Swiss exchange gets tough on governance
The SIX Swiss stock exchange is investigating a listed asset manager over possible breaches of its corporate governance provisions, regarding disclosure of the company directors' roles in its 2008 annual report.
Vontobel Holding has been singled out as having potentially failed to adequately disclose and explain in the report how its executive structure worked.
The exchange, which is part of the SIX group, implemented an updated standard of corporate governance disclosure for the 2007/8 annual reporting season in September 2007.
The standard called for full clarification of the role of each executive committee member, working methods and compensation structures in order to improve transparency for investors. This move comes as Sir David Walker has today outlined plans to improve corporate governance among banks and financial institutions in the UK.
A spokesman for Vontobel told Financial News that the company was not permitted to comment on the investigation, but said it believed that it had fully complied with corporate governance standards and its annual report was in line with those of its peers.
A spokesman for the exchange said the investigation could take up to six months to complete.
Vontobel runs funds out of Switzerland and the US; in July the holding company announced it would buy the Swiss arm of Commerzbank.
– Write to: pfeuti@efinancialnews.com
– Vontobel's 2008 annual report can be seen here: http://bit.ly/4o8x1U
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