8. Administrative expenses
Administrative expenses comprise the following:
|
in CHF 1 000 |
|
2021 |
|
2020 |
|
Investment manager |
|
|
|
|
|
– Management fees (incl. VAT) |
|
50 681 |
|
39 811 |
|
Personnel |
|
|
|
|
|
– Board of Directors remuneration |
|
1 288 |
|
1 223 |
|
– Wages and salaries |
|
525 |
|
593 |
|
– Social insurance contributions and duties |
|
101 |
|
128 |
|
|
|
52 595 |
|
41 755 |
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.