SWIPRA Governance Survey 2025 – Board of Directors: Fit for Transformation? – Board Composition, Dynamics and Emerging Strategic Priorities
Zurich, 9th December 2025 – The 13th SWIPRA Survey reveals an increased confidence of shareholders in Swiss boards, but significant perception gaps between companies and shareholders persist across multiple dimensions—from board capabilities and board renewal processes to compensation and sustainability.
As Swiss companies are focusing on business transformation in a challenging environment, shareholders question whether boards adapt sufficiently quickly to be prepared for these strategic shifts. And while companies consider board assessments beneficial in supporting boards allocating their time efficiently and choosing the right priorities, investors miss related relevant information and put the credibility of these assessment efforts into question.
Quality and constructiveness of the company-shareholder dialogue vary significantly. There are persistent concerns about whether engagements are translating into genuine mutual understanding and action. Compensation remains the most discussed AGM topic. The alignment of executive and shareholder interests through long-term incentive pay is challenged.
On the reporting side, investors cannot see a clear purpose of the mandatory vote on the sustainability report and the disclosure of Key Audit Matters is dissatisfying since this disclosure fails to deliver the expected transparency.
The survey underscores the need for enhanced transparency and clearer communication on governance practices and how boards of directors actually shape their companies’ leadership. In this regard, Swiss companies are seen as trailing their international peers and boards continue to demand a lot of trust from their investors As governance priorities shift toward resilience and risk management, bridging perception gaps remains critical.