The 2022 Switzerland Spencer Stuart Board Index is a survey of the 48 largest public companies with a premium listing on the Swiss Market Index.
As with previous editions, our sample includes companies in the SMI Expanded index, i.e., the SMI and the SMI Mid, as at their annual September index basket adjustment. The 48 companies under review represent more than 90% of the entire Swiss equity market.
Our research takes into account a combination of publicly available sources such as company annual reports, websites, announcements, and articles of association, 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 2021 and 2022 financial years.
Board composition, female and foreign representation, independence, tenure, age, and the number of newly appointed and first-time directors are measured as of 31 May 2022.
Reflecting the changed composition of the SMI Expanded in 2022, the number of companies surveyed has increased from 45 in 2021 to 48 for the present edition.
There are nine changes of constituents since the 2021 edition:
- Logitech (Technology) moved up from the SMI Mid to the SMI.
- The Swatch Group (Consumer) moved down from the SMI to SMI Mid.
- Bachem (Healthcare), Galenica (Healthcare), Georg Fischer (Industrial), SIG Group (Industrial), and Zur Rose Group (Healthcare) entered the SMI Mid for the first time.
- Vifor Pharma (Healthcare) and OC Oerlikon (Industrial) are no longer part of SMI Mid.