The findings of the 12th SWIPRA Corporate Governance Survey will be presented and discussed by an expert panel on November 27th starting at 5pm in Zurich (Register).
The SWIPRA Survey querries Swiss public companies and institutional investors worldwide on current governance, sustainability and related regulatory topics.
With the support of our survey partners
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Zurich, 27th June 2024 – The 2024 Swiss AGM season marks the 10th anniversary of shareholders' “Say on Pay” in Switzerland (“Minder Initiative”). SWIPRA’s analysis reveals a record level of shareholder AGAINST votes on compensation items. Ever since, shareholders have been requesting more transparency on variable pay, recently especially ESG bonus incentives. Such elements are widely used by now, but rarely explained.
And with gender representation on the board increasingly on track, but global challenges growing, shareholders’ focus shifts to other diversity aspects. Boards must demonstrate command over business-relevant skills and experiences to meet strategic challenges and cope with ever more distinct stakeholder expectations. This transparency is often not provided yet.
While 2024 shareholder votes on non-financial reports were overwhelmingly in favor, such an outcome cannot be taken for granted for future AGMs. Companies are increasingly under observation by shareholders and other key stakeholders to act in line with their ambitious goals and have now become even more accountable in their sustainability efforts.
Previous years
SWIPRA AGM Analysis 2023: Newsletter
SWIPRA AGM Analysis 2022: Newsletter
SWIPRA AGM Analysis 2021: Newsletter
SWIPRA AGM Analysis 2020: Newsletter
SWIPRA AGM Analysis 2019: Newsletter
SWIPRA AGM Analysis 2018: Newsletter
SWIPRA AGM Analysis 2017: Newsletter
SWIPRA AGM Analysis 2016: Newsletter
Event with SWIPRA as Cooperation Partner
Gerne laden wir Sie zusammen mit der Finanz und Wirtschaft zur dritten Ausgabe der Konferenz «Corporate Governance Excellence» ein. Diese halbtägige Veranstaltung lässt das ereignisreiche vergangene Jahr aus Sicht der Schweizer Verwaltungsräte Revue passieren. Am Abend geht der Anlass in ein Gala-Diner mit Preisverleihung über, an der die besten Verwaltungsräte des Jahres gekürt werden.
Das Corporate Governance Excellence Forum der «Finanz und Wirtschaft» hat es sich zur Aufgabe gemacht, wichtige Entwicklungen im Umfeld der Verwaltungsräte aufzuzeigen und welche Chancen sich für den Wirtschaftsplatz Schweiz daraus ergeben können.
SWIPRA Services freut sich, als Kooperationspartner diese Konferenz zu unterstützen.
Die Konferenz findet am 27. Juni 2024 statt und richtet sich an Verwaltungsräte, CEO kotierter Gesellschaften aller Branchen und Unternehmer von grösseren Familienunternehmen (+250 MitarbeiterInnen). Ein Anspruch auf Teilnahme an der Konferenz besteht nicht. Weitere Informationen und Anmeldung
Event mit SWIPRA als Kooperationspartner
Gerne laden wir Sie zusammen mit der Finanz und Wirtschaft zur dritten Ausgabe der Konferenz «Corporate Governance Excellence» ein. Diese halbtägige Veranstaltung lässt das ereignisreiche vergangene Jahr aus Sicht der Schweizer Verwaltungsräte Revue passieren. Am Abend geht der Anlass in ein Gala-Diner mit Preisverleihung über, an der die besten Verwaltungsräte des Jahres gekürt werden.
Das Corporate Governance Excellence Forum der «Finanz und Wirtschaft» hat es sich zur Aufgabe gemacht, wichtige Entwicklungen im Umfeld der Verwaltungsräte aufzuzeigen und welche Chancen sich für den Wirtschaftsplatz Schweiz daraus ergeben können.
SWIPRA Services freut sich, als Kooperationspartner diese Konferenz zu unterstützen.
Die Konferenz findet am 27. Juni 2024 statt und richtet sich an Verwaltungsräte, CEO kotierter Gesellschaften aller Branchen und Unternehmer von grösseren Familienunternehmen (+250 MitarbeiterInnen). Ein Anspruch auf Teilnahme an der Konferenz besteht nicht. Weitere Informationen und Anmeldung
Im Mittelpunkt des VR-Forum 2024 steht das Thema «Führung des Unternehmens». Der Fokus liegt
dabei auf den zwei Bereichen Effizienz und Effektivität bei der Arbeit des Verwaltungsrates und der
Ausgestaltung seiner Beziehungen zur Geschäftsleitung. Eine zeitgemässe Governance, welche die
Zusammenarbeit im und mit dem Verwaltungsrat optimiert, gewährleistet qualitativ bessere
Entscheidungen und ist ein massgeblicher Faktor zur Berechnung des Unternehmenswertes. Die
zentralen Fragestellungen zu Rollen, Organisation und Zusammenarbeit an der Unternehmensspitze
werden am Forum aus verschiedenen Blickwinkeln beleuchtet.
Am Forum diskutieren Verwaltungsräte, Geschäftsleitungsmitglieder, Unternehmensjuristen und
Rechtsanwälte in einem überschaubaren Kreis von Teilnehmenden über Trends und aktuelle
Herausforderungen im Umfeld der Verwaltungsratstätigkeit.
SWIPRA Services freut sich, Teil der Konferenz zu sein.
Zurich, February 22th 2024 – The upcoming AGM season has some controversial discussions in store. SWIPRA expects an increased focus on
· board compositions,
· overall good corporate governance, and
· individual board member accountability.
Apart from the ever-increasing expectations for credible leadership to manage the more challenging business environment, this is also related to
· increasingly diverging views on the importance and implementation of sustainability measures, as well as to
· revived criticisms regarding compensation, in particular the pay for performance relation and overall bonus levels.
A new common underlying catalyst for all these hotspots is the upcoming shareholder vote on the non-financial report for a broad range of listed companies in Switzerland.
Celebrating the 10th anniversary of SWIPRA, we are particularly pleased to invite you to our annual evening event of the SWIPRA Corporate Governance Survey on November 23, 2023 (Register).
Following the presentation of the survey results, we will discuss current developments with our guests Jan Jenisch, Chairman & CEO Holcim, Vincent Kaufmann, CEO Ethos, and Reto Zemp, Head Corporate Reporting, SIX Exchange Regulation.
The survey queries Swiss public companies and institutional investors about current corporate governance hot topics and regulatory developments, this year with a special focus on non-financial reporting. Information about the event can be found here.
With the kind support of our survey partners
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Buch von Prof. Dr. Karl Hofstetter, ehemaliges Mitglied des SWIPRA Panel of Experts, zur Corporate Governance in der Schweiz.
SWIPRA Services is proud to have been contributing to the first Swiss Stewardship Code that was recently published. Download
It is the culmination of an effort SWIPRA started over five years ago to improve and foster the mutual understanding in the Swiss market with respect to good stewardship.
Joint webinar with KPMG Switzerland
Date: 02 October 2023
Time: 17:15 - 18:15 incl. Q&A session
Registration (the event is exclusively for board members)
As the importance of ESG grows, taking the right organizational measures and setting appropriate incentives becomes more relevant. What are the crucial key elements and what can board members learn from current trends and regulations? In this webinar, we will explore how the roles and responsibilities of boards are changing and what needs to be considered to establish a future proof governance framework. Join professionals from KPMG and SWIPRA Services as they discuss the following topics:
•Shifting ESG landscape affecting every company
•Why Governance matters to master the strategic E&S transformation
• Action points for boards
•Why stakeholders matter
•Key developments in relevant legislation
Joint Advestra- SWIPRA Services event
Advestra and SWIPRA Services organize a roundtable on shareholder activism taking place on September 28th, 2023 at 17:00 in the Advestra premises in Zurich. At the event, we will discuss trends in ESG activism and the impact of the new Swiss corporate law, provide guidance on shareholder engagement and response tactics to an activist approach.
Speakers include Prof. Dr. Andreas Bohrer, General Counsel Lonza and Mr. Philipp Beck, Managing Director UBS Investment Bank, as well as partners from Advestra and SWIPRA Services. Download program.
The event is free of charge and open to company representatives. Please register here.
Event with SWIPRA contribution
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Together with Finanz und Wirtschaft, we are pleased to invite you to the third edition of the "Corporate Governance Excellence" conference. This half-day event reviews the eventful past year from the perspective of Swiss board members. In the evening, the event leads into a gala dinner and awards ceremony, at which the best board members of the year are recognized.
The Corporate Governance Excellence Forum of "Finanz und Wirtschaft" has set itself the task of highlighting important developments in the environment of boards of directors and what opportunities they can create for Switzerland as a business center.
SWIPRA Services is pleased to be part of the conference.
The conference will take place on June 27th, 2023 and is targeted at board members, CEOs of listed companies in all sectors and entrepreneurs of larger family businesses (+250 employees). More information
Zurich, June 21st, 2023 – In the 2023 Swiss AGM season, boards were again confronted with higher expectations from their stakeholders and faced more criticsm from their shareholders. Also, proxy advisors have started to take a more nuanced view at boards. Consequently, board chairs and board committee chairs were held accountable for issues identified within their respective responsibilities.
Compensation amounts were increasingly scrutinized, not only because of increased executive pay packages, but also due to widening gaps between management and employee pay levels. The inclusion of ESG incentives in management pay plans increased again, but the related targets and resulting payout remained mostly unexplained to external observers.
75% of companies deal with the ESG topic in the full board, while only 25% have formed a specific sustainability committee. ESG efforts are most often reported according to the GRI standard (over 80%), few according to TCFD. Slightly more than half of the SPI100 companies include their non-financial ESG information as part of their annual report and approximately 40% have some form of external verification on it.
The average female representation on boards of the 100 largest Swiss companies has for the first time crossed the 30% threshold.
Previous years
SWIPRA AGM Analysis 2022: Newsletter
SWIPRA AGM Analysis 2021: Newsletter
SWIPRA AGM Analysis 2020: Newsletter
SWIPRA AGM Analysis 2019: Newsletter
SWIPRA AGM Analysis 2018: Newsletter
SWIPRA AGM Analysis 2017: Newsletter
SWIPRA AGM Analysis 2016: Newsletter
Das VR-Forum 2023 fokussiert auf das Thema „Unabhängigkeit“. Unabhängig und objektiv zu Stande gekommene Entscheidungen von Verwaltungsräten gelten als notwendig, um ein Unternehmen wettbewerbsfähig zu halten und qualitativ bessere Ergebnisse zu bringen. Das
Spannungsfeld von Mitgliedern von Verwaltungsräten wird im heutigen Zeitalter der totalen (Medien-)Transparenz kontrovers diskutiert und eine Nähe zum Geschäft manchmal mit Abhängigkeit verwechselt. Die zentralen Fragestellungen werden am Forum aus verschiedenen
Blickwinkeln beleuchtet.
Am Forum diskutieren Verwaltungsräte, Geschäftsleitungsmitglieder, Unternehmensjuristen und Rechtsanwälte in einem überschaubaren Kreis von Teilnehmenden über Trends und aktuelle Herausforderungen im Umfeld der Verwaltungsratstätigkeit.
SWIPRA Services freut sich, Teil der Konferenz zu sein.
Chapter of the book on ownership structure in Switzerland by Prof. Alexander Wagner, former Chairman of SWIPRA, and Dr. Christoph Wenk, Partner at SWIPRA Services.
Zurich, February, 2023 – The first post-Corona physical AGM season will require Boards to take important decisions with respect to shareholder interaction, compensation arrangements and stakeholder dialogue.
The amended Swiss corporate law will require approvals of updated Articles of Association, and while many of the proposed changes just reflect regulatory necessities, proposals concerning virtual AGMs, or the capital band (replacing the authorized capital) leave companies room for choice. These items thus require transparent communication and explanations of the decision taken to avoid misconceptions at AGM votes.
Compensation will remain in the spotlight. The economic impacts from the pandemic and the geopolitical turmoil leave Boards with the obligation to ensure that the income gap between management and employees does not grow any further. Boards should use this opportunity to also reconsider whether existing compensation structures still serve the purpose. Not least because companies so far do not explain well how long-term strategically relevant targets as well as their key stakeholders’ expectations are reflected in their pay policies. Companies should also pay attention to the revised Swiss Code of Best Practice in Corporate Governance (“Code”) that was recently published. With its integrated view on sustainability, the Code asks Boards to take shareholder and more general stakeholder views into consideration when taking strategic decisions. Aligned with international market developments of the recent past, the Code encourages Boards to engage regularly with their key share- and stakeholders. Together with the new level of transparency needed in view of the upcoming shareholder vote on the non-financial report in 2024, Boards are required to establish a solid stakeholder interaction that goes beyond a “classical” financial roadshow.
An joint article from KPMG and SWIPRA on the ESG agenda for boards towards the 2023 AGM season. Read here.
An Article by SWIPRA in the NICG Newsletter 2023. Read here.
SWIPRA Services Ltd is pleased to announce three new members to its Panel of Investors. Five years ago, SWIPRA established a Think Tank with the goal of promoting good corporate governance in Switzerland and of fostering dialogue and mutual understanding between shareholders and companies. It consists of an investor (“Panel of Investors”) and an issuer (“Panel of Experts”) chapter.
The three new members are senior ESG and engagement professionals, bringing distinct and deep knowledge and experience in active ownership to the Think Tank, and represent the largest Swiss asset managers: Credit Suisse Asset Management, Pictet Asset Management, and UBS Asset Management.
The goal of the extended SWIPRA Panel of Investors is to work towards a common understanding of good stewardship and a collaborative engagement structure for the Swiss capital market. It is the group’s intention to promote a high-quality engagement dialogue between institutional shareholders and listed Swiss companies on corporate governance and sustainability.
SWIPRA Services Ltd is pleased to announce three new members to its Panel of Investors. Five years ago, SWIPRA established a Think Tank with the goal of promoting good corporate governance in Switzerland and of fostering dialogue and mutual understanding between shareholders and companies. It consists of an investor (“Panel of Investors”) and an issuer (“Panel of Experts”) chapter.
The three new members are senior ESG and engagement professionals, bringing distinct and deep knowledge and experience in active ownership to the Think Tank, and represent the largest Swiss asset managers: Credit Suisse Asset Management, Pictet Asset Management, and UBS Asset Management.
The goal of the extended SWIPRA Panel of Investors is to work towards a common understanding of good stewardship and a collaborative engagement structure for the Swiss capital market. It is the group’s intention to promote a high-quality engagement dialogue between institutional shareholders and listed Swiss companies on corporate governance and sustainability.
Zurich, 29 November 2022 – In the 10th SWIPRA Corporate Governance Survey amongst institutional shareholders and companies, ESG is ranked as the top engagement topic for the first time. Concurrently, the survey also shows that both sides also point at each other when asked why progress towards global climate targets is moving to slowly: For 56% of companies, investors' short-term optimization of returns deters faster progress towards climate targets; 47% of investors, on the other hand, see the reason for this slow pace in the short-term oriented remuneration systems of companies. The remuneration issue, which was the focus of the SWIPRA survey series starting ten years ago, is now also assessed strongly from an ESG point of view. 74% of shareholders criticize that ESG incentives have too little weight in companies’ remuneration systems. There is also a need for discussion towards the Annual General Meetings in 2024: On the one hand, there are different opinions on the required substance in the reporting for the say-on-sustainability, i.e., the vote on non-financial disclosures. On the other hand, many shareholders are still unaware that their rights will remain unchanged, regardless of whether the 2024 AGM will be held virtually or physically.
Newsletter Survey 2022 - Download
Previous Surveys
Newsletter 2021 - Download
Newsletter 2020 - Download
Präsentation 2019 (E) - Download
Präsentation 2018 (E) - Download
Präsentation 2017 (E) - Download
Präsentation 2016 (E) - Download
Präsentation 2015 (E) - Download
Präsentation 2014 (E) - Download
The results of the 10th SWIPRA Corporate Governance Survey will be presented at the ESG: Leadership - Dialog - Impact event on November 28, 2022 in Zurich (Register).
After the presentation of the survey results, our guest speaker Riet Cadonau, Chairman of the Board of Directors of dormakaba, will share his personal experiences as part of the key note and discuss current developments and challenges in a subsequent conversation with Philipp Kuhn, Lead Analyst EMEA/APAC Vanguard Investment Stewardship. The discussion will be moderated by Esther Girsberger, owner of Speakers.ch. See program.
In this survey, Swiss public companies and institutional investors were asked about current corporate governance, sustainability and related regulatory developments.
With the kind support of our survey partners
In collaboration with
Join us for this webinar to be held on July 6th, 2022, 12.15 - 13:00 to discuss the key findings of the Swiss AGM Season 2022.
Event with SWIPRA Contribution
Together with Finanz und Wirtschaft, we are pleased to invite you to the second edition of the "Corporate Governance Excellence" conference. This half-day event reviews the eventful past year from the perspective of Swiss board members. In the evening, the event leads into a gala dinner and awards ceremony, at which the best board members of the year are recognized. Full Program
The Corporate Governance Excellence Forum of "Finanz und Wirtschaft" has set itself the task of highlighting important developments in the environment of boards of directors and what opportunities they can create for Switzerland as a business center.
SWIPRA Services is pleased to be part of the conference and to contribute to the panel discussion "Mit erfolgreichem Risikomanagement gegen die unsichere Weltlage".
The conference will take place on July 5, 2022 and is targeted at board members, CEOs of listed companies in all sectors and entrepreneurs of larger family businesses (+250 employees). Registration
Zurich, June 30th, 2022 – Elections of board members account again for the majority (67%) of the most contested agenda items during the Swiss AGM Season 2022. The focus was particularly on directors’ individual roles, such as board or committee chairs. Nomination committee chairs of companies with fewer than 30% women board members received more than twice as many AGAINST votes. This concerns 5 SMI (2021:11) and 51 (2021: 64) non-SMI companies. The average female board representation reached 28.5% for SPI100 companies (34.4% in SMI companies, breaking the 30% hurdle for the first time, and 27.0% in non-SMI companies). CEO compensation levels increased by 27.3% in SPI100 companies on average, driven by higher bonus payments, whereas the multiple of CEO to average employee pay (“Pay ratio”) increased from 24.4x to 29.9x. The fraction of SPI100 companies including ESG-indicators in executive compensation increased from 24% in 2021 to 47%, but these criteria remain unexplained in close to 60% of the cases. Globally, investors’ and proxy advisors’ scrutiny in assessing sustainability reports or policies increased, leading to levels of AGAINST votes more than twice as high as in previous years. Past AGM outcomes may thus be a bad predictor for coming sustainability votes in Switzerland. More Non-SMI companies reported in line with the GRI (62%, up from 52%) and CDP standards (30%, up from 14%), while TCFD only gained followers amongst SMI companies (85%, up from 65%). The consultation process on the Federal Council's ordinance to introduce TCFD as a mandatory standard for climate reporting is still ongoing. However, there is apparently little support for the TCFD standard amongst non-SMI companies.
Previous years
SWIPRA AGM Analysis 2021: Newsletter
SWIPRA AGM Analysis 2020: Newsletter
SWIPRA AGM Analysis 2019: Newsletter
SWIPRA AGM Analysis 2018: Newsletter
SWIPRA AGM Analysis 2017: Newsletter
SWIPRA AGM Analysis 2016: Newsletter
KPMG Switzerland and SWIPRA Services are delighted to announce a partnership in the field of ESG (Environmental, Social, Governance). By joining forces and combining our longstanding, complementary expertise, we can provide clients with a comprehensive range of services to address strategic challenges, stakeholder requests, shareholder expectations, and the fast-paced regulatory developments concerning ESG.
It is our overarching goal to support clients in their strategy and reporting processes and help them build a resilient, long-term business contributing to social welfare and a more sustainable environment. Our portfolio of services includes:
Read the full Newsletter
Lunch Seminar for SME’s on ESG Regulatory Challenges and Stakeholder Requirements: Are You Fit for Purpose?
An Article by SWIPRA in the KPMG Board Leadership Center Newsletter about Board Leadership and the upcoming AGM Season. Read here.
Read about the current and upcoming challenges for nomination and compensation committees in these updates developed together with the KPMG Board Leadership Center:
Ein Artikel von David Frick, Mitglied des SWIPRA Panel of Experts, zum revidierten Swiss Code of Best Practice for Corporate Governance.
Zurich, January 24, 2022 – The upcoming AGMs are expected to again take place mostly in the absence of shareholders. A focus will be on how the announcements and pledges made during the Pandemic years are now being consistently carried over into companies’ strategies. This will mainly concern decisions on compensation quantum and structures, capital allocation and board composition. The board has to explain the respective strategic goals and the journey to reach them to its stakeholders while mediating between conflicting demands. Approaches and experiences of how this is done in practice were discussed at the SWIPRA Survey event in December 2021, stressing the role of stakeholder engagement and board exposure. Specifically, for the AGMs 2022, boards need to explain:
This begs the question: Are you prepared?
Die Resultate aus der 9. SWIPRA Corporate Governance Umfrage werden am 8. Dezember 2021 in Zürich präsentiert (Anmeldung). Das Programm finden Sie hier.
The results of the 9. SWIPRA Corporate Governance Survey will be presented in Zurich on December 8, 2021. Further information regarding the event can be found here.
The survey on corporate governance, conducted by SWIPRA in collaboration with researchers from the Department of Banking and Finance at the University of Zurich, provides insights into the views of institutional investors and listed companies on important governance issues such as shareholder rights, corporate social responsibility, compensation systems and their disclosure or expectations of the Board of Directors.
For information on the current and past surveys, please visit: www.swipra.ch/survey
With the kind support of our
Survey Partners
Event Partners
Media Partner
Zurich, December 8, 2021 - The results of the 9th SWIPRA Corporate Governance Survey confirm the central role of corporate governance in meaningfully integrating sustainability into corporate strategy. The survey shows that Swiss boards of directors are overall well positioned: Institutional shareholders place a high and even increased level of trust in Swiss boards. However, from the shareholders' point of view, boards still take insufficient responsibility for social (“S”) and environmental (“E”) topics. In their view, it often remains unclear to what extent E&S considerations are incorporated into strategic decisions – from the business model, to compensation, to leadership and the associated board composition or to capital allocation, for example investments in new technologies.
A majority of companies is in the process of comprehensively assessing and, if needed, adjusting existing business models, internal structures and responsibilities, as well as comprehensively revising ESG-disclosure. In Switzerland, starting 2024, this sustainability-reporting will become subject to a shareholder vote at the annual general meeting (AGM), and an overwhelming majority of survey participants prefer a consultative say-on-sustainability vote.
Therefore, it is important to understand, internally as well as externally, what opportunities and threats arise from E&S factors and which strategic adjustments, if any, should be made. This is necessary to ensure that not only trust in governance remains high in the future, but also that the understanding of the E&S integration in business models is better understood.
The survey further provides insights on topics such as ESG reporting standards, the content of non-financial reporting (NFR), E&S in compensation plans, shareholder dialogue and the future format of AGMs.
Newsletter Survey 2021 - Download
Previous Surveys
Newsletter 2020 - Download
Präsentation 2019 (E) - Download
Präsentation 2018 (E) - Download
Präsentation 2017 (E) - Download
Präsentation 2016 (E) - Download
Präsentation 2015 (E) - Download
Präsentation 2014 (E) - Download
Event with SWIPRA Panel Participation
SWIPRA is pleased to be part of the panel discussion on The Impact of ESG (Environmental Social Governance) on M&A Transactions at the 24th Zurich Conference on Mergers & Acquisitions on September 7. For more information on the event and to register, please click here.
NEW DATE: 2 September 2021
The Swiss Corporate Governance Dialog is an exclusive event for Board members as well as executives of listed companies and corporate governance specialists of institutional investors and other market participants. It provides keynotes by high-profile company and investor representatives, a panel discussion about current topics and trends in corporate governance, corporate social responsibility and regulatory developments as well as a platform for exchange between companies and investors.
Further details can be found in our hier.
Organizing partners
Supported by
For further information, see corporategovernance-dialog.ch
An overview of future and past SWIPRA events can be found here.
Event with SWIPRA Participation
The "Corporate Governance Excellence" conference, which is being held for the first time, reviews the extraordinary year 2020 from the perspective of Swiss boards of directors. In the evening, the event will be followed by a gala dinner and awards ceremony, at which the best board members of the year will be selected.
The Corporate Governance Excellence Forum of "Finanz und Wirtschaft" has set itself the task of highlighting important developments in the environment of boards of directors and what opportunities they can create for Switzerland as a business center.
SWIPRA Services is pleased to be part of the conference and to contribute to the panel discussion "Exploring the "G" in ESG".
The conference ((program)) will take place on July 8, 2021 (Covid-19 backup date: September 8, 2021). Register here with the promo code "Swipra".
Zurich, June 24, 2021 - Shareholders becoming more activist on environmental and social issues, requesting a vote on non-financial matters, discussions about the right AGM format, proxy advisors’ recommendations with less impact on the voting behavior of large shareholders, compensation decisions not to be based on financial indicators alone, and diversity expectations that are increasingly influencing board elections: The lessons learned from the 2021 AGM season will keep investors and companies busy for a while. And the COVID year further illustrated the importance of a good corporate governance framework, what it all really includes, and how governance can shape corporate reputation.
Previous years
SWIPRA AGM Analysis 2020: Newsletter
SWIPRA AGM Analysis 2019: Newsletter
SWIPRA AGM Analysis 2018: Newsletter
SWIPRA AGM Analysis 2017: Newsletter
SWIPRA AGM Analysis 2016: Newsletter
Morrow Sodali and SWIPRA Services are pleased to invite you to the webinar on Morrow Sodali’s most current Institutional Investor Survey. The survey was conducted for the sixth time and covers the bulk of the global asset management field with most large and influential investors participating across a wide spread of geographies.
On top of identifying important issues and investor views on the upcoming AGM season such as executive remuneration, board engagement and accountability, corporate reporting and the role of activism, this year’s survey addresses the growing importance of ESG and sustainability in investment decisions, and the risks and opportunities that come with it.
In this webinar, Morrow Sodali and SWIPRA Services will discuss the key findings of the survey and the implications for the upcoming AGM season and beyond.
> Flyer
An article by SWIPRA in Expert Fokus on the future of non-financial reporting:
Following the adoption of the counter-proposal to the Responsible Businesses Initiative (RBI), non-financial reporting will become mandatory in Switzerland. This means new challenges for boards of directors and for audit activities. Although assurance is an important pillar of the governance framework, there is a lack of clarity about what can be expected from an audit and what the roles of the external auditor and the Three Lines of Defense are. Read more... (in German)
An article by SWIPRA in Expert Fokus on the future of non-financial reporting:
Following the adoption of the counter-proposal to the Responsible Businesses Initiative (RBI), non-financial reporting will become mandatory in Switzerland. This means new challenges for boards of directors and for audit activities. Although assurance is an important pillar of the governance framework, there is a lack of clarity about what can be expected from an audit and what the roles of the external auditor and the Three Lines of Defense are. Read more... (in German)
Zurich, January 29, 2021 - Dealing with challenging developments in the economic, political and regulatory environment is increasingly challenging for decision-makers. Boards of directors and executive managements are the guardians of the reputation of a company. Their business conduct, corporate governance, ethical and socially responsible behavior (Corporate Social Responsibility "CSR" or Ecological, Social, Governance "ESG" issues) are increasingly in the focus of stakeholders. Ultimately, they are decisive for the success of a company. But how to communicate effectively with the various stakeholder groups? Concrete action and the willingness of companies to increase transparency and dialog on ESG are expected. But stakeholders have to enter this dialog and make an effort to understand the individual situation of a company. Although there are countless reporting standards, initiatives and ratings out there, there is no common denominator yet as to what non-financial reporting should ideally look like, though views are starting to converge. The critical issue remaining is that non-financial information often cannot be forced into an overly tight corset of standards. The upcoming obligation for companies listed in Switzerland to submit a non-financial report to a shareholder vote illustrates the relevance of this type of information and the urgency to improve or develop such reporting.
An article on non-financial reporting and the chances/risk for the board of directors. Read more
The key findings on reporting from the 2020 SWIPRA Governance Survey and an outlook on non-financial reporting after the implementation of the counter-proposal to the Responsible Business Initiative. Read more
The Responsible Business Initiative intends to strengthen stakeholder rights with respect to holding companies responsible for their actions and behavior along their value chain, which also includes their suppliers. In this webinar, together with our guest Dr. Markus Neuhaus, Vice-Chairman of Barry Callebaut, we will discuss the consequences for Swiss companies and their stakeholders and provide background on possible new regulation. The webinar is free and open to company and investor representatives.
The slides of the webinar can be found here.
An event organized by ExpertSuisse and IIAS on current internal audit topics with a presentation by SWIPRA on Corporate Social Responsibility - Reporting, Assurance and Stakeholder Requirements
Further information can be found here.
Zurich, November 3, 2020 - The 8th SWIPRA Corporate Governance Survey shows important shifts of priorities regarding corporate governance, sustainability and corporate social responsibility (CSR) among international market participants. The board of directors and its committees are expected to show more leadership and participate more actively in shareholder engagements and a "private-to-public" dialogue with stakeholders concerning CSR. Investors consider compensation systems not to be sufficiently aligned with social and environmental priorities and judge adjustments to bonus payments due to Covid-19 highly controversial. Investors often try to standardize their assessment of CSR factors by means of environmental and sustainability ratings, although the credibility of such ratings remains rather modest in the market, despite the high level of attention and focus on a few providers. Instead, shareholders should increasingly review CSR information as disclosed by companies and seek a dialogue with them on these topics. Further, the majority of institutional shareholders is prepared to support shareholder resolutions at AGMs, that will become easier in Switzerland following the revision of the stock corporate law, and would like to see a more extensive disclosure by companies on due diligence along their global supply chain. This goes along with a strong desire for the possibility to vote on a company's sustainability report at the AGM. In addition, there is a clear preference for hybrid AGMs in the market. The survey also reveals interesting opinions on further regulatory issues and shareholder rights.
Newsletter - Download
Press Release - Download
Presentation of key findings - Download
Previous Surveys
Presentation Survey 2019 - Download
Presentation Survey 2018 - Download
Presentation Survey 2017 - Download
Presentation Survey 2016 - Download
Presentation Survey 2015 - Download
Presentation Survey 2014 - Download
Presentation Survey 2013 - Download
A seminar on current topics for boards of directors of banks and financial services companies with a contribution from SWIPRA. Further information
The results of the 8. SWIPRA Corporate Governance Survey will be presented in Zurich on November 2, 2020. Further information regarding the event can be found here.
The survey on corporate governance, conducted by SWIPRA in collaboration with researchers from the Department of Banking and Finance at the University of Zurich, provides insights into the views of institutional investors and listed companies on important governance issues such as shareholder rights, corporate social responsibility, compensation systems and their disclosure or expectations of the Board of Directors.
For information on the current and past surveys, please visit: www.swipra.ch/survey
With the kind support of our
Survey Partners
Event Partners
Media Partner
Webinar together with MorrowSodali and IR Club Switzerland
The AGM season 2020 will be remembered as a special one. It will not only be the season with the shortest AGM meetings in history, but also the starting point to a period where a lot of existing structures will have to be rethought. The Corona crisis is not only putting a lot of strain on businesses’ operations, but is also forcing Boards of Directors to reconsider strategy and governance frameworks. A particular focus in this regard concerns an old economic principle: the integration of corporate social responsibility, incentive and capital allocation frameworks with strategy to create long-term sustainable businesses.
In this joint webinar SWIPRA Services and Morrow Sodali will provide a review of the AGM Season 2020 in Switzerland and abroad and discuss key developments and themes in investor and proxy advisor behavior expected for 2021. IR club members from Nestlé and Leonteq will share their experiences and views on these topics and lead into a broad discussion to exchange views amongst peers.
Recently, important political decisions were taken regarding the future frameworks of Swiss companies and their shareholders:
1. After more than a decade of deliberations, the Swiss parliament adopted a broad revision of the Swiss stock corporation law. Among others, the revision significantly strengthens shareholders’ rights. Companies should make use of the transition time of two years until the revision becomes effective to strengthen their corporate governance and corporate social responsibility frameworks, improve disclosure quality, and intensify stakeholder engagements.
2. The Swiss parliament adopted an indirect counter-proposal against the stringent “responsible business initiative” (RBI). A national referendum will be held later in 2020 on the two proposals. The RBI would hold Swiss companies liable internationally for insufficient diligence in environmental and social matters not only within their own organization but importantly also for the actions of their suppliers. Moreover, the burden of proof would be reversed and rest with the companies. Going into this referendum, it will be crucial that the public understands the effort Swiss companies are undertaking, the benefits of the disclosure-based counter-proposal, and the drawbacks of the far-reaching RBI for Switzerland as a business location.
3. The federal council recently adopted a report and guidelines regarding “Sustainable Finance”. The government intends to provide a supportive environment in Switzerland to develop a “leading sustainable financial center”. It is now the industry’s responsibility to build on this framework and develop the tools needed to effectively contribute to sustainability. This should include strategies for active ownership and socially responsible investment processes, including stewardship, instead of the still widely-spread ESG labeling and exclusion approaches.
Recently, important political decisions were taken regarding the future frameworks of Swiss companies and their shareholders:
1. After more than a decade of deliberations, the Swiss parliament adopted a broad revision of the Swiss stock corporation law. Among others, the revision significantly strengthens shareholders’ rights. Companies should make use of the transition time of two years until the revision becomes effective to strengthen their corporate governance and corporate social responsibility frameworks, improve disclosure quality, and intensify stakeholder engagements.
2. The Swiss parliament adopted an indirect counter-proposal against the stringent “responsible business initiative” (RBI). A national referendum will be held later in 2020 on the two proposals. The RBI would hold Swiss companies liable internationally for insufficient diligence in environmental and social matters not only within their own organization but importantly also for the actions of their suppliers. Moreover, the burden of proof would be reversed and rest with the companies. Going into this referendum, it will be crucial that the public understands the effort Swiss companies are undertaking, the benefits of the disclosure-based counter-proposal, and the drawbacks of the far-reaching RBI for Switzerland as a business location.
3. The federal council recently adopted a report and guidelines regarding “Sustainable Finance”. The government intends to provide a supportive environment in Switzerland to develop a “leading sustainable financial center”. It is now the industry’s responsibility to build on this framework and develop the tools needed to effectively contribute to sustainability. This should include strategies for active ownership and socially responsible investment processes, including stewardship, instead of the still widely-spread ESG labeling and exclusion approaches.
Zurich, January 30, 2020 - The AGM Season 2020 will see more shareholder scrutiny on the actual tangible actions companies are taking in the field of their corporate social responsibility (or “ESG”), a higher exposure of individual board members, in particular board and committee chairs, and more focus on internal fair pay. Board and pay votes will remain the most critical AGM items. Solid governance frameworks remain a success factor not only for established listed companies but also likewise for companies planning their IPO. These are some of the trends SWIPRA expects to see in the 2020 AGM season.
Zurich, 18 June 2020 – Increasing voting participation despite non-physical annual general meetings, proxy advisors with considerable influence on minority shareholders, corporate social responsibility even more in focus due to the Corona crisis, most critical votes again in Board elections, and distinct shareholder criticism on compensation at SMI and non-SMI companies. These are the main findings of the analysis of the general meetings of the 100 largest Swiss listed companies in the period between July 2019 and June 2020 conducted by SWIPRA Services.
Previous years
SWIPRA AGM Analysis 2019: Newsletter
SWIPRA AGM Analysis 2018: Newsletter
SWIPRA AGM Analysis 2017: Newsletter
SWIPRA AGM Analysis 2016: Newsletter
A publication from our exclusive international partner in Switzerland on current developments with respect to Covid-19 and ESG
A publication from our exclusive international partner in Switzerland on current developments with respect to Covid-19 and ESG
A joint newsletter of SWIPRA and Morrow Sodali on Corporate Governance in light of the Covid-19 crisis in Switzerland with a brief first review of the Swiss AGMs held so far.
A joint newsletter of SWIPRA and Morrow Sodali on Corporate Governance in light of the Covid-19 crisis in Switzerland with a brief first review of the Swiss AGMs held so far.
Zurich, January 30, 2020 - The AGM Season 2020 will see more shareholder scrutiny on the actual tangible actions companies are taking in the field of their corporate social responsibility (or “ESG”), a higher exposure of individual board members, in particular board and committee chairs, and more focus on internal fair pay. Board and pay votes will remain the most critical AGM items. Solid governance frameworks remain a success factor not only for established listed companies but also likewise for companies planning their IPO. These are some of the trends SWIPRA expects to see in the 2020 AGM season.
Morrow Sodali’s latest Institutional Investor survey covers the bulk of the global Asset Management field with most large and influential investors participating across a wide spread of geographies.
On top of identifying important issues and investor views on the upcoming AGM season such as Executive Remuneration, Board engagement and accountability, Corporate Reporting or the role of Activism, this year’s survey addresses
the growing importance of ESG in investment decisions, and the risks and opportunities that come with it.
Current topics and impact of the survey results for the Switzerland 2020 AGM Season will also be discussed, as well as lessons learned from the first AGMs this year.
The event language is German.
Please register as seating is limited. Note that this event is targeted towards corporate representatives who are given registration priority.
The Swiss Corporate Governance Dialog is an exclusive event for Board members as well as executives of listed companies and corporate governance specialists of institutional investors. It provides keynotes by high-profile company and investor representatives, a panel discussion about current topics and trends in corporate governance and corporate social responsibility as well as private one-on-one governance engagements between companies and investors.
The program for the event can be found here.
Organizing partners
With the kind support of
For further information, see corporategovernance-dialog.ch
An overview of future and past SWIPRA events can be found here.
Zurich, November 6, 2019 - Results from the 7th SWIPRA Corporate Governance Survey show that institutional shareholders find it difficult to understand how corporate social responsibility is anchored in corporate strategies. For their part, companies often do not understand how their socially responsible actions influence shareholders' investment and voting decisions at shareholder meetings. Better disclosure and a broadly-based governance dialogue between shareholders and boards of directors will help to close these gaps in mutual understanding. This is important since a large fraction of institutional investors believe that boards of directors are not acting diligently enough in terms of corporate social responsibility. Contrary to previous years, a majority of investors expect to see performance targets related to socially responsible behavior to be included in the compensation framework. Many market participants will have to change their views, as the topic of corporate social responsibility cannot be treated as an abstract, detached issue by itself, but needs to become an integral part of corporate strategy and its implementation.
Newsletter - Download
Press Release - Download
Presentation of key findings - Download
Previous Surveys
Presentation Survey 2018 - Download
Presentation Survey 2017 - Download
Presentation Survey 2016 - Download
Presentation Survey 2015 - Download
Presentation Survey 2014 - Download
Presentation Survey 2013 - Download
The results of the 7. SWIPRA Corporate Governance Survey will be presented in Zurich on November 5, 2019.
The survey on corporate governance, conducted by SWIPRA in collaboration with researchers from the Department of Banking and Finance at the University of Zurich, provides insights into the views of institutional investors and listed companies on important governance issues such as shareholder rights, corporate social responsibility, compensation systems and their disclosure or expectations of the Board of Directors.
With the kind support of
Event partners
Media partner
For information on past surveys, please visit: www.swipra.ch/survey
An overview of future and past SWIPRA events can be found here.
Corporate Social Responsibility (CSR) is becoming more and more important in corporate management, a single focus on financial indicators in strategic corporate management is increasingly regarded as insufficient.
Institutional investors in particular are stressing the importance of socially responsible entrepreneurship and CSR reporting. This creates new expectations on the tasks of auditors and the desire for increased assurance in the field of non-financial corporate information. But what exactly should be audited from the investors' point of view? And which audits are already being carried out today - maybe implicitly?
This is an event for auditors and financial market participants. Roundtable attendees are invited to actively contribute to the discussion.
Organizing partners
Corporate Social Responsibility (CSR) is becoming more and more important in corporate management, a single focus on financial indicators in strategic corporate management is increasingly regarded as insufficient.
Institutional investors in particular are stressing the importance of socially responsible entrepreneurship and CSR reporting. This creates new expectations on the tasks of auditors and the desire for increased assurance in the field of non-financial corporate information. But what exactly should be audited from the investors' point of view? And which audits are already being carried out today - maybe implicitly?
This is an event for auditors and financial market participants. Roundtable attendees are invited to actively contribute to the discussion.
Organizing partners
For the first time, the most critical board elections received more votes against than the most critical compensation items. In the 10% most contested elections to the board of directors, the median proportion of against votes rose to over 20%. Shareholders voted against the election of the nominated board members mainly out of concerns about their independence, followed by doubts about the expected availability of the designated directors. Minority shareholders in companies with an anchor shareholder voted more negatively than shareholders in broadly held companies, especially in the most critical elections to the board, which are very important for minority shareholders. The increased focus of shareholders on board elections, which continue to be judged frequently on the basis of proxy advisor recommendations, increased the influence of proxy advisors, above all ISS. The diversity of the members of the board increased again: Boards became more international and more female. The proportion of newly elected women on boards of Swiss companies reached a new high. The votes on the remuneration report were less critical this season. This is largely due to improved disclosure and adjustments in the compensation systems by companies, rather than a diminishing attention on the part of investors. The latter keep the pressure high: if a company does not react to a compensation-related concern, the median of votes against compensation reports quickly rises to 30% and more.
These are some of the key findings of SWIPRA Services' analysis of the AGMs of the 100 largest listed Swiss companies between July 2018 and June 2019.
Previous years
SWIPRA AGM Analysis 2018: Newsletter
SWIPRA AGM Analysis 2017: Newsletter
SWIPRA AGM Analysis 2016: Newsletter
SWIPRA's annual analysis of the Swiss general meeting season reveals and discusses developments and correlations in the voting behavior of shareholders, the recommendations of proxy advisors and the behavior of companies. This analysis supports companies in developing their governance frameworks and investors in understanding the Swiss capital market.
The results of the analysis of the 2019 GM season are available here.
Roundtable to discuss stewardship and engagement in the Swiss capital market.
Participation upon invitation only. For more information, please contact info@swipra.ch
Roundtable to discuss stewardship and engagement in the Swiss capital market.
Participation upon invitation only. For more information, please contact info@swipra.ch
Zurich, January 28, 2018 – For the upcoming Annual General Meeting (AGM) Season, SWIPRA anticipates investor expectations regarding the composition and performance record of boards of directors as well as the related disclosure to increase further. The responsibility of the board of directors towards all of its stakeholders, i.e. the Corporate Social Responsibility (CSR) or socially responsible corporate management, will continue to be a topic of increasing relevance: Investors want to better understand “how” a company conducts its business. A challenge SWIPRA has been referring to already in the past.
The Swiss Corporate Governance Dialog is an exclusive event for corporate governance specialists of international investors and members of Boards of Directors of companies listed in Switzerland. The event offers keynotes and reports on the experiences of renowned investor and company representatives, a specialist presentation on current developments in regulation and legislation in the area of corporate governance and a platform for individual discussions within the framework of up to four private one-on-one sessions between Board members and representatives of institutional investors.
The second Swiss Corporate Governance Dialog took place on December 12, 2018. A short overview of this second event can be found here.
The global proxy watch newsletter cited the SWIPRA Survey 2018, particularly the results regarding proxy advisors.
Decisions and responsibilities - Decreasing influence of proxy advisors and growing demands on the board of directors
The 6th SWIPRA Corporate Governance Survey provides new insights into the role of proxy advisors. Large international investors are increasingly using standardized data from proxy advisors as a basis for their own decisions instead of just following voting recommendations. In view of the diminishing direct influence of proxy advisors, the dialogue between the board of directors and shareholders, which fosters a mutual understanding, continues gaining importance. The SWIPRA survey shows that investors are demanding more information on board composition, board member independence and the board’s accountability regarding corporate social responsibility (CSR). Issues relating to remuneration and disclosure remain highly relevant. In particular international investors are of the opinion that Swiss companies do not act in a sufficiently socially responsible manner and that CSR goals are not adequately anchored in variable compensations’ performance assessments.
Newsletter - Download
Press Release - Download
Presentation of key findings - Download
Previous Surveys
Presentation Survey 2017 - Download
Presentation Survey 2016 - Download
Presentation Survey 2015 - Download
Presentation Survey 2014 - Download
Presentation Survey 2013 - Download
The key findings of the SWIPRA Corporate Governance Survey 2018 will be presented on November 7, 2018 in Zurich.
SWIPRA’s corporate governance survey, conducted together with a team of researchers at the Department of Banking and Finance of the University of Zurich, provides latest insights into the views of institutional investors and companies on important topics such as shareholder rights, executive compensation structure and disclosure, as well as expectations towards the board of directors.
More information on this year's survey results can be found here: www.swipra.ch/survey
The key findings of the SWIPRA Corporate Governance Survey 2018 will be presented on November 7, 2018 in Zurich.
SWIPRA’s corporate governance survey, conducted together with a team of researchers at the Department of Banking and Finance of the University of Zurich, provides latest insights into the views of institutional investors and companies on important topics such as shareholder rights, executive compensation structure and disclosure, as well as expectations towards the board of directors.
More information on this year's survey results can be found here: www.swipra.ch/survey
Article in the Reporting Times on different perceptions regarding the disclosure of Swiss companies. Read the article.
Zurich, July 3, 2018 - In this proxy season, fewer annual general meetings (AGM) were subject to a controversial public debate than in the past years. Yet, the SWIPRA AGM Analysis shows that voting results overall had the same level of dissent as the previous year. In addition, several new developments could be observed:
SWIPRA's analysis of the 2018 Annual General Meeting season provides an overview of developments and interrelationships in shareholder voting behaviour, the recommendations of voting rights advisors and the behaviour of companies. This analysis supports companies in the development of their governance framework and investors in the understanding of the Swiss capital market.
Board Talk is a private event that provides Board members the possibility of an open discussion and informal exchange on topics of current interest. Information on the first Board Talk event can be found here.
Joint event with DF King in London for institutional investors to preview the Swiss AGM Season 2018
A statement of the SWIPRA Panel of Experts regarding issues, which should be particularly watched during the AGM Season 2018. Read statement
The first Corporate Governance Dialog brought together board representatives of listed Swiss companies with leading investors to discuss and engage on corporate governance topics. A wrap-up of the key messages can be found here.
Webinar with international institutional investors to discuss results of the SWIPRA Corporate Governance Survey 2017
The course is set prior to the AGM: the growing importance of governance activism
The decisive interaction between shareholders and issuers increasingly takes place throughout the year in so-called engagement discussions rather than at the general shareholder meetings. These engagements generally involve members of the board of directors and are requested predominantly by international institutional shareholders. Engagement discussions decisively influence issuers’ governance structures and are increasingly indispensable for companies to counter the standardized views of some market participants, in particular proxy advisors. This empirical finding is one of the key results of the SWIPRA Corporate Governance Survey 2017. Investors continue to criticize the disclosure of performance-related compensation in this year’s survey and are, contrary to previous years’ views, increasingly willing to express their discontent in binding votes on compensation amounts. Moreover, investors perceive the disclosure on corporate social responsibility of Swiss issuers credible, though they are looking for better transparency regarding the responsibilities of the board of directors in this field.
Newsletter - Download
Press Release - Download
Presentation of key findings - Download
Previous Surveys
Presentation Survey 2016 - Download
Presentation Survey 2015 - Download
Presentation Survey 2014 - Download
Presentation Survey 2013 - Download
Public event in Zurich to present the findings of the SWIPRA Survey 2017 and discuss them with distinguished representatives of the investor and issuer community.
The press release of the SWIPRA AGM Analysis 2017 can be found here.
A presentation with graphs and further results can be found here.
Joint event with Georgeson in London for institutional investors to preview the Swiss AGM Season 2017
Improved communication of company-specific corporate governance solutions and less “one size fits all”?
In view of the upcoming 2017 annual general meetings (AGM) season, SWIPRA considers the following items of particular relevance:
In today’s press release, SWIPRA comments on the Federal Council’s opinion regarding the change in the Swiss company law.
The slides of this webinar are available here.
A recording of the webinar can be viewed here.
The slides of this webinar are available here.
A recording of the webinar
Public event in Zurich to present the findings of the SWIPRA Survey 2016 and discuss them on a panel with distinguished representatives of the investor and issuer community.
Joint event with SIX Regulation for institutional investors from the UK and Scandinavia on regulation in Switzerland
Joint event with SFAMA for Swiss institutional investors on current developments in corporate governance
Whitepaper on Corporate Governance developments in Switzerland by Prof. Alexander Wagner, former Chairman of SWIPRA, and Dr. Christoph Wenk, Partner at SWIPRA Services.
Joint event with UBS Global Asset Management in London for institutional investors in UK on corporate governance in Switzerland
The SWIPRA Newsletter with a preview to the AGM season 2016 and corporate governance core topics.
here.
The SWIPRA Newsletter on the message of the Swiss Federal Council regarding the ongoing reform of the Swiss corporate law can be found here.
Article published on 29 November 2015.
Efforts related to shareholder votes on management compensation agenda items are considered disproportionate compared to their value relevance. This is a finding of the third corporate governance survey conducted by the Swiss proxy advisor SWIPRA. All surveyed groups – pension funds, Swiss and foreign institutional asset managers and all SPI® companies – do not perceive compensation related agenda items as the most important value driver for a company, while the analysis of these agenda items was particularly time-consuming during the 2015 general meeting season. Further important findings show that all participants are in general critical with respect to additional regulation concerning corporate governance. A disagreement regarding the value of shareholder voting rights exists: Unlike institutional asset managers, pension funds only see little value in exercising shareholder voting rights.
The press release can be found here.
The presentation of the key results can be found here.
SWIPRA analyzed the results of the AGMs held so far of the 100 largest Swiss companies contained in the SPI®. Key findings relate to topics such as management compensation, shareholder representation as well as influence and philosophy of proxy advisors.
For a summary of the findings as well as graphs of the empirical analysis klick here.
SWIPRA has launched a new website as of today! The new webpage should provide interested users with a quicker access to the relevant information and allow an easy navigation through the content. Enjoy!
The Swiss Code of Best Practice for Corporate Governance was established in 2002 and revised for the second time in 2014. SWIPRA is supporting the Swiss Code and participated in the public consultation during revision. The updated Swiss Code can be found here.
On November 18, 2014, SWIPRA presented the results of the Corporate Governance Survey 2014. The most important insights can be found in this presentation and are summarized in the press release.
SWIPRA Position Paper on the new Swiss legislation regarding “Say-on-Pay”: Ordinance against excessive Compensation, November 20, 2013