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Position Papers

Consultation company law revision 2015

SWIPRA’s  expert opinion on the planned revision of the Swiss company law can be found here (German only).


Ordinance against Excessive Compensation (OaEC) 

SWIPRA’s position paper regarding the Swiss legislation regarding “Say-on-Pay” can be found here.

Corporate Governance Survey

2015 Limited benefits but substantial efforts with executive compensation votes – Disagreement over the value of shareholder voting rights

Efforts related to shareholder votes on management compensation agenda items are considered disproportionate compared to their value relevance. This is a finding of the third corporate governance survey conducted by the Swiss proxy advisor SWIPRA. All surveyed groups – pension funds, Swiss and foreign institutional asset managers and all SPI® companies – do not perceive compensation related agenda items as the most important value driver for a company, while the analysis of these agenda items was particularly time-consuming during the 2015 general meeting season. Further important findings show that all participants are in general critical with respect to additional regulation concerning corporate governance. A disagreement regarding the value of shareholder voting rights exists: Unlike institutional asset managers, pension funds only see little value in exercising shareholder voting rights.

Summary of the results

Recording of the presentation

Press release


2014 Issuers and Investors with diverging expectations

Swiss listed companies and institutional investors (pension funds and asset managers) approach the annual general meeting (AGM) season 2015 with partially diverging expectations. This is the main result of the second corporate governance study by SWIPRA, an independent Swiss proxy advisor.

Summary of the results

Press release


SWIPRA launches Corporate Governance Survey 2013

SWIPRA is launching a new, yearly Corporate Governance Survey in Switzerland in collaboration with academic researchers of the Department of Banking and Finance of the University of Zurich. We invite institutional investors, in particular Swiss pension funds, investment foundations and fund managers, as well as Swiss companies listed on the SIX Swiss Exchange to participate in this survey. By this, it will be possible for the first time to collect the opinions from all major market participants on corporate governance and its regulation in Switzerland. SWIPRA intends to contribute with this survey to the discussion and developments in this field. The results from the survey will be presented each year ahead of the annual shareholder meetings season.

Summary of the results

Analyses of the annual general meeting seasons

SWIPRA analyzes annually the results of the AGMs of the 100 largest Swiss companies contained in the SPI®. Key findings relate to topics such as shareholder participation, management compensation, shareholder representation as well as influence and philosophy of proxy advisors.

 

AGM Season 2016 

For a summary of the findings as well as graphs of the empirical analysis klick here.


AGM Season 2015 

For a summary of the findings as well as graphs of the empirical analysis klick here.


AGM Season 2014 An analysis of the AGM Season 2014 can be found here.