Corporate Governance and Compensation Report

Board of Directors

VZ Holding Ltd’s Board of Directors is responsible for the supervision and control of the Group’s Executive Board. It appoints and monitors the members of the Group Executive Board and revises and signs off the Group’s strategy. The Board of Directors acts as a collective body, issues the necessary regulations, establishes the Group’s organisation and risk policy and is briefed about the course of business on a regular basis.

Matthias Reinhart
born 1960
Chairman, member compensation committee, elected until 2025
Portrait von Roland Iff
Roland Iff
born 1961
Vice-Chairman, head risk & audit committee, member compensation committee, elected until 2025
Portrait von Roland Ledergerber
Roland Ledergerber
born 1961
Head compensation committee, elected until 2025
Portrait von  Dr. Albrecht Langhart
Dr. Albrecht Langhart
born 1961
Member risk & audit committee, elected until 2025
Portrait von Olivier de Perregaux
Olivier de Perregaux
born 1965
Member risk & audit committee, elected until 2025
Nadia Tarolli Schmidt
born 1973
Member, elected until 2025
Henriette Wendt
born 1969
Member, elected until 2025

Group Executive Board

The Executive Board of VZ Group is responsible for the management of the entire company. It has the necessary leadership skills, expertise and experience in the banking and financial sector required for the approval of VZ Group’s business operation.

Portrait von Giulio Vitarelli
Giulio Vitarelli
born 1971
Chairman of the Executive Board
Portrait von Marc Weber
Marc Weber
born 1976
Managing Director VZ Depository Bank
Portrait von Philipp Heer
Philipp Heer
born 1984
Managing Director VZ VermögensZentrum (Switzerland)
Portrait von Thomas Schönbucher
Thomas Schönbucher
born 1973
Deputy CEO of VZ VermögensZentrum (Switzerland)
Simon Tellenbach
born 1983
Director for Corporate Clients
Manuel Rütsche
born 1984
Head Asset Management VZ Depository Bank
Portrait von Rafael Pfaffen
Rafael Pfaffen
born 1977
Chief Financial Officer

Share capital

VZ Holding AG’s share capital amounts to CHF 2 million, divided into 40'000'000 fully paid-up registred shares with a nominal value of CHF 0.05 each.

There are no shareholder pooling agreements. There are no cross-shareholdings and other corporations. Each registred share entitles its holder to one vote at the shareholders' meetings.

Major shareholders on 31 December 2023  
Matthias Reinhart (directly and indirectly) 61,14%
Members of the Board of Directors1 0,25%
Other members of the Executive Board1 0,73%
VZ employees2 4,73%
The Capital Group Companies, Inc. 3,02%
Treasury shares 1,57%
Free float / remainder 28,56%

1 Without related parties.

2 All shares of employees that are registered in the share register are reported.


Duration of the mandate and term of office of the head auditor

The shareholders’ meeting held on 12 April 2023 elected PricewaterhouseCoopers (PwC) as external auditor of VZ Holding and VZ Group for the 2023 financial year. PwC has held this mandate since 2012, and Beat Rütsche has been the head auditor since 2019. He may exercise this mandate for another two years, before the legally required rotation is due.

Auditing fee

PwC charged revision fees of TCHF 783 (2022: TCHF 661) for the financial and regulatory review in the financial year 2023.

Additional fees

In 2023, PwC supported VZ Group in the implementation of regulatory requirements. Fees of TCHF 23 were charged for this service (2022: TCHF 20), representing 3.0 per cent of the audit fee. This additional service does not cause any conflicts of interest and is compatible with the audit tasks.

Our values and objectives

VZ Group’s Code of Conduct describes the values, objectives and behaviour that serve as a guideline for all employees within the group.

Code of Conduct for VZ employees (PDF)

Articles of association and Organisational Regulations

The structure of VZ Group's organisation is governed by the articles of association. The Organisational Regulations govern the duties and powers of the Board of Directors and the Executive Board of VZ Group, the internal auditors and the independent control bodies.

Articles of association (PDF)
Organisational Regulations (PDF)

Compensation report

The compensation report provides information about VZ Group’s guiding principles and responsibilities for compensation. In addition, the individual components of the compensation of the Board of Directors and of the Executive Board are described in detail.

Compensation report 2023 (PDF)

Sustainability report

We take our environmental and social responsibility seriously and consider sustainability aspects in important decisions.

In the report on non-financial matters, we disclose how VZ Holding Ltd and its consolidated subsidiaries deal with the non-financial matters listed in Art. 964a ff. on the Swiss Code of Obligation. The report is based on VZ Group’s business model and contains all essential information on environmental, social and employee matters, the respect of human rights and combating of corruption.

Additionally, the sustainability report also contains information on the topics of financial investment, responsible corporate governance, social commitment, responsibility as an employer and environmental responsibility.

Report on non-financial matters 2023 (PDF)
Download the Sustainability Report 2023 (PDF)

Risk Management

An impeccable reputation among clients, investors, creditors, government agencies, business partners and the public is VZ Group’s most valuable asset. Managing risks effectively contributes greatly to this reputation. Therefore, the correct assessment, the careful and conscious handling and the systematic monitoring of all important risks is crucial for the the company’s long-term success. No business activity is free of risks, and financial institutions active in the balance sheet business are exposed to particularly high risks. VZ Group avoids activities with an unfavourable risk/return ratio and enters a business field only if it has the human and technical resources to adequately control the risks.

Risk Management 2023 (PDF)