3. Board of directors
|Members of the Board of Directors||Year of birth||Nationality||Member since|
|Dr Anton Bleikolm||1949||Switzerland, Austria||07.05.2014|
|Dr Caren Genthner-Kappesz||1970||Germany||28.04.2016|
|Dr Beat Lüthi||1962||Switzerland||12.05.2017|
|Dr Thomas Moser||1967||Switzerland||07.05.2014|
Biographical details of the members of the Board of Directors
No member of the Board of Directors performs executive activities within the Orell Füssli group and no member did so in the three financial years prior to the year under review. Dr. Thomas Moser represents the Swiss National Bank (SNB), the company’s largest shareholder. The SNB has its bank notes produced by Orell Füssli. All other directors are independent and have no material business relationships with Orell Füssli Holding Ltd or any other company in the Orell Füssli Group besides their directorship.
Regulations in the articles of association regarding the number of permissible mandates
According to the articles of incorporation, article 18h, the members of the Board of Directors are permitted to hold a maximum of five additional mandates for exchange-listed firms, a maximum of ten mandates for non-listed firms and a maximum of ten mandates for associations, family foundations and pension funds.
Member of the Board of Directors since 2014
Studies of Organic Chemistry at the Technical University in Graz, Master’s Degree and PhD
Since 2014 Owner and Chairman AFB-Engineering & Services, Ecublens
Member of the Board of Directors Landqart Ltd, Landquart
Member of the Compensation Committee
Dr. sc. techn. ETH Zurich, Executive MBA INSEAD Fontainebleau
Since 2008 CTC Analytics Ltd, Zwingen, CEO and Member of the Board of Directors
Chairman of the Board of Directors Inficon Holding Ltd, Bad Ragaz, Chairman of the Board of Directors Apaco Ltd, Grellingen, Member of the Board of Directors and Chairman Audit Committee Straumann Holding Ltd, Basel
PHD Mathematics, University of Würzburg (Germany), Diploma Mathematics and Computer Science, University of Würzburg
Since December 2015 Glossybox Group/Beauty Trend Holding GmbH, Berlin, CEO
Member of the Board of Directors Qliro Group AB, Stockholm, Sweden Member of the Board of Directors Main Street 1477 Proprietary Ltd, Johannesburg, South Africa
Dr.oec.publ., University of Zurich
Since 2010 Swiss National Bank, Zurich, Alternate Member of the Governing Board
Master in Economy and Business Administration, University of Zurich, Swiss Certified Accountant, Advanced Executive Program, Northwestern University, Kellogg School of Management, Evanston IL/USA
Since 2008 Owner and Chairman of Alovista Ltd and since 2011 of invest-in-Europe GmbH, Schaffhausen (Executive Consulting)
Member of the Board of Directors Abbestate Holding Inc., Charlotte, NC/USA, General Manager Sea Dynamic GmbH, Baar, Member of the Board of Directors Sea Dynamic Immobilien AG, Horgen
Swiss certified public accountant (CPA) and auditor
Since 2010 Entrepreneur and independent member of various Boards of Directors
Member of the Red Cross Council Swiss Red Cross, Berne, Co-owner and Member of the Board of Directors EquityNova Ltd, Zug, Co-owner and Member of the Board of Directors EnergyOn Holding Ltd, Zug, Co-owner and Member of the Board of Directors Kelag Systems AG, Sennwald, Co-owner and Member of the Board of Directors Blattmann Switzerland Ltd, Wädenswil, Co-owner and Member of the Board of Directors RP Invest Ltd, Zug, Member of the Foundation Council Kuoni and Hugentobler Foundation, Stans, Chairman of the Board of Directors Curena Ltd, Zurich, Member of the Board of Directors Mühle Walther Ltd, Bolligen, Member of the Board of Directors e+p holding ag (former Dr. Eicher + Pauli Ltd), Liestal
Election and term of office
The Board of Directors consists of at least three members elected by the Annual General Meeting of shareholders. Directors are elected for a one-year term of office by an absolute majority of the votes represented at the Annual General Meeting of shareholders. Directors are elected individually. Every year, the General Meeting elects the Chairman of the Board of Directors and each individual member of the Compensation Committee. The restrictions on age and duration of office are stipulated in the business and organization regulations of the company.
The Board of Directors has the following functions: Chairman and Vice-Chairman.
The principal duties of the Board of Directors are as defined by the Swiss Code of Obligations, in particular art. 716a, and the business and organization regulations of the company. Management of the business is delegated to the CEO and the Executive Board of Orell Füssli Holding Ltd. The CEO chairs the Executive Board.
The Board of Directors meets as often as business requires, but at least once a quarter. Members of the executive management may also be invited to attend the Board of Directors meetings. The Board of Directors can also call in external consultants in order to deal with specific issues. The Board of Directors is assisted in its work by the Audit Committee and the Compensation Committee. In the year under review, the Board of Directors met for a full day on four separate occasions, twice for half a day and also for a constituent meeting following the Annual General Meeting and held one telephone conference. In addition, the Board of Directors held a two-day strategy workshop with the top management.
The Board of Directors has appointed an Audit Committee, which assesses the annual and interim financial statements, risk management, the internal controls and the external auditors. The duties of the Audit Committee are defined in specific regulations. The Audit Committee has decision-making authority subject to the approval of the Board of Directors as a whole, which also receives the minutes of the Audit Committee meetings. The Audit Committee consists of two members of the Board of Directors. The CEO, the CFO, the Head of Internal Audit/Risk Officer as well as a representative of the auditors also attend the meetings of the Audit Committee in a consultative capacity. The Audit Committee meets at least twice a year, usually in the first and third quarters. The Audit Committee held four half-day meetings and several telephone conferences in the year under review. The Chairman of the Audit Committee holds regular meetings with the Head of Internal Audit, who is subordinate to him.
The Board of Directors has appointed a Compensation Committee, which determines the salary of the members of the Executive Board and management, subject to corporate profits and performance. The duties of the Compensation Committee are defined in specific regulations. The Compensation Committee has decision-making authority within the bounds of the overall compensation approved by the General Meeting (effective as of the 2016 financial year). The other members of the Board of Directors are informed of the business dealt with and the main decisions taken after each meeting. The Compensation Committee consists of two members of the Board of Directors. The Group CEO and the Head Human Resources (responsible for the meeting minutes) also attend the meetings both in a non-voting capacity. The Compensation Committee meets at least once a year. The Compensation Committee met for two meetings lasting about four hours in the year under review.
The Members of the Board of Directors and of the Committees were present at all meetings with two exceptions.
Allocation of authority between the Board of Directors and the Executive Board
The allocation of authority between the Board of Directors and the Executive Board is defined by the business and organization regulations of the company. The Board of Directors determines business policy and the organizational structure, appoints the CEO, approves the budget and decides on proposals that are within its authority. The Board of Directors has entrusted the management of the business to the Executive Board under the chairmanship of the CEO.
Information and control instruments of the Board of Directors
The CEO briefs the Board of Directors at its meetings about the current course of business and important business transactions. Financial reporting to the Board of Directors consists of the monthly management cockpit, the interim report and the annual report comprising the annual financial statements at the end of the financial year.
The Chairman of the Board of Directors regularly meets with the CEO, who informs him of the most important current business events.
The Board of Directors and the Audit Committee, in particular, monitor risk management and the implementation of the internal control system. The Audit Committee determines its own audit areas and is informed at its meetings by the Head of Internal Audit and the Risk Officer about the results of audits conducted by independent internal or external units. The description of the Risk Management and Internal Control System can be accessed online (www.orellfuessli.com/en/investors/corporate-governance-d). Please also refer to the details of the risk management in the Notes to the consolidated financial statements of Orell Füssli Holding Ltd.
The principal task of the Internal Audit (IA) unit, which was set up in 2013 by the Board of Directors, is to assess the effectiveness and the efficiency of risk management, the internal management and control systems, and the governance processes and to make improvements, where necessary. In addition, IA reviews compliance with standards and provides independent, objective assurance and consulting services. The Head of IA reports directly to the Chairman of the Audit Committee. In the year under review four audits/reviews focusing on the Security Printing Division, four audits/reviews focusing on the Atlantic Zeiser Division and one further audit focusing on Orell Füssli Dienstleistungs Ltd were conducted. Other activities were performed in risk review and coordination, in financial assurance and in the context of group-wide security conferences. Further audits/reviews and assurance activities will be conducted at the group level and within the divisions in 2018.