The SNB as a joint-stock company

The SNB was founded on the basis of the Federal Act on the Swiss National Bank, which entered into force on 16 January 1906. It opened for business on 20 June 1907.

The SNB is a joint-stock company governed by special provisions under federal law. It is administered with the cooperation and under the supervision of the Confederation in accordance with the provisions of the National Bank Act (NBA). Its shares are registered and listed on the stock exchange. The share capital amounts to CHF 25 million, approximately 55% of which is held by public shareholders (cantons, cantonal banks, etc.). The remaining shares are largely in the hands of private persons. The Confederation does not hold any shares.

Shareholders wishing to take part in the General Meeting are requested to order their admission card. This may either be done in writing (by filling in and signing the response card received together with the invitation and returning it to sharecomm AG, SNB 2024 General Meeting, Europastrasse 29, 8152 Glattbrugg, Switzerland) or electronically (by means of their user account on the sharecomm AG online platform). The final deadline for ordering the admission card electronically is 12 noon on 24 April 2024.

Any shareholder listed in the share register is eligible to attend the General Meeting of Shareholders (art. 37 para. 1 NBA). Persons listed as shareholders in the share register on 18 April 2024 and whose shares are not removed from the register before the General Meeting are entitled to participate. Only those recognition requests received by the share register office before 9 am on 17 April 2024 will be processed.

The SNB will recognise only one representative for each share (art. 3 Regulations on the recognition and representation of shareholders of the Swiss National Bank).

From 3 April 2024

Agenda items with proposals submitted by shareholders must be signed by at least 20 shareholders and submitted to the President of the Bank Council in writing by 5 February 2024 (art. 35 para. 2 NBA).
No decisions shall be passed with respect to proposals on agenda items which have not been announced in the invitation (art. 35 para. 3 NBA).

Beatrice Stuber-Jordi, Notary, or, should she be unable to attend, Olivier Jann, Notary (both Notariat Stuber-Jordi, Thunstrasse 72, 3074 Muri bei Bern), will once again act as independent Proxy in accordance with art. 689c of the Code of Obligations.

Shareholders wishing to be represented by the independent proxy may either grant their power of attorney and instructions in writing, using the appro¬priate forms, or electronically via the sharecomm AG online platform. The final deadline for granting power of attorney and instructions is 12 noon on 24 April 2024.

The independent proxy shall not disclose the distribution of the votes until the vote at the General Meeting of Shareholders has taken place and shall not provide the SNB with any information in this regard.

The independent proxy abstains from voting if they are granted powers of attorney without instructions.

Signed response cards submitted to the SNB that do not include individual statements of participation and do not designate a representative will be forwarded to the independent proxy if they are linked to voting instructions. If they are not linked to voting instructions, they will be considered as an individual registration of the respective shareholders.

Any shareholder may authorise in writing another shareholder to represent them at the General Meeting of Shareholders (art. 37 para. 2 NBA).

Shareholders wishing to be represented at the General Meeting by another shareholder are requested to designate their representative on the response card.

The financial report for 2023 and the report of the Audit Board can be accessed at, News & Publications, Annual Report, from 19 March 2024, and will be available at the SNB's Berne and Zurich offices from 4 April 2024. They can be ordered in writing, using the response card, or electronically via the sharecomm AG online platform.

The invitation to the General Meeting of Shareholders and notifications to shareholders are communicated by letter to the addresses listed in the share register and by one-off publication in the Swiss Official Gazette of Commerce (art. 28 NBA).

25 April 2025, 10 am

Decisions of the 2024 General Meeting of Shareholders

Decisions of the 116th Ordinary General Meeting of Shareholders of the Swiss National Bank held on 26 April 2024

The General Meeting of Shareholders approved the financial report for 2023 with 52,713 votes in favour out of 55,829 represented votes. There were 701 votes against and 795 abstentions.

The General Meeting of Shareholders granted discharge to the Bank Council with 54,610 votes in favour out of 55,829 represented votes. There were 352 votes against and 762 abstentions.

The General Meeting of Shareholders elected former members

  • Vania Alleva with 53,281 votes in favour (there were 1 195 votes against and 1 317 abstentions),
  • Rajna Gibson Brandon with 53,931 votes in favour (there were 637 votes against and 1 219 abstentions),
  • Romeo Lacher with 51,979 votes in favour (there were 2,435 votes against and 1,382 abstentions),
  • Christoph Mäder with 53,804 votes in favour (there were 632 votes against and 1,366 abstentions),
  • Angelo Ranaldo with 53,907 votes in favour (there were 597 votes against and 1,301 abstentions)

out of 55,830 represented votes as members of the Bank Council for the 2024-2028 term of office.

The General Meeting of Shareholders appointed KPMG Ltd as the External Auditor for the 2024-2025 term of office with 54,651 votes in favour out of 55,830 represented votes. There were 149 votes against and 975 abstentions.

Share capital and dividend

For 2023, the following dates and comments are applicable (this information is updated each January for the current year):

The share capital of the SNB amounts to CHF 25 million and is divided into 100,000 registered shares with a nominal value of CHF 250 each. The shares are fully paid up (art. 25 para. 1 NBA).

The SNB shares are listed on SIX Swiss Exchange, the Swiss stock exchange.

Due to the legally stipulated maximum dividend of 6%, the price of the SNB share usually develops along similar lines to a long-term Confederation bond with a 6% coupon.

The taxable value of the SNB share for 2023 amounts to CHF 4,300.

According to provisional calculations, the SNB will report a loss in the order of CHF 3 billion for the 2023 financial year. The allocation to the provisions for currency reserves will be CHF 10.5 billion. After taking into account the negative distribution reserve of CHF 39.5 billion, the net loss will be around CHF 53 billion.

Pursuant to the provisions of the National Bank Act and the profit distribution agreement between the Federal Department of Finance and the SNB, the net loss precludes a distribution for the 2023 financial year.

This affects both dividend payments to the SNB shareholders and the profit distribution to the Confederation and the cantons.

Taxable value

SNB registered share CHF 250.00

Securities no. 131926

  • Taxable value as per 31.12.2023: 4 300,00
  • Taxable value as per 31.12.2022: 4 790,00
  • Taxable value as per 31.12.2021: 5 240,00
  • Taxable value as per 31.12.2020: 4 680,00
  • Taxable value as per 31.12.2019: 5 390,00
  • Taxable value as per 31.12.2018: 4 150,00
  • Taxable value as per 31.12.2017: 3 889,00
  • Taxable value as per 31.12.2016: 1 750,00
  • Taxable value as per 31.12.2015: 1 099,00
  • Taxable value as per 31.12.2014: 1 060,00
  • Taxable value as per 31.12.2013: 1 045,00
  • Taxable value as per 31.12.2012: 1 028,00
  • Taxable value as per 31.12.2011: 947,00
  • Taxable value as per 31.12.2010: 990,00
  • Taxable value as per 31.12.2009: 994,00
  • Taxable value as per 31.12.2008: 1 025,00
  • Taxable value as per 31.12.2007: 1 400,00
  • Taxable value as per 31.12.2006: 1 280,00
  • Taxable value as per 31.12.2005: 1 130,00
  • Taxable value as per 31.12.2004*: 1 100,00
  • Taxable value as per 31.12.2003: 732,00
  • Taxable value as per 31.12.2002: 699,00

*01.05.2004: reduction in nominal value (without compensation) from CHF 500.00, paid in at CHF 250.00, to CHF 250.00

Provisions on joint-stock companies

As the National Bank fulfils a public mandate and is administered with the cooperation and under the supervision of the Confederation, the shareholders’ rights are restricted as compared with a joint-stock company under private law.

Ad hoc announcements and messaging services

In accordance with art. 53 para. 1 of the SWX Listing Rules (LR), the SNB is obliged to inform the market of potentially price-sensitive facts and to provide a service that allows any such potentially price-sensitive facts to be communicated to all interested parties promptly and free of charge. If you wish to take advantage of this service, you may subscribe to the RSS feed below via a feed reader or similar RSS-enabled programme.

The messaging service is used to communicate potentially price-sensitive facts pursuant to art. 53 para. 1 LR only. As the SNB is the Swiss Confederation’s central bank and the legal status of the SNB’s shareholders is essentially laid down in the National Bank Act (NBA), events that could significantly affect the price of the SNB share occur very rarely. Announcements remain on the SNB website for a period of two years. Liability for damage of any kind resulting from the use of the messaging service is excluded (for further information on legal matters, see also Legal issues).

This might also be of interest

The monetary policy decisions

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The monetary policy strategy

The SNB conducts Switzerland’s monetary policy as an independent central bank. Find relevant information here.

The SNB’s supervisory and executive bodies

Function, composition, members: Find out about the Bank Council and the Governing Board here.

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