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Board of Trustees and Committees

The Pension Fund of Credit Suisse Group (Switzerland) comprises two foundations:

PF – pension capital savings and PF2 – retirement capital savings. Its main goal is to promote the interests of its insured and those entitled to a pension from the Pension Fund.

The PF - pension capital administers in particular the pension capital savings pension pot.

Board of Trustees

As the highest governing body, the Board of Trustees manages and supervises the Pension Fund of Credit Suisse Group (Switzerland). The Board of Trustees consists of an equal number of employer and employee representatives, as follows:

  • Five employer representatives
  • Five employee representatives
  • One employer representative for retired members
  • One employee representative for retired members

The following are members of the Board of Trustees for the 2017–2020 term of office:

Employer Representatives

Employee Representatives

Retiree Representatives

PF 2 - retirement capital savings administers in particular the retirement capital savings pension pot based on the investment strategy selected by the insured.

Board of Trustees

As the highest governing body, the Board of Trustees manages and supervises the Pension Fund 2 of Credit Suisse Group (Switzerland). The Board of Trustees consists of an equal number of employer and employee representatives, as follows:

  • five employer representatives
  • five employee representatives

The following are members of the Board of Trustees for the 2017–2020 term of office:

Employer Representatives

Employee Representatives

If a member of the Board of Trustees resigns from his or her post during the term of office, a replacement member will join the Board, according to the provisions of the election regulations. Replacement Board members serve the remainder of their predecessor's term of office.

Duties of the Board of Trustees

During their four-year term of office, the members of the Board of Trustees promote the interests of those insured by the Pension Fund. This body appoints the management, the pensions actuary, the auditors, and the Investment Committee. The Board of Trustees determines the overall strategy for the Pension Fund and monitors its implementation. It also defines guiding principles for the areas of pension provision, investment of assets, organization, communication, and training for members of the Board of Trustees. It keeps the insured informed and is the point of contact for the Staff Council of Credit Suisse AG (Switzerland).

The Board of Trustees issues various sets of regulations. The main regulations include the following:

  • Pension Fund Regulations
    The Pension Fund Regulations are of fundamental importance for the insured as they define the contribution payments and benefit entitlements.
  • Organizational Regulations
    The Organizational Regulations provide an overview of the duties and responsibilities of the individual bodies.
  • Investment Regulations
    The Investment Regulations govern the procedures, competencies and monitoring cycles for the investment of the Pension Fund's assets.

In addition, the Board of Trustees is responsible for:

  • Approving the financial statements and the annual report
  • Defining and reviewing the investment strategy and strategic bandwidths
  • Regularly reviewing investment activities and measuring performance
  • Determining the fluctuation reserve

Other Committees

Investment Committee

The Investment Committee is the specialist body responsible for the management of the foundation's assets. It prepares the basis for investment-related decisions by the Board of Trustees and manages the implementation of these decisions.

The tasks of the Investment Committee include:

  • Setting the tactical bandwidths on the basis of the investment strategy defined by the Board of Trustees;
  • Specifying the investment instruments, to the extent that these have not been defined in the investment concept laid down by the Board of Trustees;
  • Defining the principles for issuing mortgage loans;
  • Approving transactions to optimize the risk or return ratio within the scope defined by the Board of Trustees (securities lending, reimbursement of commissions, etc.);
  • Ongoing monitoring of the overall asset base, the performance of individual asset categories as compared with the investment strategy, and individual mandates.

The following are members of the Investment Committee:

PF pension capital savings

  • Chairman: Philip Hess
  • Deputy Chairman: Thomas Isenschmid
  • Employee Representative: 
    • Daniel Ammon
    • Daniel Egli
  • Employer Representatives:
    • Thomas Gottstein
    • Michel Degen

PF 2 retirement capital savings

  • Chairman: Oliver Fässler
  • Employee Representatives:
    • Daniel Ammon
    • Thomas Isenschmid
  • Employer Representatives:
    • Michel Degen
    • Martin Wagner (without voting rights)
    • Guido Bächli (without voting rights)

Audit Committee

The Audit Committee assists the Board of Trustees in relation to financial reporting, risk management and compliance with statutory provisions.

The tasks of the Audit Committee include:

  • Evaluating the financial statements and the annual report;
  • Participating in the closing meetings with the auditors on the interim and year-end audit;
  • Participating in the closing meeting after an audit by the bank's internal audit;
  • Assessing the Pension Fund's risk management as well as the functioning and robustness of the internal control system;
  • Monitoring compliance with statutory regulations, in particular the loyalty and integrity regulations.

The following are members of the Audit Committee:

PF - pension capital savings

  • Chairman: Thomas Isenschmid
  • Employer Representative: Christian Stark
  • Employee Representatives: Martin Klaus, Thomas Bärlocher

Voting Committee

The Pension Fund exercises the shareholders' rights associated with equity investments in the interest of the insured based mainly on financial criteria. The body responsible for exercising voting rights is the Voting Committee.

In the case of routine business, voting rights are generally exercised in accordance with the proposals of the respective Board of Directors. In the case of proposals which could have a long-term impact on the interests of the insured (mergers, reorganizations, sales of subdivisions, change to capital or voting rights structure, etc.), voting takes place in accordance with the instructions of the Voting Rights Committee.

The Voting Committee makes its decisions by circular letter within a deadline set by the Investment Manager. If members of the Voting Committee do not issue a statement regarding a proposal from the Investment Manager within the set deadline, their approval of the proposal is assumed. Resolutions are passed with a majority of votes cast. In the event of deadlock, the chairman of the meeting shall cast the deciding vote. 

The following are members of the Voting Rights Committee:

PF - pension capital savings

  • Thomas Isenschmid (Chairman)
  • Michel Degen
  • Massimiliano Tagliabue
  • Martin Klaus
  • Martin Wagner (without voting right)
  • Guido Bächli (without voting right) 

Compensation Committee

The Compensation Committee of the Pension Fund supports the Board of Trustees in performing their management tasks by defining the remuneration for the Pension Fund's employees.

The Compensation Committee's responsibilities include the following tasks in the context of the annual remuneration process: 

  • Direct setting of the remuneration for the Pension Fund Management;
  • Approving the remuneration pool for other employees;
  • Provision of information to the Board of Trustees on the results of the remuneration process.

The Compensation Committee, which comprises at least three members of the Board of Trustees, ensures that the setting of remuneration is comprehensible and adheres to the bank's compensation principles.

The following are members of the Compensation Committee: 

PF - pension capital savings

  • Chairman: Christian Machate
  • Employer Representative: Philip Hess
  • Employee Representatives: Martin Klaus, Daniel Ammon

Training Committee

The Training Committee has the following responsibilities:

  • Initial training: developing a suitable program by internal and external specialist units or suppliers for the training of trustees.
  • Continuing education: determining the subject of the annual continuing education courses for the trustees.

The following members are represented:

PF - pension capital savings

  • Chairman: Thomas Isenschmid
  • Management Representative: Matthias Hochrein