A nnual R eport D ecember 31, 2009 D reyfus S ons & C o B ...

able to the one of a typical private bank. The regulations
concerning the independence of the Board of
Directors are applied in a summarized manner i.e. some
members of the Board of Directors are also members of
the Executive Management. Also there is no Audit
Committee and it’s functions are exercised by the president
of the Board of Directors, Mr. Andreas Guth.
Since the bank grants credits only within its activities
of asset management, the risk of interest rate
changes in the clients business is insignificant.
Counter parties are defined by an internal rating system
with corresponding limits.
The identification, management and limitation of
market risks in the trading portfolio is made on a daily
basis. In general, only tradable instruments with a high
degree of liquidity should be used and attention is paid
to a balanced diversification.
The bank has outsourced some of its interbank ser -
vices.
Number of Personnel (expressed as full-time em -
ployees): At the end of 2009 the Bank employed 183
staff (prior year 179), among them are also members of
the fifth and sixth generation of the founder’s family. At
present nine of the employees are apprentices.
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