The SNB as an organisation
The SNB has two head offices, one in Berne and one in Zurich, as well as a branch office in Singapore. It maintains six representative offices (in Basel, Geneva, Lausanne, Lugano, Lucerne and St Gallen). It also has 13 agencies operated by cantonal banks and serving the country’s supply of money.
Independence, accountability and relationship with the Confederation
The independence of the Swiss National Bank is enshrined as a principle in the Constitution. It entails various aspects, which are set out in detail in the National Bank Act. The functional independence consists in the formal prohibition of the SNB and its bodies against accepting instructions issued by the Federal Council, the Federal Assembly or any other body in fulfilling its monetary tasks (authority to act independent of instructions). The financial independence is evident both in the SNB’s budgetary autonomy and in the prohibition against granting loans to the Confederation, which bars the state from accessing the banknote press. Finally, the independence of the SNB in personnel matters is reflected by the fact that members of the Governing Board and their deputies may be removed from office during their fixed term only if they no longer fulfil the requirements for exercising their office or have committed a grave offence.
The SNB’s organisation at a glance
The organisation of the SNB is regulated in the National Bank Act and in organisation regulations.
The National Bank has two head offices one in Berne and one in Zurich, as well as a branch office in Singapore. Moreover, it maintains six representative offices (in Basel, Geneva, Lausanne, Lugano, Lucerne and St Gallen). In addition, it has 13 agencies operated by cantonal banks and serving the country’s supply of money.
The General Meeting of Shareholders is held once a year, as a rule in April. Owing to the SNB’s public mandate, the powers of the Shareholders’ Meeting are not as extensive as in joint-stock companies under private law.
The Bank Council oversees and controls the conduct of business by the National Bank. It consists of 11 members. Six members, including the President and Vice-President, are appointed by the Federal Council, and five by the Shareholders’ Meeting. The Bank Council sets up four committees from its own ranks: an Audit Committee, a Risk Committee, a Remuneration Committee and an Appointment Committee.
The National Bank’s supreme managing and executive body is the Governing Board. It is in particular responsible for monetary policy, asset investment strategy and international monetary cooperation.
The Enlarged Governing Board consists of the three members of the Governing Board and their deputies. It is responsible for the strategic and operational management of the SNB.
The members of the Governing Board and their deputies are appointed for a six-year term by the Federal Council upon recommendation of the Bank Council. Re-election is possible.
The National Bank is divided into three Departments. The organisational units of Departments I and III are for the most part located in Zurich and those of Department II in Berne.
The scope of business of Department I includes: Economic Affairs, International Affairs, Legal Services, Communications, Statistics.
The scope of business of Department II includes: Finance, Risk Management, Financial Stability, Cash, Security.
The scope of business of Department III includes: Money Market and Foreign Exchange, Asset Management, Banking Operations, Information Technology.
The Secretariat General is the staff unit of the Governing Board and the Bank Council. It reports to the Governing Board and, in an administrative sense, belongs to Department I.
The Internal Auditors unit reports to the Audit Committee of the Bank Council.
Sustainability management
The annual Sustainability Report sets out how the SNB puts the principle of operational sustainability into practice in its interactions with employees, society and the environment.
Since 1996 the SNB has been pursuing an environmental management policy centred on an annual life cycle assessment aimed at reducing resource consumption. For 2009 through to 2016, the SNB published an annual Environmental Report laying out its objectives and performance in this regard. For the 2018 financial year, this evolved into a sustainability report with the addition of two further key areas – employees and society. The ’Environment’ chapter of this new report also includes the environmental data for 2017.
