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ESG Entity level

Sustainability at entity level

Environmental practices

Within the framework of our work processes, we attach importance to environmentally friendly practices and ensure this with the following measures in particular:

Measuring environmental indicators

The environmental indicators were calculated for the second time in 2022 for the 2021 financial year. In the future, the aim is to have the environmental indicators available for the current fiscal years.

Total emissions (in t CO2)






Change in %

CO2-emissions scope 1 1)







CO2-emissions scope 2 2)







Co2-emissions scope 3 3)







Total CO2-emissions







CO2-emissions/full-time position







1 Scope 1: Direct greenhouse gas emissions

2 Scope 2: Indirect energy-related greenhouse gas emissions

3 Scope 3: Energy supply (energy-related emissions not received in scope 1 or 2): business travel (external vehicles), commuting, IT equipment, paper, print jobs, waste, water

Total emissions at a glance

In the future, the 2020 balance with normalized data in the commuter trips and business flights categories will be used as the reference base to assess the efficiency of the measures implemented as part of the climate policy and to show improvements in the CO2 emissions.

Total emissions (in t CO2)


Base year*






Change in % 2020/2021

Business trips




































IT equipment (computers, laptops, monitors, cell phones, phones, tablets)



























Paper and printing









Total emissions









Emissions Total / FTE (t CO2/FTE)









* Base year: 2020 adjusted for COVID-19 effects (travel / home office).

Bellevue Group’s operations include four focus areas related to CO2 emissions: business travel, commuting, heating and electricity. These account for 93% of emissions. The effects of the measures to contain COVID-19 are particularly evident in business travel. Air travel and commuting account for over 85% of CO2 emissions in a normal year. Since air travel was limited as of March 2020 and home-working recommendations/requirements massively reduced commuting, CO2 emissions in 2020 were reduced by about 65% due to COVID-19. Significantly more business travel is expected again from 2022 onwards.


Swiss Climate certified Bellevue as a climate neutral company for the second time in 2022 (based on 2020 values). By purchasing CO2 emission certificates in the amount of the greenhouse gas emissions emitted annually, we support projects that remove the same quantity of emissions released into the atmosphere. Bellevue Group selected a project focusing on «Climate protection and sustainable management in Swiss forests» for climate neutrality in 2021. The project ensures CO2 storage and sustainable management of 7 279 hectares of forest in the canton of Schwyz. This protects the climate, preserves biodiversity in Swiss forests and enables the production of timber for renewable energy production.

Goal 2030: As part of the certification, Bellevue Group has set a reduction target of 30% of emissions per FTE by 2030. The CO2 emissions in 2020 adjusted for COVID-19 effects serve as a basis.

Energy consumption

At Bellevue Asset Management’s headquarters in Küsnacht/ZH, the building as well as the premises of our data centers are heated and cooled with natural lake water.

When procuring electronic devices such as computers, monitors, printers, etc., we make sure to use energy-efficient equipment. Wherever possible, power consumption settings are configured to automatically switch IT equipment – whether entire groups of systems or individual devices – to stand-by mode at certain times. The buildings are only lit when they are in use. We use additional energy consumers such as air conditioners or radiators only for extreme external weather conditions.

Transportation and mobility

Our locations are very easy to reach by public transport. Employees are motivated to travel by public transport. We actively support this through financial incentives. Parking spaces are not subsidized and are charged at full market rates. Showers and changing rooms are available at company headquarters, which makes commuting to work by bicycle an attractive alternative. Public transport options will become even more attractive when the head office is relocated from Küsnacht to central Zurich in 2025.

International contacts are important given our global investment strategies and distribution activities with employees at different locations. All locations have video conferencing infrastructure. Most of the meetings are through telephone and video conferencing as a substitute for physical meetings to limit travel. Where possible and appropriate, we substitute air travel with public transportation such as train travel and coordinate joint site visits.

The Group Executive Board is regularly informed about the travel activities of the employees.

Goal 2030: Reduce carbon emissions for road and air in order to achieve the 2030 CO2 target.

Procurement process

When procuring materials, furniture, food, etc., we consider local suppliers and local products wherever possible in order to reduce the environmental impact. Likewise, when selecting suppliers and service providers, their environmental practices are taken into account. When procuring furniture and other office materials, we pay attention to durability.

Goal 2023: As part of the stakeholder engagement process, a survey of external suppliers and service providers will be carried out in 2023 in order to gain a better understanding of their procurement processes and examine their sustainability.

Waste management and recycling

Systems are in place at all sites to collect and recycle a wide range of materials, including cardboard, PET, glass, paper, batteries and IT equipment. We separate waste and dispose of it properly. We take care at the procurement stage to avoid excessive waste or other unnecessary environmental impact. In addition, water filtering devices are installed to reduce PET bottle consumption.

Paper consumption is a significant resource for a service company. We take appropriate measures to ensure that paper consumption is constantly reduced and can be replaced by other means (e.g. client presentations on notebooks/tablets instead of printed handouts, Webex/Zoom for client meetings, annual reports printed on FSC paper, shipping only on request). Print programs are initialized so that printouts are two-page and black and white by default.

Key climate-related memberships (status as at December 31, 2022)


The recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) introduce uniform, transparent rules for the disclosure of financial climate risks faced by economic actors.

Bellevue is currently working to identify and evaluate climate-related risks that may impact on our business activities. We will be reviewing and likely expanding our reporting on climate-related matters in the years ahead.

The recommendations are structured around four thematic areas that represent core elements of how organizations operate: governance, strategy, risk management, and metrics and targets.





Risk Management


Metrics & Targets


Disclose the organization’s governance around climate-related risks and opportunities.


Disclose the actual and potential impacts of climate-related risks and opportunities on the organization’s businesses, strategy, and financial planning where such information is material.


Disclose how the organization identifies, assesses, and manages climate-related risks.


Disclose the metrics and targets used to assess and manage relevant climate-related risks and opportunities where such information is material.


Source: TCFD, 2022


Climate-related opportunities and risks can potentially affect all areas of Bellevue and its business – in terms of our own business activities as well as the investments (portfolio level) – hence the fact that ultimate responsibility for this issue lies with Bellevue’s Board of Directors and/or Group CFO.

The portfolio management team is responsible for implementing the investment strategy, with a focus on sustainability themes as well as overarching principles and policies.


Bellevue endorses and is committed to the goals of the Paris Agreement. We can play our part in achieving them through the way we structure our portfolios, as well as by analyzing climate-related risks and showing how they influence our investment decisions. Naturally we apply exclusions for controversial industries (e.g. fracking/oil sands, etc.), maintain an active dialog with companies or other stakeholders regarding their climate strategy, and exercise our voting rights.

At operating level, we disclose the emissions resulting from our own business activities in our Sustainability Report. In the future, we plan to develop a new climate strategy and implement the recommendations of the TCFD. At Bellevue we see sustainability risks as a critical element of our management of risk.

Risk management

Risks arising as a result of distortions and changes affecting Bellevue indirectly, e.g. due to the introduction of climate policy measures involving the transition to a low-carbon economy (e.g. carbon taxes, emission or energy efficiency standards, or restrictions on «non-sustainable» industries such as coal or oil), changes in customer and consumer sentiment, and disruptive technological breakthroughs.

Metrics and targets

Bellevue endorses the goals of the Paris Climate Agreement signed in December 2015 and supports measures to mitigate global warming. Carbon intensity is measured at portfolio level on at least a quarterly basis and compared with the respective investment universe or benchmark for the fund concerned.

Bellevue purchases electricity from renewable sources for all Swiss sites – either directly or indirectly through regional proof of origin. We are currently formulating our net-zero climate strategy. Our aim is to reduce net greenhouse gas emissions from our business activities to net zero by 2050.

Social Practices

Sustainability as an employer

For a service-sector business like Bellevue Group, employees are the most important asset for the company’s long-term success.

We foster a highly entrepreneurial culture that emphasizes personal responsibility and is distinguished by flat hierarchies and flexibility as regards working times, length of working week and place of work.

Bellevue Group








Average length of service of employees


6.7 years


6.4 years


5.7 years


Average age


45.1 years


45 years


44.5 years


Part-time employees








Employee turnover








Employee selection process

The added value that Bellevue creates for its clients is inextricably linked to the expertise, motivation and high level of identification of its employees with the company. Accordingly, we place great emphasis on the careful selection of suitable talent. The suitability of a candidate is usually assessed over several selection stages and assessments. In addition to professional competence, soft skills, team spirit and compatibility with corporate values are also assessed. From the employees’ point of view, the manageable size of the company and the resulting personal contacts are a key success factor. Discrimination is not permitted on the basis of criteria such as age, ethnic origin and gender.

Bellevue recruited a total of 15 employees and six interns in 2022 across all sites and had a total of 96.9 FTEs as at December 31, 2022.

Employee development

Employee development is vitally important and an integral element of our Sustainability Plan 2030. Lifelong learning is becoming increasingly important. The company’s organization encourages employees to develop and deploy their professional skills in the best interests of the company’s stakeholders while taking into account their family or personal situations (e.g. by offering part-time employment contracts, IT infrastructure to enable staff to work from home, support with employee training and development).

Under the supervision of the HR department, employees are offered a variety of opportunities for professional development as well as career and succession planning as part of Bellevue’s onboarding and induction process as well as its training and talent management program. Regular, formal employee performance reviews provide the framework for personal assessment and development planning.

On a regular basis, all Bellevue Group employees are required to complete e-learning modules on cybersecurity. Starting in 2023, employees will also receive training on the topic of sustainability including through presentations by external experts.

Fifteen employees completed training programs in 2022.

Employee engagement

Bellevue conducted its first Group-wide employee survey in 2022. Carried out in collaboration with independent research institution iCommit, the aim was to gauge employee satisfaction and any attendant need for improvement.

The results were discussed by the Group Executive Board, then at team level with employees. Action points are now being defined jointly with the employees so that improvements can then be brought about.

Goal 2025: The response rate to the survey in 2022 was 73%. Bellevue Group has set a target of raising the response rate to at least 80% as well as maintaining the commitment/engagement value.

The extent to which employees are prepared to go the extra mile for Bellevue Group is shown by the commitment/engagement value in the following diagram.

Peer group 1: comparable Swiss financial institutions (with a total of 5 264 respondents); peer group 2: companies participating in the «Swiss Employer Award» presented in Switzerland in 2021/22.

The employee net promoter score (eNPS) measures and tracks employee retention and is therefore of great importance to the success of companies.

Peer group 1: comparable Swiss financial institutions (with a total of 5 264 respondents); peer group 2: companies participating in the «Swiss Employer Award» presented in Switzerland in 2021/22.

Compensation policy

The following basic compensation principles apply throughout Bellevue Group:

Compensation for the Board of Directors and the Group Executive Boards is transparent, comprehensible, fair and appropriate. All pay packages are well-balanced and take into consideration the operational and strategic responsibilities of each individual role as well as individual performance levels and the demands placed on each individual. Compensation is commensurate with the position held and should reflect individual achievement of specific quantitative as well as qualitative goals as well as the operating results of Bellevue Group and of relevant Group companies. Pay packages should be appropriate and competitive compared to the compensation offered by companies operating in the same field and labor market, and they must be sound and sustainable irrespective of the current course of business. Variable compensation will be reduced or forfeited in the event of serious violations of internal or external rules (including ESG/sustainability).

Further information is given in the audited annual Remuneration Report published by Bellevue Group. 

Employee stock ownership plan

In the spirit of identification with the company and the entrepreneurial activities of each employee at his or her level, we give employees across all hierarchical levels a share in the success of their own company.

Part of the variable salary components (profit-sharing) is distributed in the form of treasury shares or fund units which remain blocked for a predefined period. In this way, the interests of employees are to a large extent aligned with the interests of investors, shareholders and other stakeholders.

Furthermore, Bellevue periodically offers an employee share ownership program. From time to time, the Board of Directors offers voluntary employee stock ownership plans under which employees are entitled to purchase company shares at a discount to the market price.

The compensation system for Bellevue Group employees is conceived to motivate employees at all operating units to do excellent work. This is «entrepreneurial compensation with commitment» – a meritocratic model, in other words. It comprises an attractive entrepreneurial profit-sharing bonus as variable compensation. This profit-sharing is directly linked to the operational financial performance of Bellevue Group. In addition, part of this variable profit-sharing is paid out in the form of blocked shares and commitments in managed products (we believe in «eating our own cooking»). This approach promotes a long-term performance culture. More in-depth information is disclosed in the audited annual Remuneration Report

Equality (diversity, equal opportunities and non-discrimination)

Bellevue Group provides equal employment and advancement opportunities to all individuals regardless of age, ethnicity, gender, sexuality, disability, religion or other characteristics, as laid down in our internal Employment Regulations. We therefore benefit from a diverse workforce and the competitive advantages that offers: With their different perspectives and approaches, experiences, ideas and skills, employees inspire and learn from each other. As a result, the company gains creativity, innovation and success.

We foster a culture of gender equality and promote a balanced mix of gender and age across all hierarchical levels and functions of the company. Employee compensation is periodically reviewed for unjustified differences and adjusted if necessary. The last analysis was carried out in August 2021 using the standard Swiss analysis tool («Logib»); no gender effect was identified. The next pay analysis will be conducted in 2023.

Both genders should be represented on the Group Executive Board and on the Board of Directors. Any discriminatory behavior will not be tolerated and improper conduct will be punished by line managers. To that end, a whistleblowing policy was approved and an internal reporting system created in 2022.

Annual comparison of full time employees


























The Board of Directors has set the goal of continuously increasing the proportion of women at all levels, but particularly at senior levels (Board of Directors and management), by promoting the development and retention of women within the company. In addition, the aim is to use targeted talent attraction measures in order to ensure that vacant positions are filled by women.

Goal 2026: Increase proportion of women on Board of Directors to a minimum of 30% by 2026.

17 Nationalities
Source: Bellevue Group AG,  as at December 31, 2022, incl. dual citizenship

Governance practices

Corporate governance, corporate ethics and transparency

As a listed company, we report transparently on governance topics in the Annual Report as part of our compliance with the Corporate Governance Directive (DCG). An independently audited Compensation Report provides information on remuneration paid to the Board of Directors and Group Executive Board. The four-member Board of Directors is international and interdisciplinary in its composition and has in-depth expertise in various areas. An important element of corporate governance is the clearly defined, balanced distribution of responsibilities between the Board of Directors and the Group Executive Board. The country-specific requirements of each location are taken into account. More information is available in the Bellevue Group’s Corporate Governance Report.

Digitalization and innovation

Internal processes are optimized and the use of new technologies is promoted to meet the constantly changing demands of clients and employees. The digital transformation leads to new forms of communication, promotes transparency and efficiency, and is intended to make the entire company more agile in order to ensure its long-term competitiveness.

In the course of this ongoing process, a number of projects and initiatives were completed in 2022: launch of a new digital expenses tool, a dedicated tool for the Private Markets team, the ABACUS accounting system for various subsidiaries, as well as the launch of Group-wide communication and work tools.

Goal 2023: Launch of a new integrated portfolio management system offering consistent data management, reporting and risk management on a single platform.

IT security

In an increasingly digitalized world, and in the financial services sector in particular, IT security plays an increasingly crucial role. The fundamental objectives of IT security management at Bellevue include the protection of confidential data, integrity of our systems and the information they contain as well as the availability of all systems, services and information when they are required by employees, partners and clients. Together with external experts, the in-house IT team ensures system availability and the tackling of cybersecurity incidents. In addition to cutting-edge technical security solutions, protective measures include regular maintenance work, which together with our network is monitored by an external partner as part of a dedicated cyber defense service. Bellevue’s IT security concept is rounded off by annual business continuity and penetration tests, together with regular staff training and simulated phishing attacks.

Data protection is part of the remit of the Head of Compliance, who in turn reports directly to the Chief Risk Officer (CRO). Through regular meetings, the Head of IT and his team receive inputs and updates from the Head of Compliance in order to keep abreast of the latest legal requirements.

IT security is on the agenda at both monthly Executive Board meetings, Bellevue Group and Bellevue Asset Management, as well as once a quarter at the Bellevue Audit Committee.

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