Mission

compenswiss is responsible for managing the assets of the Old Age and Survivors’ Insurance (AHV), the Disability Insurance (IV) and the Income Compensation Insurance (EO) schemes. It maintains sufficient liquidity to meet payment obligations at all times and invests the assets responsibly to achieve returns in line with the market.

Organization

compenswiss is a federal institution under public law with legal personality. Its organization is based on the Federal Act on the Institution for the Administration of the Swiss Federal Social Security Funds AHV, IV and EO (Social Security Funds Act) and on the Organisational Regulations approved by the Federal Department of Home Affairs. The institution is registered in the Commercial Register of Geneva.

  

Governance structure until 31.12.2021

Board of Directors

The Board of Directors is the supreme body of compenswiss. It consists of eleven members appointed by the Federal Council, who also appoints the President and Vice-President. The Swiss Confederation and the Swiss employers’ and trade union organisations are equally represented on the Board of Directors.

In addition, a representative of the Federal Social Insurance Office and a representative of the Federal Finance Administration attend the meetings of the Board in an advisory capacity. Mandates last four years and may be renewed twice.

The Board of Directors determines the investment strategy for the three compensation funds and adopts the organisational and contractual measures necessary to safeguard the interests of compenswiss. It appoints and supervises the members of the Executive Committee of the Management Office as well as supervises the internal control system and the risk management system and ensures the preparation of the annual report, which is submitted to the Federal Council for approval.

In the reporting year, the Board of Directors met four times for regular meetings and once for a strategic workshop.

As at 31 December 2021, the Board of Directors was composed as follows:

Further information on the affiliations of the compenswiss Board of Directors can be found at: https://www.admin.ch/ch/d/cf/ko/Gremien_interessenbindung_10460.html

Standing Committees of the Board of Directors

To ensure efficient handling of its responsibilities, the Board of Directors has set up two standing committees to which it has delegated various tasks and powers. Both committees report to the Board of Directors on a regular basis.

Investment Committee

The Investment Committee is responsible for preparing the business of the Board of Directors in the area of asset investment, assisting the Board of Directors in its handling and submission of proposals and making related recommendations.

In the year under review, the Investment Committee held four regular meetings and six extraordinary meetings. The topic of the investment process was the focus of the discussions.

As of 31 December 2021, the following members served on the Investment Committee:

Audit and Personnel Committee

This Committee prepares the affairs of the Board of Directors in the areas of organisation, audit, risk management and compliance, finance and human resources. It assists the Board of Directors in these matters by making proposals and recommendations.

During the year under review, the Audit and Personnel Committee met for four ordinary meetings, two extraordinary meetings and two meetings in connection with the recruitment of a member of the Executive Committee.

As of 31 December 2021, the following members served on the Audit and Personnel Committee:

Management Office

The Executive Committee is responsible for the operational activities of compenswiss. It implements the investment strategy adopted by the Board of Directors through internal and external management activities, monitors financial risks within the parameters set by the Board of Directors and manages operational and compliance risks. In addition, it supervises the investments and the account management and is responsible for the personnel administration.

The Executive Committee consists of six members, including the Director and the five department heads.

As of 31 December 2021, the Executive Committee consisted of the following:

 

 

Compensation of the Board of Directors and the Executive Committee

In 2021, the total remuneration for the Board of Directors including other ancillary benefits amounted to CHF 418 630 (CHF 407 800 in 2020). The remuneration of the Executive Committee is governed by the compenswiss Personnel Ordinance. The total compensation of the Executive Board including other ancillary benefits amounted to CHF 1 607 931 (CHF 1 665 418 in 2020), of which the Director received total compensation including other ancillary benefits of CHF 375 300.

For more details, see the Report on the remuneration of top-level executives of the Swiss federal enterprises and institutions.

Controls

Auditors

The auditors submit a detailed report on the results of their audit to the Board of Directors and the Federal Council. At the recommendation of the Board of Directors, the Federal Council has appointed Ernst & Young AG as the statutory external auditors with effect from 1 January 2019.

Internal audit

The internal audit function has been assigned to KPMG SA, which reports directly to the Board of Directors.

Investment control

The mandate of external investment controller is included in the internal audit mandate assigned to KPMG SA, which reports the results to the Board of Directors.

Compliance

compenswiss is committed to a high level of integrity. Compliance with the applicable legal provisions and internal standards of conduct is a central element of its culture and a fundamental principle of its management activities. The Compliance function pays particular attention to the corporate culture and ethical principles.

compenswiss values

Four core values guide compenswiss’ activities: Integrity, Professionalism, Collaboration, and Commitment. More information on this page: https://ar.compenswiss.ch/en_GB/compenswiss/values

Communication

compenswiss ensures an effective flow of information between its various bodies and fosters a constructive spirit of collaboration between them. The Executive Committee of compenswiss maintains an open dialogue with the Board of Directors and its committees and ensures clear and appropriate communication with all employees.

The investment results of compenswiss are announced at the annual media conference in February, while the operating results are communicated in April. In addition, the regularly updated website www.compenswiss.ch provides precise information on the activities of compenswiss and enables all interested parties to stay informed.

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