8. Administrative expenses
Administrative expenses comprise the following:
in CHF 1 000 | 2024 | 2023 | ||
Investment manager | ||||
– Management fees | 24 943 | 27 682 | ||
Personnel | ||||
– Board of Directors remuneration | 1 665 | 1 680 | ||
– Wages and salaries | 623 | 600 | ||
– Social insurance contributions and duties | 128 | 120 | ||
27 359 | 30 083 |
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.