This section is audited by the external auditor.
In 2014, members of the Board of Directors received a total remuneration of TCHF 995 (previous year TCHF 1,183). Compensation for regular board activities and committee assignments amounted to TCHF 893 (previous year TCHF 1,063). This is equivalent to a 16.0% decrease due to a vacancy on the Board of Directors. The remuneration of the Board of Directors consists solely of a fixed remuneration paid out in the form of non-discounted restricted shares.
Please refer to the following table for details pertaining to the remuneration of members of the Board of Directors:
| A. Baehny Chairman2 |
R. Spoerry Vice Chairman |
H. Reuter | F. Ehrat | J. Tang- Jensen |
Total | ||
|---|---|---|---|---|---|---|---|
| CHF | CHF | CHF | CHF | CHF | CHF | ||
| 2014 | |||||||
| Remuneration of the Board of Directors | |||||||
| Accrued remuneration1 | – | 320,000 | 222,500 | 150,000 | 200,000 | 892,500 | |
| Expenses | – | 15,000 | 15,000 | 15,000 | 15,000 | 60,000 | |
| Contributions to social insurance | – | 15,071 | 10,725 | 7,431 | 9,716 | 42,942 | |
| Total | – | 350,071 | 248,225 | 172,431 | 224,716 | 995,442 | |
| CHF | |||||||
|---|---|---|---|---|---|---|---|
| Remuneration of former members of the Board of Directors (J. Song) | |||||||
| Accrued remuneration1 | 46,250 | ||||||
| Expenses | 3,750 | ||||||
| Contributions to social insurance | 6,069 | ||||||
| Total | 56,069 | ||||||
| A. Baehny Chairman2 |
R. Spoerry Vice Chairman |
H. Reuter | F. Ehrat | J. Song | J. Tang- Jensen |
Total | |
|---|---|---|---|---|---|---|---|
| CHF | CHF | CHF | CHF | CHF | CHF | CHF | |
| 2013 | |||||||
| Remuneration of the Board of Directors | |||||||
| Accrued remuneration1 | - | 320,000 | 222,500 | 150,000 | 170,000 | 200,000 | 1,062,500 |
| Expenses | - | 15,000 | 15,000 | 11,250 | 15,000 | 15,000 | 71,250 |
| Contributions to social insurance | - | 15,071 | 10,714 | 7,438 | 6,066 | 9,701 | 48,990 |
| Total | - | 350,071 | 248,214 | 168,688 | 191,066 | 224,701 | 1,182,740 |
| CHF | |||||||
|---|---|---|---|---|---|---|---|
| Remuneration of former members of the Board of Directors (S. Ruoff) | |||||||
| Accrued remuneration1 | 50,000 | ||||||
| Expenses | 3,750 | ||||||
| Contributions to social insurance | 2,469 | ||||||
| Total | 56,219 | ||||||
1 Directors' fee booked as at December 31. Payment will be made in the first quarter of 2015 in the form of restricted shares paid out in the form of registered shares of the company with a par value of CHF 0.10 each, 4-year blocking period, valued at fair value at grant date of CHF 281.95 (previous year CHF 231.20). The part not paid in shares is used for the payment of social charges and for Swiss withholding taxes for non Swiss board members.
2 The remuneration of A. Baehny as Chairman of the Board is compensated with his total CEO remuneration.
As of the end of 2014 and 2013, members of the Board of Directors held the following shares in the company:
| A. Baehny Chairman |
R. Spoerry Vice Chairman |
H. Reuter | F. Ehrat | J. Tang- Jensen |
Total | ||
|---|---|---|---|---|---|---|---|
| 2014 | |||||||
| Shareholdings Board of Directors | |||||||
| Shares | see Group Executive Board |
7,606 | 6,336 | 706 | 1,284 | 15,932 | |
| Percentage voting rights shares | < 0.1% | < 0.1% | < 0.1% | < 0.1% | < 0.1% | ||
| A. Baehny Chairman |
R. Spoerry Vice Chairman |
H. Reuter | F. Ehrat | J. Song | J. Tang- Jensen |
Total | |
|---|---|---|---|---|---|---|---|
| 2013 | |||||||
| Shareholdings Board of Directors | |||||||
| Shares | see Group Executive Board |
6,355 | 5,584 | 200 | 448 | 749 | 13,336 |
| Percentage voting rights shares | < 0.1% | < 0.1% | < 0.1% | < 0.1% | < 0.1% | < 0.1% | |
As of December 31, 2014, there were no outstanding loans or credits between the company and members of the Board of Directors, closely related parties or former members of the Board of Directors.