Annual Report 2002

Walo Frischknecht (born October 7, 1946; Swiss citizen)
is a Board member as well as a member of the Audit
Committee of VP Bank. He is Head of the Executive Board
of BZ Bank Aktiengesellschaft, Wilen, a subsidiary of BZ
Group Holding AG, Wilen (see point 1.2, ‘Significant
shareholders’); Chairman of the Board of both Fundus
Holding AG, Wilen, and Fundus Treuhand AG, Zürich;
a board member of Allhost Holding, Wilen; as well as a
trustee of the Frauenwinkel Foundation, Freienbach.
Mr. Frischknecht is also a member and vice president
of the Education Council of the Canton of Schwyz.
Parallel to his career activities, Mr. Frischknecht completed
various study programs and received the following
degrees: Certified Business Economist KSZ, Certified
Public Accountant, Certified Bookkeeper/Controller, as
well as certification as a controller from the Controller-
Akademie, Gauting (D).
Mr. Frischknecht’s career has included positions at Price
Waterhouse, Zurich, Revision AG, Zurich, as well as Bank
Leu AG in Zurich where he was active as an auditor, controller
and head of the accounting department. In addition,
he was Group Controller of Leu Holding AG, Zug, and BZ
Trust AG, Wilen.
Outside of his professional activities, Mr. Walo Frischknecht
from 1990 through 1996 was purser of the Municipal
Council of Freienbach SZ, as well as mayor of that town.
Prof. Dr. Beat Bernet (born December 7, 1954; Swiss
citizen) is a member of the Board of Directors of VP Bank.
He is a director of the Swiss Institute of Banking and Finance
at the University of St. Gallen, as well as co-proprietor and
Chairman of the Board of RUF Datensysteme AG, Schlieren.
Dr. Bernet built up an international consulting organisation
focused on banking and finance that today caters to more
than 120 banks in ten countries. He also heads a number
of major international projects in the areas of banking strategy
and banking technology.
Upon completing his studies in economics at the University
of Zurich, where he majored in management, banking and
accounting, he received his Dr. oec. publ. degree in 1981.
In 1995, Dr. Bernet promoted to professor at the University
of St.Gallen (HSG) and, in 1996, he was appointed Professor
of Economics at HSG with special focus on banking.
3.2 Other activities and vested interests
The outside activities of Board members and any vested
interests they may have can be ascertained from the
biographies shown under point 3.1, above.
As is customary for a universal bank, VP Bank maintains
business relationships with numerous domestic and international
companies. That also applies with regard to the
natural persons and legal entities with whom the Board
members are closely related. These business relationships
in no way impair the independence or objectivity of the
members of the Board of Directors.
3.3 Cross-involvement
No interlocking directorates exist among the Board members
of VP Bank AG and any other listed companies.
3.4 Elections and term of office
Details on the election and terms of office for current
members of the Board of Directors can be found in the
table included in point 3.1, above. Pursuant to Art. 16 of
the company’s articles of incorporation, the Board of
Directors comprises a minimum of five members, each of
whom is elected to a three-year term of office. Re-election
is permissible.
The Board elects the Chairman and Vice-Chairman from
among its members for a term of office of three years.
Re-election is permissible. The majority of Board members
must be citizens of Liechtenstein.
3.5 Internal organisational structure
The internal organisation of the Board of Directors is
governed by Arts. 16-19 of the articles of incorporation,
as well as by the company’s Organisation and Business
Rules (hereinafter, ‘OBR’).
Pursuant to the provision of the articles of incorporation
and OBR, the Board of Directors decides on the overall
strategy, the medium- and long-term objectives, as well
as the management guidelines of the VP Bank Group.
At the proposal of the Board of Management, the Board
decides on the annual budget (consolidated and at Group
level), significant projects, individual company balancing
and group financial statements, as well as important personnel-related
issues.
annual report 2002 | vp bank | page 35