein, which is specifically intended to promote gender equality at work, in order to prevent any form of gender-based discrimination. Companies in Liechtenstein must ensure there is no discrimination in the workplace or in the provision of services. This includes measures to promote equality and the avoidance of any adverse treatment on account of the characteristics mentioned.

In Austria, we comply with the requirements of the Equal Treatment Act (GlBG), which prohibits discrimination in the workplace and against those accessing services on account of gender, ethnicity, religion, age or sexual orientation. In Switzerland, employees are protected against gender-specific discrimination and adverse treatment by, among others, the Gender Equality Act and the Employment Act. The UAE has no comprehensive anti-discrimination legislation. However, the “Federal Decree Law No. 2 of 2015 on Combating Discrimination and Hatred” was passed in 2015. This prohibits any discrimination and hate speech on account of religion, belief, denomination, race, skin colour and ethnic origin.

3 Involvement of employees

We monitor the needs and interests of our employees and take these into account in our business decisions. One relevant tool for this purpose is the employee survey. Decision makers within the business are also in constant contact with the Representation of Employees (Liechtenstein) or the works council (Austria). The whistleblowing tool and the Integrity Committee provide employees with additional channels for communicating their concerns and needs – see the section Grievance mechanisms and remedial measures.

Operational responsibility for the involvement of employees and the integration of the results into the corporate concept lies with the Head of Group Human Resources. The person holding the highest-ranking position with strategic responsibility for this process is the Group CEO.

3.1 Employee surveys

We conduct regular employee surveys among the companies of the LLB Group. Their results feed into business decisions. The last survey was conducted in 2023. All employees in a permanent or temporary employment relationship with an LLB Group company were entitled to take part. The response rate of 91 per cent was very high, and we improved in three out of five target values compared with the previous survey: “Attractive employer”, “No resignation” and “Satisfaction” (no change in the target value “Would recommend employer to others”, slight reduction in the target value “Commitment”).

As a general rule, Group Human Resources conducts this kind of employee survey every three years in conjunction with an external institution. We pick up on the results in employee workshops, which are also attended by individual members of the Group Executive Board. In the past, such workshops have been held in Liechtenstein, Austria and Switzerland; the United Arab Emirates was excluded from these. Germany was not taken into account as the LLB Group only expanded into this market in 2024. Follow-up measures are decided by the Group Executive Board.

3.2 Representation of Employees

The Representation of Employees (Arbeitnehmervertretung – ANV) at LLB in Liechtenstein serves as the mouthpiece for the workforce and is able to take direct account of employees’ interests in strategic decisions. It is in regular contact with the Group CEO and the Head of Group Human Resources and has a say in various issues such as staff pension plans, rationalisation projects or staff retrenchment. The Group Executive Board is obligated to inform the ANV regarding all matters that are relevant to employees.

Employees can contact the ANV with their concerns. If employees so wish, the ANV will not reveal their identity to the Group Executive Board. The ANV coordinates on a quarterly basis with the Group CEO and the Head of Group HR on all topics raised. It also represents the viewpoint of the workforce in working groups such as the Mobility Commission as well as the Working Atmosphere and Health Commission.

Our organisational rules provide information on the rights and obligations of the ANV and can be accessed by all employees via the Intranet. They can approach the ANV with their concerns both anonymously and confidentially. LLB Österreich has its own arrangement for the representation of employees in the form of the works council; there is no such committee in Switzerland or Germany.

4 Grievance mechanisms and remedial measures

Our employees have various channels available to them for raising any issues and concerns. These include the ability to raise questions within the framework of the Group Forum and the Digital Town Hall, the employee survey, the Representation of Employees or the works council (see section Involvement of employees) as well as our whistleblowing tool and the external social counselling service MOVIS. Employees can also contact the HR business partner or manager responsible at any time.

4.1 Whistleblowing tool

Our whistleblowing tool enables employees to file complaints or report improper conduct anonymously. We conduct training courses on the whistleblowing tool and have set up our own Intranet page where we provide information on the tool. Reports from employees are dealt with consistently and as promptly as possible.

The Integrity Committee acts as an internal whistleblowing point of contact. It examines and assesses the reports it receives, introduces any necessary measures and assesses the potential impact on the LLB Group (see the section Integrity Committee). If an initial suspicion is confirmed, various disciplinary measures can be taken depending on the severity. For minor violations, the respective manager decides on the necessary steps in conjunction with Group Regulatory Compliance and the HR Business Partner responsible. For serious violations, decisions are taken by the Integrity Committee, working in conjunction with the head of the business area responsible. The list of disciplinary measures ranges from warnings and instructions to undergo professional education through to summary dismissal and criminal charges.

Top priority is given to preserving the privacy of those concerned and securing their consent. Employees who use the complaint mechanisms referred to are covered, where required, by the whistleblower protection provisions set out in greater detail in the chapter Corporate governance and integrity.

4.2 MOVIS social counselling service

Employees can also contact the external social counselling service MOVIS with their issues and concerns. MOVIS is an external social counselling service which works in partnership with the LLB Group; it is therefore an integral part of our corporate health management policy. We have dedicated a separate Intranet page to the counselling service and what it offers. An anonymised reporting mechanism provides information on the use of MOVIS by LLB employees.

5 Measures relating to our own workforce

In order to manage our impact, risks and opportunities in connection with our own workforce, we have defined a number of measures which are set out below. These measures are not tied to predefined periods of time, but are continually implemented and evaluated to determine their effectiveness. The continuous monitoring is conducted with the help of the HR or Diversity & Inclusion Cockpit. This contains all the relevant key figures. The Cockpit also provides the basis for any necessary changes to the chosen measures. We also conduct regular in-depth employee surveys among the companies of the LLB Group – see the section Employee surveys. We have not budgeted for any fixed personnel or financial resources for the implementation of the measures. Any costs arising are generally covered by the HR budget.

5.1 Measures relating to working conditions

We are constantly improving the working conditions in the LLB Group so that we can attract qualified employees and retain existing ones over the long term. The particular focus in this respect is on increasing workplace quality, ensuring a work-life balance and providing an attractive compensation system as well as a targeted system of development for employees (see the section Measures in connection with training and skills development). These measures enable us to mitigate the risks associated with a high employee turnover. The key indicator of its effectiveness is the turnover rate – see the section Targets in connection with working conditions.

5.1.1 Workplace quality

In the year under review, we implemented and continued various measures that contribute towards improving workplace quality. These initiatives are based on the results of the 2023 employee survey.

• In order to strengthen internal communication, in 2025 we began the roll-out of a new user-friendly Intranet. This tool enables managers and employees to share relevant content with the desired target groups quickly and easily. This provides for a more efficient flow of information within the business.
• With the introduction of the new “Digital Town Hall” format, in 2025 we took another important step towards improving communication between managers and employees. In this context, managers provide information on topics that are of particular interest to employees. The format simultaneously offers the opportunity to ask questions and raise concerns directly.
• In 2025, we also supplied new laptops and screens, introduced Microsoft Teams, improved network performance and streamlined our IT support. These measures promote collaboration and increase efficiency throughout the business.

We are in continuous contact with our employees about measures both implemented and planned. This enables us to ensure that our workplace quality is in line with our strategic objective of attracting qualified employees and retaining them within the business over the long term.

5.1.2 Work-life balance

Our flexible working time models are a key tool in helping us ensure a work-life balance. Most employees work using the trust-based working hours model. Under this model, and in consultation with their manager, they determine the precise structure of their working time and how to manage the varying workloads. Another option is a reduction in workload, subject to their manager’s approval – this also applies to management positions. In addition, employees can increase their holiday entitlement by five or ten days by foregoing a corresponding portion of their pay in return.

Since the autumn of 2020, almost all employees have had the option of working from home. Our “Regulation on working from home” provides that employees have the option of working from home for up to 40 per cent of their workload, providing their business activity permits it and the legal framework conditions allow it. Differences in the permissible workload arise due to Liechtenstein’s bilateral agreements with Germany, Austria and Switzerland. We have also launched a special programme to help women return to work after childbirth. For example, the workload can be reduced to 60 per cent in the first year, if the employer and employee agree to an 80 per cent arrangement at the end of this period.

We also offer job-sharing models to help employees with their work-life balance. In addition, all employees of LLB Group companies are entitled to take leave for family reasons. Based on the results of the 2023 employee survey, we intensified our efforts in the year under review to raise awareness of existing offers such as part-time working, purchasing additional leave and working from home. The aim is to further promote the use of these opportunities and, in so doing, to help support a work-life balance.

5.1.3 Compensation system

Our compensation system provides for a variable compensation component for the majority of employees. The key indicator for the variable compensation is the “Group Performance Indicator” (GPI). This indicator allows our employees to share directly in any net profit earned. The Group profit for the last three years – weighted in the ratio 60:30:10 – is used as the basis. The Board of Directors has defined a percentage of net profit as a basis for calculating the bonus pool to be shared among the employees. This percentage remains constant over the strategy period and is only reviewed in exceptional cases (in the event of major acquisitions, for example). For more information, see the chapter Compensation policy. Three factors are relevant for determining individual target compensation:

• the person’s function, together with the expectations, difficulties and demands associated with the position;
• individual performance, which has a direct influence on the bonus;
• alignment with the respective location.

Employees will also be paid part of the variable component of the overall compensation, providing it exceeds EUR 50ʼ000, in share entitlements or shares. These shares may be deferred for a period of four to five years. During this time, the entitlements may be revoked or reduced in certain circumstances. In the event of serious violations such as fraud or gross negligence, bonuses already paid may be clawed back.

Our Personnel Pension Fund Foundation strengthens our position as an attractive employer. This pension fund and its defined contribution scheme offer all insured persons a benefit plan that goes beyond the statutory requirements. In addition, we as the employer cover two-thirds of the contributions. Securing pension provision is the top priority and is continually monitored by the Board of Trustees. To achieve this objective on a long-term basis, the technical parameters are defined deliberately and carefully. The Personnel Pension Fund Foundation covers all the Liechtenstein Group companies (LLB AG, LLB Asset Management AG and LLB Fund Services AG). The Swiss Group companies also offer their employees a defined contribution occupational pension scheme with benefits and employer contributions which, much like the Liechtenstein model, go above and beyond the statutory requirements.

5.2 Measures relating to diversity and equal opportunities

Various measures are aimed at promoting the positive effects associated with the topic of “Diversity and equal opportunities” and minimising the negative effects. These include our initiatives for younger and older employees as well as our ongoing work on equal pay.

5.2.1 Young Talents programme, Potential Pools and LEAD

Young adults increase diversity within the bank and make a positive contribution to the corporate culture. They take on responsibility from day one, use their own initiative to drive forward certain issues and provide new ideas and impetus – including in terms of research. With our Young Talents programme, we offer this target group a broad-based training package and insights into operational and strategic activities. This allows young people to realise their potential and identifies ideal candidates for key positions. For employees with above-average potential, what we call “Potential Pools” have been created. These talented individuals, who possess considerable potential for development and high levels of motivation, are accepted onto the internal Leadership Development Programme (LEAD) which teaches them basic leadership skills. The aim is to systematically prepare and support them on their path toward management roles at the LLB Group.

5.2.2 Initiative for employees over 50

There is a special programme intended to help employees over 50 remain fit for the workplace of the future. This programme includes, among other things, options for strengthening personal, professional and methodological skills. Our “50^th birthday financial stocktake” and “Regular stocktakes at 56+” courses are well attended and appreciated. Two courses from the Liechtenstein Chamber of Commerce and Industry – “Stocktake at 50+” and “Entering a new phase of life with confidence” – which we recommend to our employees, are also proving popular.

5.2.3 Initiatives on equal pay

The Group Executive Board has devised an equal pay initiative based on the LLB Schweiz Logib ratio for 2021 (see the section Targets in connection with diversity and equal opportunities). The aim of this initiative was to develop guidelines for the 2025 wage round. As part of this wage round, managers at the LLB Group were urged to place greater focus on the gender pay gap within their teams. As a consequence, women’s salaries have on average been raised more sharply than men’s.

Every three years, LLB Österreich drafts a gender pay report in line with regulatory requirements, which it then presents to the Board of Directors. This subsequently assesses whether the requirements of a gender-neutral compensation policy have been met. The report is produced in collaboration with a leading consultancy firm and is not made public.

No additional measures are currently planned. Pay equality is reviewed on a regular basis. Due to the pay gap between men and women, which recently increased, we are reviewing suitable measures for the future – see section Targets in connection with diversity and equal opportunities.

5.3 Measures in connection with training and skills development

In the area of training courses and skills development, our aim is to continually enhance and strengthen the technical and personal skills of our employees and thereby maintain a differentiating feature in the market. Regular professional education courses are intended to ensure all employees are prepared for new regulatory and changing requirements in the banking sector. We generally expect our employees to prove they have done what was required. Most internal training courses therefore end with a test, while for external training courses we obtain examination or attendance certificates.

Various training and professional education programmes provide our employees with the best possible preparation for their challenging work at a universal bank. These include:

• LLB sales academy: This serves as the central training platform for sales. Its programmes have been specially developed for the LLB Group.
• Client adviser certification: The mandatory SAQ client adviser certification enables us to ensure the excellence in advisory expertise of the LLB Group on a long-term basis in accordance with uniform quality criteria.
• Digital learning: LLB utilizes the new possibilities for knowledge acquisition offered by digital learning formats and offers numerous internal professional education options in the form of webinars. All employees have access to LinkedIn’s entire e-learning offering.
• Career training: We provide training for young people across many areas. The traditional apprenticeship remains the main pillar of the development programme for our junior employees.

We have two uniform appraisal processes – the “Performance Management Process” (PMP) and the “People Development Process” (PDP) – to support the systematic development of our employees. All employees receive regular appraisals of their performance and their career development. The electronic portal eMap allows them to create a profile containing personal information on their ambitions. It also provides them with a complete overview of courses and any training they have completed or are planning to undertake. The Group-wide training and professional education programmes are reviewed once a year. In order to improve its offering, the LLB Group also draws on employee surveys which are carried out regularly.

6 Targets relating to our own workforce

6.1 Targets in connection with working conditions

We have not defined any measurable, results-orientated and time-limited targets relating to the sustainability theme of “Working conditions”. We monitor the effectiveness of our policies and measures on the basis of the turnover rate – for details see the section Employee turnover. A continuous analysis of the turnover rate enables us to further develop the data-based HR strategy and to react to challenges in a targeted way. Analyses in relation to this help us learn about the reasons and motivation for people changing jobs. This enables us to take the necessary steps to further improve our terms and conditions of employment and also reduce staff turnover and the associated costs.

Another indicator at our disposal is the results of the employee survey – see the section Employee surveys. In the last survey, which was conducted in mid-2023, we achieved an extremely high response rate of 91 per cent and very good scores for the five target values (“Attractive employer”, “Commitment”, “No resignation”, “Satisfaction” and “Would recommend employer to others”). Weaknesses were identified under the subtopics of “Work and leisure”, “Internal communication” and “Workplace and equipment”. In response to this assessment, we have implemented a range of measures – for details see Measures relating to working conditions.

6.2 Targets in connection with diversity and equal opportunities

In order to anchor diversity and equal opportunities more firmly within the business, we have defined measurable target visions and key figures as part of our diversity strategy. For example, we have set target rates for the proportion of women in management positions, the pay gap between women and men as well as for the generational mix for the years 2026 and 2030. These are not restrictive quotas, but rather indicators to help us prioritise measures and identify progress.

Targets for diversity and equal opportunities

Targets were set when the diversity strategy was devised and apply for all employees of LLB AG, LLB (Schweiz) AG and LLB (Österreich) AG. Starting in the summer of 2021, Group Human Resources organised several workshops with the Group Executive Board. The diversity strategy and the associated targets were approved by the Group Executive Board in June 2022 and then presented to the Sustainability Council. The Representation of Employees was informed but was not involved in devising the targets. Progress towards targets is monitored with the help of the HR or Diversity & Inclusion Cockpit; the employee representatives were not involved in the tracking of targets or defining the potential for improvement.

At 42 per cent, the proportion of women at the LLB Group as at 31 December 2025 was higher than the defined target; there was a slight increase compared to the previous year (31.12.2024: 41 %). Women were still underrepresented in management positions. There has been one woman on the Group Executive Board since 2016; the percentage of women was 25 per cent as at the reporting date. At the end of November 2025, the Board of Directors appointed Markus Schifferle to the Group Executive Board and as the Group CFO, subject to the approval of the Liechtenstein FMA. Approval was granted on 12 January 2026. With the introduction of the new role, the number of Group Executive Board members increased back to five, while the proportion of women decreased to 20 per cent.

As at 31 December 2025 there were two women in senior management positions (31.12.2024: three), equating to an 8 per cent share (31.12.2024: 13 %). This decrease is attributable to the departure of one female in a senior management role. Her female successor will take up the role in 2026. The seven-member Board of Directors includes two women, which equated to 29 per cent (31.12.2024: two women, 29 % share). The proportion of women in management roles and in positions of responsibility has increased slightly compared with the previous year.

Our key indicator for the assessment of equal pay at the LLB Group is the Logib ratio. Unlike other methods used for calculating the difference in pay, the Logib method recognises that permissible salary differentials may exist due to personal qualifications and role-related characteristics, for example in respect of experience and level of education. However, under the same conditions – that is, with comparable qualifications and experience – no statistically relevant differences in pay are permitted between the sexes.

Measured against this rate, the wage gap between women and men showed a negative development in the year under review. The reason for the decline in women in management positions and the adverse trend in the Logib is the low number of female applicants. As a consequence, the majority of management positions were also occupied by men in 2025, in turn influencing the two indicators. In light of the increased pay gap between men and women, we will re-evaluate the topic of equal pay as part of the 2026 materiality assessment. At the same time, we are investigating whether and in what form potential measures can be taken to counteract this trend appropriately in future.

6.3 Targets in connection with training and skills development

We have not defined any measurable, results-orientated and time-limited targets regarding the sustainability theme of “Training and skills development”. The expenditure on professional education measures for employees provided us with an alternative performance indicator. See the section Training and skills development for more information. However, we did not define any target values in this respect.

7 Key figures in connection with the company’s own workforce

7.1 Characteristics of LLB Group employees

We collate key figures for employees as at 31 December of the respective year. Both the headcount and the full-time equivalent (FTE) figure are disclosed. This covers all employees in a direct employment relationship with an LLB Group company and both temporary and permanent employees. The FTE is calculated in relation to the agreed maximum working hours at the respective legal entity. As apprentices and those on the Young Talents programme are in training, they are recorded at 50 per cent of their actual activity level at all banks in Liechtenstein.

7.1.1 General key figures

As at 31 December 2025, 1ʼ523 people were employed Group-wide (31.12.2024: 1ʼ501 people), corresponding to an increase of around 1.5 per cent over the previous year. The increase is mainly attributable to the acquisition of the former ZKB Österreich. By contrast, all other locations reported a decline in the number of employees. As of 31 December 2025, there was also a slight increase in the number of full-time equivalents, standing at 1ʼ294 people (31.12.2024: 1ʼ286 people), representing an increase of around 0.6 per cent over the previous year.

Employees by gender

Employees by location

Employees by employment type and gender

Employees by employment type and region

Further information on employees of the LLB Group can be found in Note 6 to the consolidated financial statements. The key figures in Note 6 differ slightly from the values shown here. This is due to different methods of calculation (as of the reporting date in the Sustainability statement, average values in the Consolidated annual financial statements).

7.1.2 Employee turnover

The turnover rate is a core indicator of the effectiveness of our measures for securing the long-term retention of existing employees. This rate is collated monthly; a quality-related evaluation of the reasons why employees leave the LLB Group is conducted on a quarterly basis. In the year under review, a total of 189 employees left the LLB Group (including natural turnover; 2024: 113). The turnover rate of 13.2 per cent is significantly higher than for the previous year (2024: 8.5 %). The increase is attributable to the acquisition of the former ZKB Österreich. During the course of the business integration a number of employees have left the company. Increases in efficiency and reorganization measures also meant that there was no longer any need for some individual positions within the Group. The withdrawal from the UAE announced in the year under review also led to further employees leaving LLB Group.

7.2 Characteristics of non-employees

There are no non-employees, as understood by the European Sustainability Reporting Standards (ESRS), working at the LLB Group as at the reporting date.

7.3 Diversity metrics

The key figures listed in the tables below are of supplementary interest to the key figures reported in the section Targets in connection with diversity and equal opportunities. These are reported in accordance with the relevant ESRS requirements, although we do not consider these to be relevant for governance purposes. The key figures are determined in line with the figures reported in the section Characteristics of LLB Group employees.

Distribution at the senior management level by gender

Employees by age group

7.4 Adequate wages

We are committed to paying all employees an appropriate level of remuneration. Suitable benchmarks are available in Germany (Minimum Wage Act) and Austria (implemented under the collective agreement system). Our employees at these locations receive appropriate remuneration in line with statutory requirements. There are no statutory benchmarks in Liechtenstein or Switzerland, so we use 60 per cent of median salary in the respective country as the threshold. The remuneration for all LLB Group employees exceeds this level. In the UAE, there are no statutory or LLB internal thresholds. We do, however, ensure we pay appropriate and competitive salaries there.

7.5 Social protection

As a result of legal requirements in Liechtenstein, Switzerland, Austria and Germany, all employees of the LLB Group are protected by a social welfare system against loss of earnings due to significant life events. These include illness, unemployment, accidents at work, disability, parental leave and retirement.

7.6 Persons with disabilities

We are taking advantage of the transitional periods for ESRS S1-12 and are therefore not disclosing any information about people with disabilities.

7.7 Training and skills development

As the principle of trust-based working hours applies at LLB in Liechtenstein, we have no system for the universal recording of the time spent on training and professional education. The number of hours listed in the table below therefore refers exclusively to training hours completed by our employees within the framework of the LLB Sales Academy and SAQ certifications. It is only technically possible to collect the key figures shown starting from the 2025 reporting year; furthermore, the LLB Sales Academy only began operating in 2025. As such, there are no figures for comparison from years prior to this.

Key figures on professional education and skills development

All employees of LLB Group companies receive regular appraisals of their performance and their career development. Central to this are the two appraisal processes “Performance Management Process” (PMP) and “People Development Process” (PDP) – see the section Measures in connection with training and skills development.

We also measure our performance in the area of training and skills development via our annual Group-wide expenditure on training. In the year under review, this expenditure totalled 1ʼ673ʼ076 Swiss francs and was therefore 10 per cent below the previous year’s figure (2024: CHF 1ʼ853ʼ638). The reason for this is that individual training courses were scaled back in conjunction with the LLB cultural trips – see the section Cultural journey.

7.8 Work-life balance

All employees of LLB Group companies are entitled to take leave for family reasons (100 % of employees with a permanent or temporary employment contract). This entitlement is derived from national and European regulations on social policy, in particular the EU Directive on Work-Life Balance – Directive (EU) 2019/1158. In the reporting year, 7.8 per cent (2024: 8.8 %) of the workforce took leave for family reasons: 4.1 per cent of women and 3.5 per cent of men (2024: 5.7 % resp. 3.1 %). Employees taking leave for family reasons on more than one occasion were only counted once. We based this calculation on the average employee headcount at the LLB Group.

7.9 Remuneration metrics

Our key indicator for the assessment of equal pay within the LLB Group is the Logib ratio. This is a scientifically based, state-recognised Swiss method for calculating pay equality in companies. We have defined a Logib ratio of below 5 per cent per Group company as a target value for the years 2026 and 2030 – see the section Targets in connection with diversity and equal opportunities. The calculation is performed with the help of a publicly accessible web tool.

The Logib ratio uses a different calculation logic to the gender pay gap ratio envisaged under the ESRS. We calculate this key figure on an additional basis, although it has no relevance in terms of managing the sustainability aspect. As of 31 December 2025, the gender-specific pay gap Group-wide, according to the ESRS method of calculation, was 31.9 per cent (31.12.2024: 33.0 %). One of the key reasons for this is the low proportion of females in management positions. In addition, unlike the Logib ratio, no account is taken of factors such as years of service, level of training/education, expectations or the position held.

The ratio between the salary of the highest-earning person in the company and the median salary of the other employees as of 31 December 2025 was 10.4 (31.12.2024: 11.6). The calculations for the entire LLB Group were carried out in Swiss francs (conversion rates for EUR and AED as at 31.12.2025). These were based on 100 per cent of the total target compensation salary as at 31 December 2025. This salary consists of both fixed and variable components for those employees with an entitlement to variable compensation elements. The variable elements may also include shares, if provided for under the individual’s contract.

7.10 Key figures in connection with human rights

In the year under review, one case of harassment was reported to the Integrity Committee. No fines, sanctions or damages were imposed on the LLB Group as a result of this case (2024: no cases or complaints relating to discrimination, including harassment; no fines, sanctions or damages). No cases of serious human rights violations (forced labour, child labour) were recorded and no fines, sanctions or damages were imposed for such incidents (2024: no cases of serious human rights violations; no fines, sanctions or damages).