Sustainability

Corporate Governance

Ethical and responsible corporate governance is a key condition for creating sustainable value.

Corporate governance framework conditions

Ethical and responsible corporate governance is essential to sustainably develop our business and society.

Kim Berrendorf
Public Affairs & Sustainability

As a value-adding company, we always attach great importance to good business management in the sense of responsible corporate governance and pursue this tradition. Against the background of the Swiss Code of Best Practice and the SIX Corporate Governance rules, Baloise’s main aspiration is a corporate culture with high ethical standards which emphasises the integrity of the company and its employees.

We believe that high-quality corporate governance has a positive impact on the long-term performance of the company. Our corporate governance report follows the structure of the SIX Corporate Governance rules as amended in the version from 29 October 2008 to increase transparency and thus comparability with previous years and other companies. The Swiss Code of Best Practice for Corporate Governance by economiesuisse and in particular the Annex 1 published in 2007 with recommendations on compensation are also taken into account.

Voting rights

Voting principles

The companies of the Baloise Group fulfil their responsibilities as shareholders by exercising their legal voting rights on Swiss equities, and in the process observing the principles of good and ethically correct corporate governance (good governance). The corporate governance criteria are based on the principles defined in the "Swiss Code of Best Practice for Corporate Governance". When exercising voting rights, a long-term and sustainable approach in the interests of the corporation and its shareholders is followed, with a particular focus on long-term shareholder value development and corporate governance criteria. The voting behaviour is primarily determined by the interests of policyholders and the shareholders of Baloise companies. In addition, the interests of other stakeholders are also taken into consideration. For uncontested agenda items and routine business, the proposals of the Board of Directors of the relevant company are followed.

Exercising voting rights

Here you will find tables with the exercise of voting rights of the Baloise entities as well as of Baloise Investment Foundation for Pension Funds (BPF). The lists are updated every six months.

UK Tax Strategy

Introduction

The best possible customer service, combined with innovative products and services, makes Baloise the first choice for people who want to feel simply safe. Located at the heart of Europe, with its Head Office in Basel, the Baloise Group is a provider of prevention, pension, assistance and insurance solutions. Its core markets are Switzerland, Germany, Belgium and Luxembourg. In Switzerland, Baloise Insurance works together with Baloise Bank SoBa as a specialised financial services provider. The combination of an insurance company and bank, which is unique in Switzerland, provides customers with all-round consultation and solutions tailored to their needs.

The shares of Bâloise Holding Ltd are listed in the main segment of the SIX Swiss Exchange. 

Baloise has a tax relevant presence in the UK by a branch of the Swiss insurance company Basler Versicherung AG / Baloise Insurance Ltd, Basel (hereinafter referred to as “Baloise”). The branch does not have its own employees. The branch operates a run-off insurance and reinsurance non-life portfolio and is regulated by the  Prudential Regulation Authority (PRA) and by the Financial Conduct Authority (FCA). The branch does not write any new insurance policies.

Our approach to risk management and governance arrangements in relation to UK taxation

Baloise is willing to pay its fair share of taxes in all locations where it conducts  business. On the other hand, taxes are regarded as an economic cost, which have to be managed in order to achieve sustainable financial and economical results for the benefit of the shareholders but also for other relevant stakeholders, including but not limited to employees.

We have established and maintain policies and processes to ensure that taxes are calculated correctly, paid in a timely manner and the risk of error is minimised. 

Tax risks are considered within Baloise’s risk management and internal control system (ICS). 

We are committed to complying with all relevant tax laws and regulations in the UK. Due to our  limited presence in the UK we appoint a professional tax advisor to assist Baloise to comply with the relevant UK tax legislation.

Our attitude towards tax planning as affecting UK taxation

Tax planning is based on current relevant legislation. We undertake tax planning in connection with commercial transactions but will not enter into transactions that are purely tax driven or that result in an artificial or contrived outcome. 

Where it is necessary we appoint external tax advisors.

We apply the OECD transfer pricing guidelines to intercompany transactions.

The level of UK tax risk we are prepared to accept

Baloise is part of a highly regulated financial services group with a variety of stakeholders. Hence, its internal governance accepts only a low level of tax risk which must be monitored and reported. 

There are no predetermined limits with regard  to the amount for acceptable tax risk; it is assessed on a case by case basis. 

Where the applicable laws and regulations are subject to interpretation, we seek  adequate assurance regarding the position taken, either with the assistance of professional advisors or, if necessary, direct from HM Revenue & Customs (HMRC).

Our approach towards dealings with the HMRC

We maintain a transparent and open relationship with HMRC.

As such, we aim to inform HMRC about significant changes in the business being conducted in the UK. 

In the event that HMRC has a different interpretation of the tax impact of a specific business transaction, we endeavour to resolve this issue promptly through open and respectful dialogue with HMRC.

Baloise regards the publication of this Tax Strategy as compliant with the United Kingdom Finance Act 2016, Schedule 19, paragraph 22(2), for the financial year 2019.

Rules and regulations

Download the rules and regulations of Bâloise Holding Ltd. (available only in German).

Contact

Portrait Philipp Jermann

Secretary to the Board of Directors

Philipp Jermann

Phone

+41 58 285 89 42

E-mail

philipp.jermann@baloise.com

Sustainability

We create sustainable value.

Compliance

Legal and regulatory conditions.