Corporate governance stands for responsible corporate management and control. The “Swiss Code of Best Practice for Corporate Governance” defines corporate governance as the entirety of principles focused on the interests of shareholders which aim to strike a healthy balance of management and control whilst maintaining decision-making capability as well as efficiency at the highest level of a company and transparency.
Good corporate governance ensures transparent management aimed at sustainable achievement. It is designed to serve not only the company but also external stakeholder groups. The overall framework of corporate governance is determined to a significant degree by the legislator and shareholders; the specific manner in which it is designed is the responsibility of the Board of Directors.
VP Bank Group strives to win the trust of all stakeholder groups. It thus acts with integrity and in a fair and transparent manner at all times and grants its stakeholder groups insight into its decision-making and control processes. For years, it has thus published, of its own accord, information as to its strategic objectives as well as its relationships with stakeholders.
This report describes the basic principles underlying the corporate management of VP Bank Ltd1, Vaduz as required by the revised “Directive on Information Relating to Corporate Governance” (DCG) of the Swiss Stock Exchange, SIX Swiss Exchange dated 20 March 2018 as well as the laws of Liechtenstein.
In Switzerland, the Ordinance against Excessive Compensation in Public Corporations (OAEC) has been in force as from 1 January 2014. It is applicable to Swiss joint-stock companies whose shares are quoted on a stock exchange in Switzerland or abroad, whereby VP Bank is not directly affected. In its Notification no. 2/2014 issued on 1 September 2014 concerning the revision of the “Directive on Information Relating to Corporate Governance” (DCG), the Regulatory Board stipulated that in principle all companies quoted on the SIX Swiss Exchange must disclose the same information concerning corporate governance. Consequently, the DCG contains in part special provisions for issuers which are not subject to the OAEC, but must apply these, in part, by analogy.
Unless otherwise indicated, all corporate-governance disclosures herein are valid as at 31 December 2018.
- Hereinafter referred to as VP Bank.