The 2021 Switzerland Spencer Stuart Board Index is a survey of the 45 largest public companies with a premium listing on the Swiss Market Index (SMI).
As with previous editions, our sample includes companies in the SMI 20 and SMI Mid indices, as at their annual September index basket adjustment.
Our research was compiled from a combination of publicly available sources such as company annual reports, websites, and announcements, in addition to proxy statements where publicly available.
Our analysis of board size, committee structure, board and committee meetings, and director remuneration is derived from the most recently available annual reports covering the 2019 and 2020 financial years.
Board composition, female and foreign representation, independence, tenure and age are measured as of April 2021 (relevant data from previous years are also taken from April).
Some differences occur between the 2020 and 2021 constituent groups.
GAM Holdings and Georg Fisher are constituents of the SMI Mid in the 2020 group but are not included in the 2021 group.
Sunrise Communications Group announced its delisting of the SIX Swiss Exchange in December 2020, becoming a subsidiary of Liberty Global Group in April 2021, which is listed on Nasdaq. The company is part of our 2020 sample group as an SMI Mid company but is not part of the 2021 sample.
Zurich Insurance Group features in both 2020 and 2021, but in different listings. In the 2021 analysis, Zurich is listed under the SMI 20; in the 2020 analysis, it falls under the SMI Mid.
Cembra Money Bank, PSP Swiss Property, and Tecan Group are part of the SMI Mid sample group in the 2021 analysis only.