6. Group Executive Board: Compensation, loans and stock ownership
6.1 Goals and achievement of goals
For the 2025 financial year, the following goals were defined for the Group Executive Board and assessed by the Compensation Committee:
Quantitative targets | Target | Assessment | ||||
KPIs | – Assets under management | 10% Growth | Performance below expectation | |||
– Cost-Income ratio | <75% | Performance below expectation | ||||
– Return on equity | >20% | Performance below expectation | ||||
Qualitative targets | ||||||
KPIs | – Performance quality of products | >50% AuM outperform benchmark | Performance in line with expectations | |||
>50% of AuM in 1st and 2nd quartile vs. Peers | Performance in line with expectations | |||||
– ESG | Further development of the ESG-initiatives | Performance in line with expectations |
The 2025 financial year was once again characterized by a challenging market environment. The performance-based assessment for the purposes of variable compensation presents an overall differentiated picture.
The quantitative targets – in particular growth in assets under management, the cost-income ratio and return on equity – were not achieved and remained below the defined target levels. Accordingly, the development of key financial performance indicators and growth metrics did not meet expectations overall.
In contrast, the qualitative targets were achieved. The quality of product performance met expectations; the majority of assets under management ranked in the first and second quartiles of the relevant peer universe or outperformed their respective benchmarks.
In response, the cost base was selectively adjusted. Bellevue optimized its cost and resource structures – particularly through lower personnel expenses – and initiated additional efficiency and optimization measures in order to stabilize earnings quality and enhance operational leverage in the event of a market recovery. Implementation was carried out in a manner designed to safeguard core competencies in portfolio management and distribution.
Sustainability remained an integral component of long-term value creation. Overall target achievement was within expectations. The short-term target to reduce commuting-related emissions was achieved ahead of schedule. At the same time, total emissions and emissions per FTE increased compared to the prior year, primarily due to structural effects arising from internationalization, a more research-oriented investment approach, organizational changes and increased business-related travel activity. The existing climate strategy was formally concluded as of the end of 2025; from 2026 onwards, a methodologically revised climate and environmental target framework will be introduced, including systematic monitoring of air travel.
The remuneration policy continues to be consistently aligned with the pay-for-performance principle. The variable components reflect business performance, overall results and individual contribution, while long-term elements further strengthen the alignment of interests with shareholders.
6.2 Compensation
CHF | 01.01.–31.12.2025 | 01.01.–31.12.2024 | ||||||
Markus Peter CEO BAM 1) | Total 2) | Gebhard Giselbrecht CEO | Total 3) | |||||
Fixed compensation – in cash | 279 407 | 1 326 342 | 350 000 | 1 151 249 | ||||
Fixed compensation as indemnification for valuable claims against the previous employer 4) | – | – | 1 135 564 | 1 135 564 | ||||
– in cash 4) | – | – | 225 000 | 225 000 | ||||
– in shares | – | – | 910 564 | 910 564 | ||||
– of which in restricted shares with a vesting period and claw back right provisions 4) 7) 8) | – | – | 910 564 | 910 564 | ||||
Non-monetary benefit from voluntary stock purchase programs 5) | 25 886 | 71 186 | – | – | ||||
Social insurance contributions 6) | 73 035 | 340 274 | 152 243 | 353 747 | ||||
Total fixed compensation | 378 328 | 1 737 802 | 1 637 807 | 2 640 560 | ||||
Short-term variable compensation (profit-based compensation) | 300 000 | 620 000 | 350 000 | 950 000 | ||||
– in shares | 150 000 | 220 000 | 175 000 | 375 000 | ||||
– of which in restricted shares 7) | 100 000 | 170 000 | 100 000 | 300 000 | ||||
– of which in restricted shares with a vesting period and claw back right provisions 7) 8) | 50 000 | 50 000 | 75 000 | 75 000 | ||||
– in cash | 150 000 | 400 000 | 175 000 | 575 000 | ||||
Social insurance contributions 9) | 24 000 | 48 000 | 26 000 | 71 000 | ||||
Total short-term variable compensation | 324 000 | 668 000 | 376 000 | 1 021 000 | ||||
Long-term variable compensation | 85 000 | 185 000 | 54 000 | 237 750 | ||||
– in shares 10) | 85 000 | 185 000 | 54 000 | 237 750 | ||||
– of which long-term incentive plans, investment companies 11) | – | 185 000 | 54 000 | 219 000 | ||||
Social insurance contributions 9) | 6 500 | 14 000 | 4 000 | 17 502 | ||||
Total long-term variable compensation | 91 500 | 199 000 | 58 000 | 255 252 | ||||
Total compensation | 793 828 | 2 604 802 | 2 071 807 | 3 916 812 | ||||
1) BAM = Bellevue Asset Management AG
2) As of December 31, 2025, the Group Executive Board consists of Veit de Maddalena, CEO; Markus Peter, CEO of Bellevue Asset Management AG; and Stefano Montalbano, CFO. Gebhard Giselbrecht (former CEO) stepped down from the Group Executive Board as of June 2, 2025 and left Bellevue Group as of August 31, 2025. Patrick Fischli and Fabian Stäbler stepped down from the Group Executive Board as of December 2, 2025. The total compensation disclosed includes amounts paid from/to the month of entry into and/or departure from the Group Executive Board.
3) As of December 31, 2024, the Group Executive Board consisted of Gebhard Giselbrecht, CEO; Markus Peter, Head Products & Investments; Patrick Fischli, Head Distribution; Stefano Montalbano, CFO; and Fabian Stäbler, COO. Michael Hutter (former CFO) stepped down from the Group Executive Board at the end of February 2024.
4) In the 2024 and 2023 financial years, Gebhard Giselbrecht, former CEO, received compensation for valuable claims that lapsed vis-à-vis his previous employer as a result of the change of employment. This compensation was paid partly in cash and partly in restricted shares. The compensation relating to the 2023 financial year in the amount of CHF 300 000 was subsequently approved by the 2024 Annual General Meeting. Following Gebhard Giselbrecht’s departure from the Group Executive Board as of June 2, 2025 and from Bellevue Group as of August 31, 2025, the compensation granted in this context (cash portion and the number of Bellevue Group shares) was reimbursed or retransferred to the Company in accordance with the contractual agreements.
5) This amount represents the monetary benefit arising from the discount compared to the 10-day VWAP at the time of the effective share allocation.
6) Social security contributions include employer contributions to statutory social security schemes, employer contributions to occupational pension plans, and employer contributions to health and accident insurance schemes.
7) All Company shares were or are valued at market value (volume-weighted average price over the ten trading days preceding allocation). The employee contributions to statutory social security schemes relating to these amounts are settled in cash and not in shares.
8) The shares are subject to a one-year service period and a one-year clawback right.
9) Social security contributions include employer contributions to statutory social security schemes. For variable compensation that has not yet been paid out, a prospective rate of 7.0% is applied and rounded up for employer contributions to statutory social security schemes. The actual contributions invoiced in the subsequent year may be lower. No pension fund contributions are levied on any variable compensation components, and such components are not covered under the respective pension plan.
10) This position includes, in the 2024 financial year, a long-service award in the form of Bellevue Group shares with an equivalent value of CHF 18 750.
11) Entitlement to a maximum of 5 200 BB Biotech shares (2024: 5 100 BB Biotech shares), valued at market value (closing price as of December 31, 2024 and December 31, 2023, respectively).
As of June 2, 2025, Veit de Maddalena assumed the function of Executive Chairman of the Board of Directors and has since been responsible for the operational management of Bellevue Group. In this capacity, he is a member of the Group Executive Board. Veit de Maddalena’s remuneration consists of two components: compensation for his role as Chairman of the Board of Directors, as disclosed under section 5.1 in the chapter «Board of Directors: Compensation», and compensation under his employment contract for his operational function as CEO, as included in the table of compensation of the Group Executive Board. The total remuneration of Veit de Maddalena for the 2025 financial year amounts to CHF 451 278 (including employer contributions to statutory social security schemes, other insurance schemes, and pension benefits). Within the Group Executive Board, the highest total compensation in the reporting year was paid to Markus Peter.
In accordance with Art. 8 para. 1, section 2 of the Articles of Association, the fixed compensation must be approved by the Annual General Meeting for the current financial year. For the 2025 financial year, fixed compensation in the amount of CHF 2 224 000 (2024: CHF 3 284 580) was approved. This amount consisted of the following components:
- Maximum fixed compensation of CHF 1 500 000 (2024: CHF 1 170 000);
- Valuable Claims against previous employers in cash CHF 0 (2024: CHF 225 000)
- Valuable Claims against previous employer in shares of the Company CHF 0 (2024: 911 000)
- Maximum non-monetary benefit from voluntary stock purchase programs of a maximum of CHF 315 000 (2024: CHF 565 000);
- Maximum employer contributions of CHF 409 000 for compulsory social insurance schemes, as well as other insurance schemes and pension plans (2024: CHF 413 580).
The remuneration actually paid (including social insurance contributions) for the financial year mentioned amounted to CHF 1 811 434 (2024: CHF 2 640 561).
The resolutions of the Annual General Meeting regarding the fixed remuneration for the Group Executive Board for the 2025 financial year were therefore complied with.
The reduction in fixed compensation of the Group Executive Board is mainly attributable to the fact that no compensation for valuable claims against the former employer of the former CEO, Gebhard Giselbrecht, was paid in 2025.
The reported short-term variable compensation totaling CHF 668 000 must be approved by the 2026 Annual General Meeting in compliance with Art. 8 para. 1 section 3 of the Articles of Association.
Subject to approval, the variable remuneration of CHF 668 000 will be paid out in the first half of 2026 as described under 4.2.2. For the portion paid out in shares, the market value of the shares is calculated using the weighted prices over ten days prior to the respective allocation date. The shares are blocked for four years from the grant date (three years for the voluntary participation programme).
In the 2025 and 2024 financial years, the Board of Directors approved a voluntary employee stock ownership program. Under this program, members of the Group Executive Board were granted rights to acquire 22 000 shares in the Company (2024: none) at a discounted purchase price of CHF 5.75 per share (2024: CHF 12.75 per share). This corresponded to a discount of approximately 25% compared to the quarterly VWAP preceding the grant date of the respective acquisition rights. The difference between the 10-day VWAP at the time of the effective share delivery and the purchase price constitutes a non-cash benefit. The shares allocated are subject to a three-year lock-up period commencing on the date of allocation.
The short-term variable compensation (profit-sharing) of the Group Executive Board decreased in the financial year, primarily as a result of the Company’s reduced operating performance compared to the prior year.
Under the «BB Biotech Long-term Incentive Plan 2025», certain members of the Group Executive Board have received entitlements of 5 200 shares (2024: 5 100 shares) in BB Biotech. The following performance criteria apply to the entitlement for the assessment period from January 1, 2025 to December 31, 2027:
KPIs | Weighting in % | Parameter | ||
Absolute Performance | 60 | > 10% p.a. = 100% | ||
(share price incl. dividends) | > 9% p.a. = 90% | |||
> 8% p.a. = 80% | ||||
> 7% p.a. = 70% | ||||
> 6% p.a. = 60% | ||||
≥ 5% p.a. = 50% | ||||
<5% p.a. = 0% | ||||
Performance relative to NBI | 20 | Outperform = 100% | ||
(Nasdaq Biotech Index) | Underperform = 0% | |||
Performance relative to SPI | 20 | Outperform = 100% | ||
(Swiss Performance Index) | Underperform = 0% |
The effective number of shares will be allocated based on the KPIs achieved in January 2028. As a result of the departure of Gebhard Giselbrecht as of June 2, 2025 and of Patrick Fischli as of December 2, 2025, the maximum entitlements were reduced on a pro rata basis.
The percentage ratio of fixed compensation to variable compensation for the entire Group Executive Board is 67% fixed compensation and 33% variable compensation (2024: 67% fix and 33% variable). For the CEO, the total amount of fixed compensation amounts to 48% and the variable compensation is 52% (2024, CEO: 79% fix and 21% variable). The reduction in the proportion of fixed compensation in the 2025 financial year is attributable to the compensation paid in 2024 to the former CEO for valuable claims against his previous employer.
The values in the table above differ in certain respects from the remuneration report in note 9 «Transactions with related companies and persons» of the consolidated financial statements 2025 of Bellevue Group AG , which were prepared in accordance with the International Financial Reporting Standards (IFRS). The differences relate to the valuation date of stock awards in connection with the bonus and the individual long-term incentive plans, which are subject to service period conditions. Under IFRS, their value is spread over the future vesting period («service period»), but for the purposes of this report, the amount granted is fully recognized on the date of grant.
During the reporting year, no compensation was paid to related parties of members of the Group Executive Board on conditions other than the customary market conditions.
The Company had concluded a one-year non-competition and non-solicitation agreement with Michael Hutter, former CFO of Bellevue Group AG and member of the Group Executive Board, which the Company considered to be commercially justified and subject to compensation in accordance with Art. 31 para. 4 of the Articles of Association. In this context, compensation of CHF 45 000 was paid for the months of January to March 2025 (April to December 2024: CHF 135 000). Additional employer contributions to statutory social security schemes in the amount of CHF 2 838 were incurred on this amount (2024: CHF 8 514). The compensation was governed by a termination agreement. Michael Hutter left Bellevue Group on March 31, 2024.
Finally, contractual payments in the amount of CHF 58 334 were made to a former member of the Group Executive Board who left the Group Executive Board and/or Bellevue Group during the reporting period. These payments relate to contractually agreed compensation paid during the notice period following the member’s departure from the Group Executive Board in the 2025 financial year. The amount is stated on a gross basis, i.e. before deduction of statutory social security contributions and occupational pension contributions.
6.3 Loans and credits
At the end of 2025 and 2024, no loans and no credits had been granted either to the members of the Group Executive Board or former members of the Group Executive Board or any related parties.
6.4 Holdings of shares in the Company
The members of the Group Executive Board owned the following Company shares at the end of 2025 and 2024:
Number of shares | 31.12.2025 | 31.12.2024 | ||
Veit de Maddalena, Executive Chairman 1) | 292 468 | 275 189 | ||
Markus Peter, CEO Bellevue Asset Management AG | 194 321 | 174 832 | ||
Stefano Montalbano, CFO/CRO | 23 733 | 16 861 | ||
Patrick Fischli, Head Distribution 2) | n/a | 55 452 | ||
Fabian Stäbler, COO 2) | n/a | – | ||
Gebhard Giselbrecht, CEO 2) | n/a | 44 403 |
1) The table above discloses all shareholdings (irrespective of function).
2) Gebhard Giselbrecht ceased to be a member of the Group Executive Board as of June 2, 2025 and left Bellevue Group as of August 31, 2025. Patrick Fischli and Fabian Stäbler ceased to be members of the Group Executive Board as of December 2, 2025.
6.5 Activities in other companies
Veit de Maddalena, CEO (see section 5.4)
Markus Peter, CEO Bellevue Asset Management AG
Personalvorsorgestiftung der Bellevue Group | Schweiz | Chairman of the Board of Trustees | Private |
Stefano Montalbano, CFO
Personalvorsorgestiftung der Bellevue Group | Schweiz | Member of the Board of Trustees | Private |