4. Senior management – the GEM and Executive Board

In connection with VP Bank’s sharper focus on market needs, the range of tasks of the GEM and Executive Board at the Head Office were more clearly regulated and allocated as of 1 January 2012. Their tasks and competencies are specified in the OBR of 1 January 2012 as well as in the func- tional descriptions for the individual GEM and Executive Board members. The Executive Board of VP Bank Vaduz comprises the members of Group Executive Management and one Executive Board member. The GEM head (CEO) is responsible for the overall management and intercompany coordination of the Group.

The GEM members generally meet once a week for a half-day session. Additional meetings and seminars are held for the purpose of assessing the strategy and corporate developments, as well as for dealing with annual planning, budgeting and other current issues.

As at 31 December 2012, the Group Executive Management team (GEM) comprised the following individuals:

Siegbert Näscher (born 25 December 1965; citizen of Liechtenstein) has, since April 2012, held the posts of Chief Financial Officer of VP Bank Group as well as Deputy Chief Executive Officer and Head of the Corporate Center (Group Finance & Risk; Group Legal; Compliance and Tax; Group Communications & Marketing; Group Human Resources Management). Also, as of July 2012, he took over as co-Chief Executive Officer (CEO) ad interim (see “Segment reporting”).

• Educational background: Federally Certified Accounting and Controlling Expert (1993); Federally Certified Auditor (1996); 2002 to 2003, Executive Programme of the Swiss Banking School.
• Professional background: 1982 to 1987, Bank in Liechtenstein AG, Vaduz (accounting); 1987 to 1991, Revitrust Treuhand AG, Schaan (accounting and auditing); 1991 to 1992, assistant head of finance and accounting at Schild Mode AG, Luzern; 1992 to 1994, controller at Maschinenfabrik Rieter AG, Winterthur; 1994 to 1998, head of finance and controlling at Schoeller Textil AG, Sevelen; 1998 to 2010, head of group finance & risk at Liechtensteinische Landesbank AG, Vaduz; 2010, joined VP Bank Vaduz as Head of Group Finance & Risk.
• Other (board of directors) mandates: no mandates outside of VP Bank Group.
• Other activities and vested interests: since 2012, member of the board of the Liechtenstein Bankers Association; since 2012, member of the council of trustees (vice chairman) of Deposit Insurance and Investor Protection Foundation of the Liechtenstein Bankers Association.

Juerg W. Sturzenegger (born 6 June 1961; Swiss citizen) has been a member of Group Executive Management since 1 September 2010 and, as of 1 January 2012, Chief Operating Officer (COO) of VP Bank Group. Since July 2012, he has also been co-Chief Executive Officer (CEO) ad interim (see the “Segment reporting” section). 

• Educational background: 1981 to 1987, studies in economics and, from 1988 to 1990, studies in sociology at the University of Zurich; 2000, Management Education Program, IMD, Lausanne; 2002, participation in the Executive Program at the Wharton Business School, Philadelphia, and in 2005, that of the Stanford Graduate School of Business, Stanford.
• Professional background: 1992 to 1995, head of the Corporate Finance and Structured Finance unit; 1990 to 1992, member of the Capital Market International unit; and 1988 to 1990, member of the Commerce staff office, all at Bank Leu AG, Zurich; 2006 to 2008, head of the Private Banking – Wealth Engineering unit; and 1995 to 2006 head of the Capital Market and Corporate Finance unit, all at Julius Baer & Co. AG, Zurich; Head of Wealth Management Solutions and member of the Executive Board and, in 2010, Chairman of the Executive Board and Head of Wealth Management Solutions at VP Bank (Schweiz) AG, Zurich.
• Other (board of directors) mandates: member of the board of directors of shaPE Capital AG, Freienbach.
• Other activities and vested interests: none.

As at 31 December 2012, the Executive Board comprised the members of Group Executive Management and the following Executive Board (EB) member.

Rolf Jermann (born 29 October 1958; Swiss citizen) has been a member of the Executive Board of VP Bank Vaduz since 1 January 2012. 

• Educational background: Federally Certified Banking Professional (1986); 1989, studies in international banking and finance, University of Toronto; 1990 to 1992, Swiss Banking School of the University of Zurich.
• Professional background: 1979 to 1980, administrator in the Portefeuille department of Caisse d’Epargne et de Crédit, Lausanne; 1981 to 1988, commercial client advisor at Credit Suisse (at the time, Schweizerische Kreditanstalt), St. Gallen; 1988 to 1989, credit analyst in the Corporate Finance unit of Credit Suisse, Toronto; 1989 to 1992, commercial client advisor at Credit Suisse, St. Gallen; 1993 to 1997, commerce client advisor and member of the directorate at St. Galler Kantonalbank, St. Gallen; 1994, management support during the course of the restructuring/sale of the Solothurner Kantonalbank at the behest of the Association of Swiss Cantonal Banks; 1997 to 2007, team leader and deputy commerce market head as well as member of the directorate of the St. Galler Kantonalbank, St. Gallen; since 2007 with VP Bank Vaduz, 2007 to 2008 as Head of Client Advisory Commercial Banking, 2009 to 2011 as Head of Commercial Banking.
• Other (board of directors) mandates: none. 
• Other activities and vested interests: since 2011, Chairman of the Credit Committee of the Liechtenstein Bankers Association.

The other activities of the GEM and Executive Board members and any relevant vested interests can be found in the biographies (shown in Point 4.1).

VP Bank has no management contracts with third parties that involve the delegation of management functions.