Endnotes

Management Report

1 International Monetary Fund (IMF), World Economic Outlook Database, October 2025, https://www.imf.org

2 Federal Government Expert Group on Business Cycles, “Economic forecast: outlook improves slightly”, Swiss federal authorities, 15 December 2025, https://www.news.admin.ch

3 McKinsey & Company, “Unlocking Switzerland’s Potential: The Rise of Online Marketplaces”, McKinsey Insights, 5 March 2024, https://www.mckinsey.com

4 Media Focus Schweiz GmbH, Jahresrésumé 2025 – Schweizer Werbemarkt, Media Focus Publications, 28 January 2026, https://mediafocus.ch

Compensation Report

1 Adecco, Swiss Prime, Daetwyler, Temenos, Intershop, Belimo, PSP Swiss Property AG, Flughafen Zuerich, Avolta, Georg Fischer, Bachem, Emmi, Tecan, Ypsomed, Clariant, SFS, Siegfried, DKSH, Galenica, Bucher.

2 Adevinta, REA Group, AutoTrader, Lendo, Rightmove, Immoscout24, BCG.

3 Vend Marketplace ASA, Baltic Classifieds Group PLC, Auto Trader Group PLC, Scout24 SE, Rightmove PLC, Hemnet Group AB, REA Group Ltd, Zillow Group (Inc. Class C), Car Group Limited, Swatch, Belimo Holding AG, PSP Swiss Property AG, SIG Group, Georg Fischer, Barry Callebaut AG, EMS-Chemie, Flughafen Zürich, Galenica.