6. Administrative expenses
Administrative expenses comprise the following:
in CHF 1 000 | 01.01.–31.03.2024 | 01.01.–31.03.2023 | ||
Investment manager | ||||
– Management fees | 6 996 | 8 421 | ||
Personnel | ||||
– Board of Directors remuneration | 420 | 420 | ||
– Wages and salaries | 70 | 64 | ||
– Social insurance contributions and duties | 39 | 38 | ||
7 525 | 8 943 |
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.