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8. Administrative expenses

(in CHF 1 000)

Administrative expenses comprise the following:

 

 

2020

 

2019

Asset manager

 

 

 

 

– Management fees (incl. VAT)

 

39 811

 

40 512

Personnel

 

 

 

 

– Board of Directors remuneration

 

1 223

 

1 098

– Wages and salaries

 

593

 

634

– Social insurance contributions and duties

 

128

 

131

 

 

41 755

 

42 375

The remuneration model of BB Biotech AG is determined by the Board of Directors. 

Since 2014, the remuneration paid to the investment manager is based upon a 1.1% p.a. all-in fee on the average market capitalization without any additional fixed or performance-based elements of compensation, which is paid on a monthly basis. The compensation of the Board of Directors consists since 2014 of a fixed compensation.

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