Internal organization
The Board of Directors meets as often as necessary to perform its duties but at least once per quarter. The Board of Directors constitutes a quorum when an absolute majority of its members is present. Board resolutions and elections are decided in accordance with the internal rules and regulations by an absolute majority of the votes cast. In the event of a tie vote, the Chairman has the casting vote. Decisions by way of circular letter need to be passed by majority of all members of the Board of Directors. The Board of Directors carries out an annual self-assessment of its work and that of its committees.
The following table provides an overview of the meetings, conference calls and circular resolutions of the Board of Directors in 2023:
Meetings | Video calls | Circular resolutions | ||||
Total | 4 | 7 | 3 | |||
Average duration (in hours) | 3:58 | 0:46 | – | |||
Participation: | ||||||
Veit de Maddalena, Chairman | 4 | 7 | – | |||
Prof. Dr. Urs Schenker | 4 | 7 | – | |||
Katrin Wehr-Seiter | 4 | 7 | – | |||
Barbara Angehrn Pavik 1) | 3 | 5 | – | |||
Dr. Daniel H. Sigg 2) | 1 | 1 | – |
1) Barbara Angehrn Pavik was elected to the Board of Directors by the 2023 Annual General Meeting.
2) Dr. Daniel H. Sigg stepped down from the Board of Directors on March 21, 2023.
The Board of Directors can delegate some of its duties to committees. The standing committees are as follows: Compensation Committee (CC) and Audit & Risk Committee (ARC).
Compensation Committee (CC)
The CC assists the Board of Directors in the definition and implementation of the compensation principles. It is the applicant in regards of the compensation policy for the Board of Directors and the Executive Board. Furthermore, it is responsible for the employment conditions for senior executives and for the shares and profit sharing plans. It takes position on all compensation related affairs, which are situated in the decision making authority of the Board of Directors. The Compensation Committee meets as often as business requires, at least every six months.
The following table provides an overview of the meetings, conference calls and circular resolutions of the Compensation Committee in 2023.
Meetings | Video calls | Circular resolutions | ||||
Total | 5 | – | – | |||
Average duration (in hours) | 1:43 | – | – | |||
Participation: | ||||||
Katrin Wehr-Seiter, Chairwoman | 5 | – | – | |||
Veit de Maddalena | 5 | – | – | |||
Barbara Angehrn Pavik 1) | 3 | – | – | |||
Prof. Dr. Urs Schenker 2) | 2 | – | – |
1) Barbara Angehrn Pavik was elected to the Compensation Committee by the 2023 Annual General Meeting.
2) Prof. Dr. Urs Schenker stepped down from the Compensation Committee on March 21, 2023.
Audit & Risk Committee (ARC)
The ARC examines whether all systems created to monitor compliance with legal and statutory provisions are appropriate and whether they are being applied properly. It reports to the Board of Directors and makes recommendations to the same.
The ARC also monitors and evaluates the integrity of the financial reports, internal controls, the effectiveness of the external auditor and the Internal Audit as well as risk management and compliance, taking into consideration the risk profile of Bellevue Group. It guides and monitors the activities of the Internal Audit, maintains Board level contact with the external auditors and monitors their performance and independence as well as their collaboration with the Internal Audit.
All members of the ARC are independent. The ARC meets at least once a quarter.
The following table provides an overview of the meetings, conference calls and circular resolutions of the Audit & Risk Committee in 2023.
Meetings | Video calls | Circular resolutions | ||||
Total | 4 | 1 | – | |||
Average duration (in hours) | 1:25 | 0:15 | – | |||
Participation: | ||||||
Prof. Dr. Urs Schenker, Chairman 1) | 4 | 1 | – | |||
Katrin Wehr-Seiter | 4 | 1 | – | |||
Barbara Angehrn Pavik 2) | 3 | 1 | – | |||
Dr. Daniel H. Sigg 3) | 1 | – | – |
1) Prof. Dr. Urs Schenker was appointed as Chairman of the Audit & Risk Committee with effect from March 21, 2023.
2) Barbara Angehrn Pavik was appointed as Member of the Audit & Risk Committee with effect from March 21, 2023.
3) Dr. Daniel H. Sigg stepped down as Chairman of the Audit & Risk Committee with effect from March 21, 2023.
Internal Audit
PEQ GmbH has been assigned the function of Internal Audit by the Board of Directors since the 2008 fiscal year. The Internal Audit helps the Board of Directors to exercise its statutory supervisory duties within Bellevue Group and it performs the audit functions assigned to it. It has an unlimited right of inspection within all Group companies and may inspect any and all business documents at any time. The Internal Audit coordinates its activities with the external auditors and reports directly to the Chairman of the Board of Directors.