Economiesuisse revises Swiss Code of Best Practice for Corporate Governance
Since 2002, the “Swiss Code of Best Practice for Corporate Governance” (“Swiss Code”) has served as a guideline for Swiss companies’ corporate governance. The Swiss Code emphasises responsible business practices and is geared toward company executives. In Switzerland, it is regarded as one of the fundamental guidelines on self-regulation for boards of directors and executive board members.
After the last revision in 2014, on 6 February 2023, economiesuisse revised the most recent version of the Swiss Code and published the substantially revised new edition. The new Swiss Code of Best Practice for Corporate Governance offers Swiss corporations guidance on how to structure their corporate governance. The new Swiss Code, according to a press release from economiesuisse, provides guidelines that exceed legal requirements while ensuring organizational flexibility.
There have been significant developments since the last revision in 2014. Economiesuisse emphasises that the most recent revision occurred against the backdrop of the new Swiss corporate law and the accelerated development in the field of sustainability. In addition, economiesuisse explained that since the last revision, the “comply or explain” approach has proven itself: companies are therefore still permitted to implement their own design concepts. However, they must provide an explanation if their corporate governance deviates from the Swiss Code recommendations. All the modifications to the Swiss Code are also intended to contribute to bolstering business confidence.
During summer of 2022, the proposals for amendments to the new Swiss Code drafted by a working group were put out for wide consultation. Subsequently, working group discussed the feedback. The Board of economiesuisse approved the revision of the Swiss Code on 14 November 2022. The document was then released on 6 February 2023.
These are the upcoming dates for our Annual General Meetings:
Thursday, 24 March 2022
Thursday, 23 March 2023