10 Important changes since the balance sheet date
Dr. Josef Fehr stepped down as Chairman of the Group Executive Board and the Board of Management of the Liechtensteinische Landesbank, for personal reasons and at his own request, as of 16 January 2012. The Board of Management appointed his former deputy Roland Matt as Chief Executive Officer and Christoph M. Reich as Chief Financial Officer; the latter was also elected a new member of the Group Executive Board and the Board of Management. The new Group Executive Board and the Board of Management now consists of five members. The recruitment process for the vacant position of the Head of the International Market Business Division has commenced.
The Board of Directors, the Group Executive Board and the Board of Management want to align the organizational structure of the LLB Group more strongly with clients and markets and have initiated a corresponding project. The implementation of the new organizational structure is planned for 1 July 2012.
How Switzerland deals with the issue of compensation is of decisive importance for the LLB Group as a SIX Swiss Exchange listed company. The Swiss Parliament intends to have drafted a counter-proposal to the so-called «initiative against rip-off salaries» («Abzocker-Initiative») by summer 2012. At the same time, developments in the European Union are relevant for Liechtenstein as an EEA member state. On 1 January 2012, the new EU compensation regulations came into force in Liechtenstein.
On 18 August 2011, the Board of Directors approved Group «Compensation and Remuneration Standards» for Liechtensteinische Landesbank AG and its Group companies on the basis of Appendix 4.4 to the ordinance on banks and securities firms (Banking Ordinance) and the new EU directive 2010/76/EU. As stated in the transitional provisions of the Banking Ordinance, the regulation of compensation and remuneration applies to work performance in 2012. The adoption of compensation and remuneration standards for Liechtensteinische Landesbank AG and its Group companies that are based on this is planned for 2012.