Corporate governance at the LLB Group
Our corporate governance structure ensures responsible management, guarantees correct monitoring processes and promotes transparency at the LLB Group. To us, corporate governance includes disclosing the rules which govern the way we do business. Our Code of Conduct defines our concept of integrity, which is based on our system of values.
The fundamental basis for our corporate governance are the SIX Swiss Exchange directives about corporate governance, the Liechtenstein law concerning the control and supervision of public companies (ÖUSG) and the law concerning the Liechtensteinische Landesbank. In 2011, the Liechtenstein Government issued an investment strategy for LLB.
Major shareholder: The Principality of Liechtenstein
The law concerning the control and supervision of public companies (ÖUSG), which came into force on 1 January 2010, requires the Liechtenstein Government to issue a decree about an investment strategy for the Principality's investment in Liechtensteinische Landesbank AG. On 22 November 2011, the Liechtenstein Government as representative of the majority shareholder, the Principality of Liechtenstein, enacted this investment strategy.
The investment strategy defines how the Principality intends to use its majority equity stake in Liechtensteinische Landesbank AG in the medium and long term, thus also giving minority shareholders certainty in planning.
The Liechtenstein Government explicitly supports the stock exchange listing of LLB and maintains its majority stake of at least 51 percent. The Government represents the shareholder interests of the Principality at the General Meeting of Shareholders pursuant to the rights afforded to it by stock corporation law. The Government observes corporate autonomy as well as the rights and obligations resulting from the stock exchange listing. At the same time, the Government, as a shareholder, also respects the decision-making authority of the Board of Directors regarding corporate strategy and corporate policy.
Drawing on Art. 15 of the Corporate Governance Law, the investment strategy was decided upon after consultation with the Board of Directors of LLB. As an entrepreneurial group that is partly public but at the same time subject to market rules and regulations as well as competition, we are continuously developing our corporate governance further.
Code of Conduct
Our Code of Conduct helps us to preserve the respect and credibility we have established with our clients, investors and partners as well as with the authorities and the public. It represents a set of guidelines for conducting ourselves correctly in our daily work – in all our target markets around the world.
The Code of Conduct is a voluntary self-regulation tool of the LLB Group. It contains regulations that provide a binding description of the conduct desired from members of the Board of Directors and the Group Executive Management as well as from employees. It will help us to act responsibly in making the right choice when faced with possible questions or difficult situations. And it will determine the way we think and act in accordance with legal, ethical and social standards. Any breaches in regulations can have various consequences.
Our reputation is our most important asset. In accordance with our corporate policy, employees can report breaches of laws, regulations, guidelines and the Code of Conduct to responsible internal bodies. We encourage employees to report relevant breaches directly to their responsible line manager, the person of trust or those responsible in Group Legal & Compliance. Such reports can be made confidentially and anonymously.