Editorial Dr. Barbara Frei-Spreiter
Agility and flexibility are two key virtues these days. As a major listed real estate company, we are obliged, and indeed want, to continually develop in order to manage the changing circumstances of our environment and fulfil the needs of our stakeholders. As part of the Board of Directors’ renewal process, we’ve taken additional steps, strengthened committees and set key focal points for the future.
The only thing that is constant is change. Few sayings are as truthful as this one. Every day, we experience progress in different ways and are made aware of the speed and pace of life. But at the same time, we are surrounded by impermanence that we need to process and deal with. In order for us to continue to develop as a society, we need to see this constant process of change as an opportunity to learn from the past and be even better in the future.
This also applies to companies. Our products, services, process, structures and organisations will not last forever; people, customers and their needs, and the market as a whole, are constantly changing. The objective of the Swiss Prime Site Board of Directors is to continuously adapt the Company’s business model to the changing needs of the market. To do this, we need to renew our committees, embed expertise within the various group organisations, focus on key issues and review decisions taken in the past.
Around three years ago, we started a process to renew the Swiss Prime Site Board of Directors. In the course of this process, new personalities have joined the Board, bringing key competencies and knowledge into our Company. In addition to enriching our expertise, we have also been successful in improving our diversity through the addition of two female members to the Board of Directors. Gabrielle Nater-Bass brings many years of experience to both the Board of Directors and the Nomination and Compensation Committee. Thomas Studhalter has taken over from Rudolf Huber as Chairman of the Audit Committee.
This renewal process will continue and we will therefore propose the election of Ton Büchner as new Chairman of the Board of Directors at the 2020 Annual General Meeting. His extensive commercial experience and leadership expertise will enrich the Board. He will succeed Hans Peter Wehrli, who is not standing for re-election. Hans Peter Wehrli was elected to the Board of Directors in 2002, and has been Chairman since 2005. During this time, Swiss Prime Site has seen strong growth both organically and through acquisitions; it has created a sustainable position in the market and developed into the leading listed real estate company in Switzerland with a portfolio of over CHF 11 billion. Hans Peter Wehrli is now handing over leadership at a time when Swiss Prime Site is solidly positioned and enjoys promising perspecitves.
At the Executive Board level, we are pleased that Nina Müller has been nominated as CEO of our group company Jelmoli and that we have been able to find someone so highly qualified and with international experience in the premium retail sector to hold this important position. Knowledge transfer and the exchange of ideas is thriving within the various Swiss Prime Site group companies. In the past twelve months, a wide range of employees and directors moved between Wincasa, Jelmoli, Swiss Prime Site Immobilien and the group, taking on new areas of responsibility. At a time when demand for specialists is only going to increase, this is a positive sign. In the long term, we seek to retain our most important and sustainable capital in the Company: our employees. In order to confer more significance and strategic weight to the issue of sustainability and everything connected to it, the Board of Directors has set up a board, of which I, as Chair of the Nomination and Compensation Committee, am a member. It has the authority to work across the group and at all levels to ensure that our business model remains resilient and successful for the long term.
The first vesting period of the long-term incentive plan initiated for the Executive Board in 2017 will end in 2020. We are confident that we have chosen the right performance targets. This does not mean, however, that we will not make any adjustments necessary to ensure fair remuneration for management and secure the skills we need. We have achieved so much and are ready for the future.
