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7. Administrative expenses

(in CHF 1 000)

Administrative expenses comprise the following:

 

 

01.01.–31.03.2021

 

01.01.–31.03.2020

Asset manager

 

 

 

 

– Management fees (incl. VAT)

 

12 658

 

9 300

Personnel

 

 

 

 

– Board of Directors remuneration

 

353

 

290

– Wages and salaries

 

47

 

64

– Social insurance contributions and duties

 

20

 

31

 

 

13 078

 

9 685

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. The compensation of the Board of Directors consists since 2014 of a fixed compensation.

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