8. Administrative expenses
Administrative expenses comprise the following:
in CHF 1 000 | 2023 | 2022 | ||
Investment manager | ||||
– Management fees | 27 682 | 36 497 | ||
Personnel | ||||
– Board of Directors remuneration | 1 680 | 1 550 | ||
– Wages and salaries | 600 | 578 | ||
– Social insurance contributions and duties | 120 | 122 | ||
30 083 | 38 747 |
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.