BVZ Holding

 

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Corporate Governance

 

BVZ Holding is operated according to recognised corporate governance rules and has undertaken in principle to observe the “Swiss Code of Best Practice for Corporate Governance” of the economiesuisse association and the Corporate Governance guidelines of the Swiss Exchange (SIX). 

The Board of Directors is responsible for the corporate governance of BVZ Holding AG.

Articles of Association and regulations

BVZ Holding AG is organised as a public limited company and is listed on the Swiss Exchange (SIX). It transferred operational management of the company to the Matterhorn Gotthard Bahn by means of a management contract. 

The following regulations and Articles of Association form the basis for the modern corporate governance at BVZ Holding AG:

Remuneration

The remuneration for the Board of Directors and the members of the Management Board must be approved yearly at the Annual General Meeting. At the request of the Board of Directors, the Annual General Meeting votes separately on the approval of the total amounts for the fixed remuneration of the Board of Directors, on the fixed and variable remuneration for the Management Board, as well as any bonus payments. 

The Annual General Meeting also elects the members of the Remuneration Committee. This committee advises the Board of Directors on the remuneration for the Board of Directors and the members of the Management Board as well as on matters regarding the company’s overall remuneration policies. The Remuneration Committee drafts the remuneration report for the attention of the Board of Directors and prepares the proposals regarding remuneration for the Annual General Meeting. 

The members of the Board of Directors receive a fixed amount of annual remuneration, attendance fees, pension contributions, a lump-sum allowance for expenses, and certain non-cash benefits (e.g. travel reimbursements) as payment for their activities.

The remuneration for the members of the Management Board comprises a fixed yearly salary, a lump-sum allowance for expenses and a variable amount of performance-based remuneration. The variable portion is based on targets related to turnover, costs, employees and customers, and is always paid out during the following fiscal year. The members of the Management Board may also receive a bonus, which is payable at the discretion of the Board of Directors.

Auditor

Das Mandat als Revisionsstelle hat die KPMG AG seit 2006 inne. Die externe Revisionsstelle führt ihre Arbeit im Rahmen der gesetzlichen Vorschriften sowie nach den Schweizer Prüfungsstandards durch.

Die KPMG AG erstellt einen Revisionsbericht zuhanden des Verwaltungsrats und informiert den Verwaltungsrat, das Audit Committee oder die Geschäftsleitung je nach Priorität der Information mittels eines Management Letters. Zudem nimmt die externe Revision an den Sitzungen des Audit Committee teil. Das Audit Committee beurteilt die Leistungen, die Unabhängigkeit sowie das Entgelt und zusätzliche Honorare der externen Revision. Zudem erteilt es der externen Revisionsstelle allfällige Sonderaufträge.

Risk management

The BVZ Group operates group-wide risk management, which addresses both strategic and operational risks. The identified risks are evaluated individually on a basis of probability of occurrence and extent of damages and are then presented in a risk matrix. Appropriate measures are defined for the individual risks. 

A systematic survey and update of the risks is carried out once a year. The risk situation and the implementation of the defined measures are monitored. The Board of Directors of BVZ Holding AG and the Boards of Directors of the Group’s companies review the risk management at least once a year.