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BOSSARD ANNUAL REPORT 2022
Annual
Report
2022

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Bossard’s global team is fully commited to 
Proven Productivity. Together we create  
sustainable values for our customers.
Proven Productivity
The Bossard Group is a leading strategic partner for  
industrial fastening and assembly technology solutions  
to OEM customers globally with proven expertise in  
engineering and logistic services.
Bossard was founded in Zug in 1831. Today local and  
multinational companies count on Bossard’s expertise  
to increase their productivity – with success. Bossard 
calls this concept, which is also a promise to its custom-
ers, Proven Productivity. This includes, among other 
things, optimizing processes and reducing inventories to 
increase the efficiency and productivity sustainably. In  
addition, Bossard is considered a pioneer in developing 
intelligent production facilities in line with Industry 4.0.
With close to 3,000 employees at 82 locations in 32 coun-
tries throughout the world, the Bossard Group generated 
CHF 1,153.8 million in sales in the financial year 2022. 
Bossard is listed on the SIX Swiss Exchange.
SHORT PROFILE
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04	 At a glance
06	 Report to the shareholders
10	 Company
21	 Sustainability
60	 Corporate Governance
91	 Compensation Report
111	 Financial Report
Content
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22
1,154
18
20
19
21
871
876
813
995
EBIT
in CHF million
Net sales
in CHF million
Net income
in CHF million
Robust profitability in a challenging environment
AT A GLANCE
Thanks to strong demand across all three market 
regions, Bossard achieved new records in terms 
of sales as well as EBIT and net income in spite 
of an economically challenging environment 
and the tense situation on the procurement 
market.
Geographic sales 
distribution
in %
5
4
 
E
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o
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1
9
 
A
s
i
a
2
7
 
A
m
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r
i
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a
22
141
18
20
19
21
109
96
86
123
22
106
18
20
19
21
85
76
68
98
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Key figures
in CHF 1,000
2022
2021
Net sales
1,153,841
995,148
Change to prior year in %
15.9
22.4
Gross profit 
360,131
317,120
Personnel expenses 
216,475
199,732
in % of net sales
18.8
20.1
EBITDA
165,185
145,904
in % of net sales
14.3
14.7
EBIT
141,467
123,326
in % of net sales
12.3
12.4
Net income
105,583
98,017
in % of net sales
9.2
9.8
Cashflow 1)
129,301
120,595
in % of net sales
11.2
12.1
Capital expenditures
41,230
35,289
Operating net working capital 2)
554,964
435,620
in % of net sales
48.1
43.8
Net debt
318,989
217,222
Shareholders’ equity
379,623
349,548
in % of total assets
41.7
45.2
Total assets
910,089
772,776
Return on equity
29.0
29.2
Return on average capital employed (ROCE)
17.4
19.1
Dividend yield in % (Basis: share price at Dec. 31)
2.8
1.6
Earnings per share 3) 4)
 
Registered A share in CHF
13.38
12.53
Registered B share in CHF
2.68
2.51
Price/earnings ratio (Basis: share price at Dec. 31)
14.9
26.2
Price/book value per share
4.1
7.2
Annual weighted average number of employees 5)
2,765
2,516
Net sales per employee 6)
417.3
395.5
1)	
Net income + depreciation and  
amortization
2)	
Accounts receivable, inventories,  
less accounts payable
3)	
Basis: Average capital entitled to dividend
4)	
Basis: Share attributable to  
shareholders of Bossard Holding AG
5)	
Average full time equivalent
6)	
Basis: Annual weighted average  
number of employees
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New records in a challenging environment
REPORT TO THE SHAREHOLDERS
Dr. Daniel Bossard
CEO
Dr. Thomas Schmuckli
Chair of the board of directors 
Dear Shareholders,
After two years marked by the pandemic, numerous lock-
downs, and persistent interruptions in the global supply 
chains, we faced additional challenges due to the short-
age of skilled labor and the wage and cost inflation in the 
past financial year. Furthermore, the war in Ukraine and 
the resulting European energy crisis as well as the in-
creasing tensions between China and Taiwan have led to 
further market uncertainties. 
In this challenging environment, and despite the strong 
Swiss franc, Bossard achieved new records in sales as 
well as EBIT and net income thanks to strong demand 
across all three market regions. Sales in the financial 
year 2022 totaled CHF 1,153.8 million (prior year: CHF 
995.1 million). EBIT was CHF 141.5 million (prior year: 
CHF 123.3 million), corresponding to an EBIT margin of 
12.3 percent (prior year: 12.4 percent). Net income in-
creased by 7.7 percent to CHF 105.6 million (prior year: 
CHF 98.0 million). For the first time in its history, the 
Bossard Group achieved sales of over 1 billion Swiss 
francs and a net income of more than 100 million Swiss 
francs. 
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Optimal use of market momentum
The quality of our product solutions and our delivery 
capability are the foundation of our business. In times of 
various regional lockdowns, our long-standing proven 
purchasing strategy, which is based on multiple sources 
of procurement, once again proved beneficial. In combi-
nation with its strategically generous stock-keeping, 
Bossard was able to ensure the best-possible delivery 
capability to its customers and expand its market position 
as a reliable partner.
Digital customer retention 
The value of the cooperation with our customers grows 
thanks to our digital customer services. We help our 
customers design their processes more efficient, thus 
increasing productivity. We call this “Proven Productivity.”
Even 20 years after the market launch of the first fully 
digitalized and automated C-parts management system, 
there is unbroken demand for our solutions. With over 
437,000 installed Smart Devices, more than 1,100 cus-
tomers globally rely on our proven Smart Factory Logistics 
(SFL) applications. The Bossard Group provides its cus-
tomers a comprehensive supply of C-parts for production 
without manual intervention, thereby ensuring optimized 
stock level and a seamless flow of parts through produc-
tion. At the same time, Bossard SFL solutions provide 
customers with permanent visibility of their C-parts 
inventories, including their material flows.  
”Nearshoring” – back to the future
Complex procurement markets, high transportation 
costs, and increasing requirements for a responsible 
handling of resources have strengthened the trend toward 
“nearshoring.” As a result, the structural shortage of 
skilled workers manifested itself clearly in the past year, 
triggering increased demand for Bossard’s Smart Factory 
Assembly (SFA) solutions. Through smart tools and digital 
work instructions, these services help customers avoid 
errors in the assembly process while simultaneously 
accelerating it and training new employees very efficiently.
Our Smart Factory Assembly solutions allow us to make 
another contribution toward increasing our customers’ 
productivity.
Continued strong growth across all regions
The Bossard Group’s positive business development, 
ongoing since the fourth quarter of 2020, continued, 
especially in America and Asia. The market upturn was 
supported by recently won customer projects and the 
higher structural growth in the focus industries. Continued 
diversification of the customer base in the electromobility 
sector was reflected in the solid order situation from 
manufacturers of passenger and commercial vehicles 
as well as from manufacturers of charging stations for 
electrical vehicles.
Demand in Europe remained at a constantly high level in 
spite of geopolitical tensions and the resulting challenges. 
In an environment marked by inflation and a shortage of 
skilled labor, Bossard’s Smart Factory services drew even 
more attention from customers. 
The positive business development in America was driven 
by ongoing dynamic economic growth. In the electro-
mobility sector, exciting commercial vehicle projects were 
implemented. In November, Bossard acquired PENN 
Engineered Fasteners Corporation, the Canadian distribu-
tion business of PennEngineering®, a US manufacturer 
of innovative fastening solutions. The acquisition is in line 
with the strategic approach to further expand Bossard’s 
capabilities in America.
In Asia, the Group benefited from growth initiatives of re-
cent years, resulting in expanded customer relationships, 
especially in the focus industries of railway, electromobility, 
and robotics. Despite repeated lockdowns in China, 
Bossard was able to maintain double-digit sales growth in 
local currency in this region for the ninth quarter in a row.
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Sustainability at Bossard
The Bossard Group has been committed to sustainable 
corporate development for generations. Innovative, effi-
cient, and holistic solutions – that is Bossard’s approach. 
With products and services that simplify and optimize 
our customers’ processes, sustainability is an integral 
component of Bossard’s business model.
 
Focus thanks to materiality analysis
In a strategic approach, Bossard identified the essential 
topics where its business activities have the greatest im-
pact on the economy, people, and the planet as well as 
its own long-term business success. These insights were 
prioritized to determine the current challenges as well 
as solutions for the future. Bossard’s four focus topics – 
Future Proven Solutions, Reduced Footprint, Empowered 
People and Fair Partnership – cover the economic, environ-
mental, and social dimensions of responsible governance.
 
Carbon strategy to reduce emissions 
For the first time, Bossard published its emissions
(scope 1 and 2) within the framework of the Greenhouse 
Gas Protocol and identified the major polluters. The re-
sults provide valuable indications of where emissions 
can be reduced. All data relevant for sustainability are 
defined as targets with specific measures for implemen-
tation. In the next step, Bossard will define achievable 
targets for carbon neutrality and publish them in 2023.
Changes in the executive committee
After 15 successful years as CEO Central Europe and 
member of the executive committee, Beat Grob left 
Bossard at his own request at the end of April 2022. The 
board of directors and the executive committee would like 
to thank him for his significant commitment to the Group 
over many years. From May to December 2022, the region 
was managed on an interim basis by CEO Dr. Daniel 
Bossard.
On January 1, 2023, Rolf Ritter assumed responsibility of 
the region Central Europe. He has served on the executive 
committee in his function CSO, M&A and Business Devel-
opment since 2021 and will continue to hold this double 
role for the time being.
Susan Salzbrenner joined the executive committee on 
January 1, 2023. She has been VP People & Organization 
since June 1, 2021. With her joining the executive commit-
tee, cultural transformation – one of the core initiatives 
of Strategy 200 – will be even more firmly embedded 
throughout the Group.
Moving into the future – strengthened 
by Strategy 200
One of the central strategic initiatives involves the pro-
motion of global exchange and cooperation, summarized 
under the motto “Together We Create.” We believe that 
we can achieve additional sustainably profitable growth 
if our close to 3,000 employees worldwide are able to 
share ideas and consult with each other even more 
effectively. For us, cooperation means not only exchange 
between regions and technical experts but also between 
hierarchies. 
During the first year of implementing the Strategy 200, 
feedback from all stakeholders has shown that we are on 
the right track for the future. With double-digit growth in 
the past nine quarters, the Group has demonstrated that 
it can identify and act on growth opportunities in constantly 
changing times.
From today’s perspective, it is difficult to predict how the 
geopolitical tensions, inflationary developments, and their 
effects on our daily life and procurement will develop in 
future quarters. Much is beyond our scope of influence. 
The way in which Bossard mastered the financial year 
2022 gives us confidence, and we are optimistic about the 
future. Dedicated employees and a strong balance sheet 
with an equity ratio of 41.7 percent allow the Bossard 
Group to continue pursuing strategically significant 
projects with full force.
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Proposals at the annual general meeting 
of shareholders
At the 2023 annual general meeting of shareholders, 
the board of directors will propose a gross dividend of 
CHF 5.50 per registered A share (prior year: CHF 5.10 
gross), in line with our dividend policy of approximately 
40 percent payout of net income. This represents an 
increase of 8 percent.
Prof. Dr. Stefan Michel (member of the board of directors 
since 2011) and Dr. René Cotting (member of the board 
of directors since 2015) will not seek re-election. The board 
of directors and the executive committee would like to 
thank them sincerely for their many years of committed 
service. The board of directors will propose the election 
of Prof. Dr. Ina Toegel at the annual general meeting of 
shareholders.
We express our deep gratitude to all our employees for 
their tireless dedication, solidarity, team spirit, and en-
thusiasm – they are the core of the Bossard Group’s 
success. We thank our customers for their years of loyalty, 
and our partners and suppliers for their outstanding 
cooperation. And we thank you, our valued Shareholders, 
for your continued trust.
Dr. Thomas Schmuckli	
	
Dr. Daniel Bossard
Chair of the board	
	
CEO
of directors
Zug, February 24, 2023
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Company
Founded 1831 in Zug, Switzerland, the Bossard Group is
a leading strategic partner for industrial fastening and 
assembly technology solutions to OEM customers globally 
with proven expertise in engineering and logistic services.
With close to 3,000 employees at 82 locations in 32 coun-
tries throughout the world, the Bossard Group generated  
CHF 1,153.8 million in sales in the financial year 2022. 
Bossard is listed on the SIX Swiss Exchange. 10

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AT A GLANCE
Company
Market position
Bossard is one of the top 3 global distributors of  
fasteners.
More than 90 percent of our large and medium-sized 
customers have been working with Bossard for more 
than ten years.
More than 1,100 customers rely on Bossard’s automated 
B- and C-parts management solutions.
Bossard is proud to serve more than 30,000 customers  
globally – in a huge variety of industries. 
Customer loyalty
Thereof with B- and C-parts management
Customers worldwide 
> 1,100
Top 3
> 10
> 30,000
11

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04  At a glance   
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BOSSARD ANNUAL REPORT 2022
Bossard offers fastening solutions and process  
optimization measures that are proven to de-
liver the best possible efficiency, thereby reduc-
ing costs. In evaluating our services, we rely on 
facts. They consistently show that by working 
with us, our customers are able to achieve 
lasting and measur­able productivity improve-
ments. That is why we talk about Proven  
Productivity.
The interplay of Product Solutions, Assembly  
Technology Expert and Smart Factory Logistics  
gives our customers competitive advantages 
in six key areas.
 
Time to market
Thanks to shorter delivery times, products make it  
to market faster.
Leaner processes
Systematic time, money, and resource savings  
reduce overall operational costs.
Proven Productivity
BUSINESS MODEL
Better throughput 
Advanced logistic systems and lean assembly processes 
markedly boost efficiency.
Best quality
For our product solutions, we rely on the highest quality 
combined with comprehensive process consulting. This 
leads to maximum reliability and predictable planning.
Innovative technology
Our forward-looking solutions are tailored to the very 
latest requirements of Industry 4.0.
Reliability
We value continuity and this is how we empower and 
support our team to ensure that we will be there for our 
customers tomorrow.
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Product Solutions
Our fastening solutions are as unique as our custom­ers’ 
products. Sometimes standard fasteners are just right, 
while in other cases brand solutions or custom fastening 
solutions get the best results. Bossard has the right solu-
tion for every challenge.
Fastening technology catalog products
We have more than 200,000 different fasteners ready to 
ship from our warehouses: screws, nuts, rivets, washers, 
electrical fasteners and more.
Customized items
Customized solutions and parts (turned, milled, extruded, 
stamped and bent parts) for unique technical require-
ments, manufactured to our custom­ers’ specifications.
Bossard ecosyn®
The ecosyn® product line features premium quality fas-
teners. They are both economical and in sync with the 
needs of our customers. Smart and safe quality products 
based on innovative engineering and designed to make 
work easier and more efficient. 
Brand products
Bossard maintains a carefully selected brand port­folio in 
cooperation with highly innovative and reliable partners.
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Assembly Technology 
Expert 
Our customers develop a diverse range of premium prod-
ucts whose production methods place equally diverse 
demands on fasteners. Six field-proven Bossard Assembly 
Technology Expert services help find, test and implement 
the most suitable fastening solutions based on specific 
requirements. In addition, they optimize the customer’s 
assembly processes and product assortment and train 
their employees. 
Using this three-step approach, from design to optimiza-
tion to training, the specialists at Bossard help product 
designers and engineers meet the most diverse chal-
lenges with respect to innovation, process optimization, 
and efficiency. This leads to a sustainable reduction in 
production time and costs, increases product safety and 
quality, and significantly improves our customers’ com-
petitiveness.
Smart Factory Logistics
In the world of Industry 4.0, Smart Factory Logistics 
is a core element for profitable growth. The more precise 
and smarter factory logistics is, the better companies 
fare against their competitors.
While our customers fully focus on their core competences, 
we take care of automating their B- and C-parts manage-
ment processes, thus ensuring a lean assortment and a 
smooth supply flow. Inventory is controlled in real time, 
and material is delivered directly to the assembly stations 
thanks to smart order management. All at the right time 
and in the right place. Lower material handling costs and 
smaller inventories enable our customers to significantly 
boost productivity in their production. 
In addition, we support our customers in the digital 
transformation of their production with our Smart Factory 
Assembly services. Digital documentation and connected 
devices ensure consistently high quality, and the recorded 
data provide maximum transparency and traceability.
As a result, processing control takes place automatically, 
significantly reducing faulty assembly and lowering the 
overall cost of a product. Manufacturing companies can 
more easily make the right decisions and produce high- 
quality products with shorter lead times and smaller 
batch sizes.
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Hidden 
aspects  
account 
for about
of the total cost of owner­ship of 
fasteners. We are reducing them.
85 %
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BUSINESS RESILIENCE AND STRATEGY 200 
Solid foundation for accelerated growth
Bossard’s business model has proven not only 
its strength for growth in normal circumstances 
but also its extraordinary resilience in unprec-
edented times. With the Bossard “Strategy 200” – 
Bossard turns 200 years old in 2031 – we will 
focus on this business model and accelerate 
growth in all our key markets.
Leader in digitalization in our industry
27 years ago, Bossard invented the first fully digitalized 
and automated C-parts management system, based on 
IoT technology, that today is being used every day by over 
1,100 customers globally. Our proven solutions, used by 
customers to maintain a seamless supply of C-parts for 
production without manual interaction, have been espe-
cially important during the COVID-19 pandemic. With the 
digital platforms developed over the last years, Bossard 
was able to switch its wide range of services to the virtual 
space – instantly and across the globe.
Industrial and geographical diversification
As impressively demonstrated in the crisis, our broad  
industrial diversification with around 30,000 customers 
from a wide variety of industries enables us to balance 
customer growth and makes us much less dependent on 
single industrial segments. Our global footprint, with 
more than 80 operations in Europe, America and Asia, 
allows for a global distribution of income. This global
presence also helps us on the procurement side where, 
for key products, Bossard has always been working with 
multiple sources from different continents to mitigate 
supply risks.
Customer centricity and sustainability
The close and strategic collaboration with our customers, 
focusing on services to ensure the customer’s peace of 
mind in C-parts management and supply and enabling 
trusted relationships, creates a solid customer base for 
the long term. This is reflected in our enduring relation-
ships with our customers, with over 90 percent of our 
large and medium-size customers still working with 
Bossard after ten years. Our sustainable customer base 
is a key foundation for our long-term sales and profit  
development.
Innovation and experimental mindset
Ongoing curiosity has always been at the core of the 
Bossard DNA. For this reason, we would consider our-
selves a “start-up with 192 years of experience.” Solving 
customer problems with creativity and passion – using 
years of experience in fastening technology, supply chain 
and assembly solutions – has enabled us to provide lead-
ing-edge market services. And the journey continues: for 
example, we are looking into new products for lightweight 
applications, AI-enabled systems to speed up the quoting 
process for customized fasteners, and new services to 
ensure secure assembly processes.
With our Strategy 200, we want to build on the past,  
focusing on our key strengths and scale our business 
model to achieve relevant market share in all our key 
markets by 2031.
Proven Productivity – our promise…
For the average industrial OEM (original equipment man-
ufacturer), more than 50 percent of single assembly parts 
are fastener-related while they only represent a very 
small amount of the purchasing value. The related man-
agement and handling costs – parts definition, ordering, 
goods receipt, inventory management, and assembly 
costs – typically exceed the purchase price of the C-parts 
significantly. With our long-time philosophy of Proven 
Productivity, we focus on substantially reducing the man-
agement and assembly costs of C-parts for our custom-
ers, thereby boosting their competitiveness in a sustain-
able and measurable way. This philosophy strengthens 
the bridge of trust between us and our customers day in 
and day out.
…in a globally fragmented market with growth  
potential
The global fastener market for industrial OEMs is heavily 
fragmented. With only 3 percent global market share in 
our industry segment, Bossard is one of the top 3 global 
distributors of fasteners. This leaves significant opportu-
nities for growth. We will make use of these opportunities 
by continuing to be as close to our customers as possible.
16

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Customer proximity creates growth 
opportunities…
For us, proximity goes beyond geography. It also encom-
passes the primary challenge that keeps our customers 
awake at night – boosting their competitiveness with the 
lowest total cost of ownership and the highest product 
availability. The better we understand our customers’ 
perspective on this core challenge and the more in-depth 
we go in analyzing the issues associated with it, the bet-
ter we can bring our extensive experience and expertise 
to bear when responding to this challenge.
…captured by a truly empowered organization
Bossard Strategy 200 has one theme at its core: to create 
a company as amazing as its people, where everybody 
collaborates, feels empowered, experiments, talks real, 
and delivers value. Together we will create and pave the 
way for accelerated sales and profitability growth in the 
years to come.
Strategic aspiration towards 2031
Together, we bring Proven Productivity and sustainability 
to every assembly operation in the world. To turn this 
aspiration into reality, we focus on OEM customer groups 
with the aim of supporting them to boost their competi-
tiveness. In doing so, we rely on high-quality products, 
outstanding services, assembly technology consulting, 
and efficient processes along the entire supply chain.
Strategy 200 – focus and scale
Within the context of our winning aspiration towards 2031 
we are aiming to achieve sustainable, profitable growth 
by focusing on our key strengths. We want to substantial-
ly increase our sales revenue to further expand our mar-
ket position – organically and through acquisitions. 
Bossard plans to increase its average organic growth rate 
to over 5 percent after a period of increased investments. 
As a result, the Group is targeting mid-term an EBIT  
margin of 12 percent to 15 percent. Bossard continues to 
rely on a strong balance sheet with an equity ratio of at 
least 40 percent. Notwithstanding the stepped-up growth 
initiatives, the dividend payout is expected to remain at 
about 40 percent of the Group’s net income.
With our Strategy 
200, we aim to 
achieve sustainable, 
profitable growth. 
                             
17

04  At a glance   
06  Report to the shareholders   
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In
you will experience what Bossard means  
by Proven Productivity. Stay up to date on 
product innovations, services and customer 
experiences by reading our blog.
provenproductivity.com
90 seconds
18

Systematic risk monitoring and reduction
RISK MANAGEMENT
The aim of risk management is to identify po-
tential risks at an early stage and avoid or sub-
stantially limit them with suitable measures. 
Bossard’s risk management approach is an in-
tegral part of its group-wide planning, control 
and monitoring system and is regularly revie-
wed by the executive committee. Each year, the 
board of directors and executive committee 
reassess the risk situation with a strategic and 
operational view.
­We examine all business activities and balance sheet 
items annually for potential risks, using a standardized 
process. Each identified risk is assessed in terms of the 
possible loss that would be incurred should the damaging 
event occur. From the results, we derive targets and ef-
fective steps to be taken to mitigate the risks. The results 
of the risk process are summarized in a report to the 
board of directors and executive committee. The Group’s 
risk management process is continuously documented 
and checked for effectiveness. The Group finance depart-
ment coordinates the revision of the risk documentation 
centrally.
Low supply risk as a result of a large network
Supply bottlenecks can occur when our suppliers are 
working close to capacity during times of above-average 
demand. Risks can also arise from working with suppli-
ers and when the price of raw materials fluctuates. We 
counter these risks with tactical and preventive mea- 
sures in our procurement activities by continuously as-
sessing the market situation and by maintaining a suffi-
cient level of stock. In taking these steps, we ensure that 
the required volume and quality of fastening parts are 
available in order to avoid production shutdowns at our 
customers. Steel, chrome, nickel and different alloys are 
the most important raw materials for fasteners. Because 
we purchase finished products, we cannot hedge against 
price increases. We have an extensive supply portfolio of 
close to 4,700 manufacturers worldwide and rely on long-
term relationships with various suppliers in Europe, 
America and Asia. Our large network of suppliers enables 
us to minimize supply risks. Diversification also reduces 
the risk of negative consequences resulting from political 
tensions or currency fluctuations.
Systematic quality monitoring
Quality assurance constantly faces new challenges as  
our customers’ requirements continue to rise and increa-
singly stricter regulations apply. Therefore, we have 
developed appropriate systems and testing standards.  
Quality assurance measures are performed in close co-
operation with our procurement team and suppliers. We 
also check our suppliers’ technical and economic perfor-
mance. Deviations and defects identified during quality 
testing are continuously analyzed, documented and  
discussed with our suppliers, thereby minimizing quality-
relevant risks from the very beginning.
04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
19

Responding to sales risks through diversification
Regional and global economic developments impact our 
business environment and can lead to high price and 
volume fluctuations in the sales markets. We therefore  
closely monitor economic developments in the individual 
countries in order to minimize sales risks. We counter 
this risk with a wide range of products and a customer 
portfolio that covers a broad spectrum of industrial 
sectors and regions of the world.
IT protection is a high priority
Unauthorized data access, data abuse and system  
failure can seriously disrupt operating processes. 
To prevent this, we use technical measures such as  
access authorization, virus scanners, firewalls and  
backup systems. Our IT systems are continuously  
monitored and updated in order to meet the latest  
requirements. We have an emergency concept that  
includes daily backups and data mirroring. Detailed  
internal policies govern how we use hardware and  
software. The Group has implemented an internal  
cyber security training program. All employees have to  
go through this program, where they receive simulated 
phishing emails on the one hand and have to answer  
Low supply  
risk as a result  
of a large, global  
network. 
             
cyber security questions on the other. Bossard has out-
sourced the 24/7 cyber security monitoring to be able to 
react more quickly and thus ensure better protection 
against IT attacks. 
Minimizing financial risks
Given its international operations, the Bossard Group is 
exposed to various financial risks; these comprise foreign 
currency, interest rate, credit, liquidity and capital risks. 
The individual risks are minimized through stringent 
controls and monitoring.
Financial risk management is described in detail on  
pages 141 to 142.
Bossard Group’s risk policy also includes a comprehen-
sive and efficient insurance scheme to protect against 
risks. This is achieved with the help of an international 
insurance program against third-party liability, property 
damage and business interruption. Overall, risks that 
could negatively impact the Group’s further development 
can never be completely excluded. Such risks include, for 
example, war, terror attacks, natural hazards and pan-
demics.
04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
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111  Financial Report
BOSSARD ANNUAL REPORT 2022
20

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
21
Sustainability
The Bossard Group has been committed to sustainable 
corporate development for generations. This sustainability 
report explains Bossard’s activities and efforts to achieve 
long-term sustainable growth. The report contains infor-
mation on the strategic and organizational anchoring of 
sustainability throughout the Group’s operations as well 
as explanations on the respective focus areas: Future 
Proven Solutions, Reduced Footprint, Empowered People 
and Fair Partnership.

04  At a glance   
06  Report to the shareholders   
10  Company   
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91  Compensation Report   
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BOSSARD ANNUAL REPORT 2022
Employees by region
Employees by gender
Europe (55 %)
America (16 %)
Asia (29 %)
Women (35 %)
Men (65 %)
AT A GLANCE
Sustainability
Recycling rate of its waste in percent
68.4
Signed Supplier Code of Conduct in percent 
(for 65 percent of purchasing volume)
72.4 
 19,863	2,367
Total energy consumption in MWh 	
thereof renewable
9,714	
2,037
Electricity consumption in MWh	
thereof renewable
22

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
   
   
  
   
   
   
  
   
   
   
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Innovative, efficient and holistic solutions – 
that is Bossard’s approach. With products and 
services that simplify and optimize processes 
across all fastening solutions, sustainability 
is an integral ambition of Bossard’s business 
model.
Bossard helps its customers not only avoid hidden costs 
in development, design, procurement, ordering, logistics, 
storage, assembly and quality assurance, but Bossard’s 
solutions also mitigate environmental impact. Stream-
lining processes and optimizing individual products, re-
ducing complexity and enhancing assembly, allow for 
more careful and targeted use of materials, energy and 
production capacities.
Mindful handling of resources begins in the product design 
phase and extends through supply chain structuring to 
the manufacturing processes, thus reducing operating 
waste and emissions. In addition, Bossard’s customers’ 
employees save time; consolidated and more efficient 
workflows make their work easier, resulting in a better 
work climate overall. With Bossard’s support, its custom-
ers demonstrably boost their productivity. True to its 
Proven Productivity principle, Bossard creates added 
economic, ecological and social value.
Reference to business model
Bossard’s products and services are already part of In-
dustry 4.0 and contribute to groundbreaking innovations. 
Moreover, Bossard is working with customers in emerging 
sectors such as electromobility, railway, automation, 
robotics, and medical technology, which contribute to 
sustainable development. In order to understand and 
propel the efficiency of customers’ processes, Bossard 
promotes internal innovation, such as analytical methods 
using big data.
Close to 3,000 employees at 82 locations in 32 countries 
help Bossard to bring Proven Productivity and sustain-
ability into assembly operations around the world by 
making more efficient fastening solutions possible. 
Driven by this value proposition and guided by its tested 
corporate values, Bossard intends to expand even further 
and strengthen its global supplier network for product 
solutions.
SUSTAINABILITY AT BOSSARD
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23

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Reference to stakeholders 
SUSTAINABILITY AT BOSSARD
Bossard acts with integrity, fairness and re-
sponsibility in its dealings with stakeholders, 
treating all players with respect and honoring 
their interests. Among others, customers, sup-
pliers, investors, rating companies, employees, 
authorities and governments, as well as part-
ners account for Bossard’s most important 
stakeholders. The Group attempts to harmonize 
differing expectations to the best of its ability 
and only makes promises it can keep. 
Transparency is a central tenet and the Group ensures 
respectful, professional, and timely communication with 
its stakeholders. Bossard works with its customers as 
partners and often designs customized, innovative fasten-
ing solutions for and with them. The Group values this kind 
of collaboration and exchange. Similarly, Bossard enters 
into cooperation with other companies and research
institutions. Among other things, the Group wants to help 
shape the structural change toward state-of-the-art 
digitalized production facilities.
Materiality analysis
Bossard has identified the material topics with the great-
est impacts of its business activities on the economy, peo-
ple, and planet as well as on its own long-term business 
success using a strategic approach. Bossard knows that 
the consequences of climate change, global population 
growth and current economic developments can impact 
its business operations and vice-versa. Thus, Bossard has 
conducted a materiality assessment to determine which 
topics could have the largest potential impacts for the 
Group and to set goals to minimize the negative conse-
quences of Bossard’s business activities. 
Furthermore, to uphold current legal (EU and Swiss) 
regulations and Global Reporting Initiative (GRI) 
Standards 2021, Bossard is required to conduct a 
materiality analysis. To cover and align with these 
requirements, Bossard looks at each material topic 
from two different perspectives using the concept of 
double materiality:
	−The “outside-in” perspective: How relevant is a topic 	
for Bossard’s long-term (business) success? 
	−The “inside-out” perspective: What are the most  
significant impacts of Bossard’s business activities  
on the economy, people and environment?
To answer these questions, Bossard was supported by 
an external consulting company during this process. 
The final materiality matrix will help Bossard pinpoint 
the sustainability challenges it currently faces, while also 
enabling the Group to start working on solutions for the 
future.
Transparency  
is a central tenet.   		
                            
24

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Bossard’s four focus areas, Future Proven Solutions, 
Reduced Footprint, Empowered People and Fair Partner-
ship, cover the economic, environmental, social, and gov-
ernance dimension of Bossard’s responsible corporate 
leadership. They were developed under the direction of 
Tabea Bürgler, Vice President (VP) Sustainability and 
General Counsel, in collaboration with a project group 
devoted to the topic of sustainability and adopted by the 
executive committee at the beginning of 2021. They serve 
as a framework for orienting Bossard’s current and 
future sustainability efforts. 
Each focus area consists of several topics on which 
Bossard has an impact. These topics were then compared 
to a list of topics on reporting standards, such as the 
GRI Standards, sector-specific topics as well as environ-
mental, social, and governance (ESG) ratings and rankings. 
This led to a consolidated list of topics which are potentially 
relevant for Bossard, focusing on the Responsible Business 
Initiative (RBI) counter-proposal matters (environmental, 
social, and employee matters, human rights as well as 
corruption). The final list was shortened to 13 topics.
Bossard took a two-way approach to develop the materiality 
matrix. First, an online survey with 22 people of Bossard’s 
management was conducted. In the survey, the contribu-
tors were asked to rank the impacts of each topic accord-
ing to their best knowledge. The results were then consoli-
dated and analyzed in a first draft of the materiality 
matrix. To validate the materiality matrix, Bossard’s ESG 
team and its external consulting agency held a workshop 
with the CEO and CFO in which the matrix was discussed, 
assessed, and, if necessary, adjusted. In addition to the 
online survey, Bossard was able to evaluate the matrix, in-
cluding its topics and impacts, from as many different an-
gles as possible. All changes were incorporated, allowing 
Bossard to present its materiality matrix in this report. 
Future Proven Solutions
Environmental
Social
Governance
Reduced Footprint
Empowered People
Fair Partnership
25

04  At a glance   
06  Report to the shareholders   
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BOSSARD ANNUAL REPORT 2022
The materiality matrix shows a balanced picture between 
economic, environmental, social, and governance topics. 
For each focus area, the material topics are spread evenly 
across the materiality matrix. Sustainable and profitable 
growth and customer loyalty as core values enable Bossard 
to tackle its material topics and are thus of key importance. 
While innovation drives Bossard’s business, its sustainable 
product and service solutions define the impact on the en-
vironment. It is important to Bossard to manage its energy 
and greenhouse gas emission efficiently. As a distributor, 
Bossard also strives to manage its waste effectively and 
strengthen circular economy. While the wellbeing and 
safety of Bossard’s employees are well understood, the 
Group pushes for more diversity, equity, and inclusion. Not 
only is Bossard already an attractive employer for talent 
to come, but the Group also lays emphasis on the devel-
opment of its current employees. As a Group, Bossard 
already engages with local communities extensively. In-
tegrity is a core value to the Group and deeply anchored in 
the daily business. Thus, Bossard also seeks to manage 
its entire supply chain responsibly. 
MATERIALITY MATRIX
medium
high
IMPACT RELEVANCE (“INSIDE-OUT”)
BUSINESS RELEVANCE (“OUTSIDE-IN”)
high
medium
 
	 Sustainable and profitable growth
 
	 Customer loyalty
 
	Responsible supply chain management
 
	 Energy and greenhouse gas emissions 
	
management
  
	 Employee development
 
	 Sustainable product and service solutions
  
	 Diversity, equity and inclusion
 
	Community engagement
 
	 Waste management
  
	 Wellbeing and safety
 
	 Innovation
 
	Integrity
  
	 Attractive employer
 
  Future Proven Solutions         
  Fair Partnership        
  Reduced Footprint       
  Empowered People
26

SDGs: Bossard focuses on these five sustainability goals 
(source: www.globalgoals.org).
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BOSSARD ANNUAL REPORT 2022
Agenda 2030 and the United Nations’ 17 sus-
tainable development goals (SDGs) are essen-
tial for sustainable development. The SDGs are 
closely linked through their interdependencies. 
Bossard seeks to offer products and services with low 
carbon footprints. By increasing energy efficiency and re-
ducing greenhouse gas emissions for its business units, 
Bossard contributes to SDG 7. As an international busi-
ness with local employees, the Group creates secure jobs 
for all employees, regardless of gender, age, religion, 
ethnicity, disabilities, and sexual orientation, etc., equally 
with humane and non-discriminatory conditions as out-
lined in SDG 8. Bossard sees its greatest potential for im-
pact in its core business and hence in relation to SDG 9. 
The Group’s solutions make a significant contribution to 
the modernization of industry and promote resource-sav-
ing production processes. Furthermore, the efficient and 
resource conscious use of all Bossard’s product solutions 
is in line with SDG 12. Different measures are proposed 
within the Reduced Footprint focus area and environmen-
tal requirements set forth in the Supplier Code of Conduct. 
Thus, by measuring and aiming to reduce its emissions, 
Bossard contributes to SDG 13. 
To further emphasize Bossard’s intention to maintain 
environmentally, socially and economically responsible 
business practices, the Group’s CEO signed the letter of 
commitment of the United Nations Global Compact (UNGC) 
in March 2021. Bossard thus joined a global community of 
nearly 15,000 companies of all sizes united in upholding 
the 10 global principles of responsible corporate leader-
Contribution to the sustainable development goals
SUSTAINABILITY AT BOSSARD
ship. As a signatory of the compact, Bossard pledges to 
implement the principles in the areas of human rights, 
work standards, environmental protection and the fight 
against corruption as well as submit a yearly progress re-
port. In return, participation in the UNGC initiative allows 
the Group to benefit from the organization’s expertise and 
its extensive network.
27

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Submissions of critical concerns to the legal department 
are processed by the legal department, involving other 
departments if necessary, and reported anonymously to the 
BoD if the executive committee decides so. There were no 
critical concerns reported to the BoD in 2022. Bossard has 
not appointed a specific ESG committee. 
Bossard’s sustainability team reports to the executive 
committee on a regular basis, several times a year on ESG 
topics. In these meetings, the VP Sustainability and the ex-
ecutive committee decide on areas of ESG progress and 
next steps. The VP Sustainability is a member of the ex-
tended group executive committee and thus part of group 
management.
Based on the requirements of law and the arti-
cles of association, the board of directors (BoD) 
exercises overall management (management 
function), supervision and control (control and 
organizational function) over the Group and its 
business units, thus ensuring corporate gover-
nance within the Group.
The BoD decides on the strategic objectives of the Group 
and the financial and human resources required to 
achieve these objectives. It appoints the members of the 
executive committee and their removal. Furthermore, 
ESG topics are reported regularly during the year to
the BoD through the VP Sustainability to con­trol the 
Group’s ESG developments. In 2021, the BoD received 
training on ESG topics from an external specialist 
(status, progress, and outlook on ESG topics in general 
and in the distribution sector). 
SUSTAINABILITY AT BOSSARD
ESG governance and organization
In October 2022, the Group announced that Susan 
Salzbrenner, VP People & Organization, will become 
a member of the group executive committee as of 
January 1, 2023. The board of directors has nominated 
Prof. Dr. Ina Toegel for election to the BoD. Therefore, 
Bossard expects the percentage of women in the BoD
and executive committee to increase in 2023.
KEY FIGURES: GOVERNANCE
Diversity of governance bodies 1)
2022
2021
By gender
Male
Female
Other
Male
Female
Other
   Board of directors
6
2
-
6
2
-
   Executive committee
6
-
-
7
-
-
By age
< 30
30–50
> 50
< 30
30–50
> 50
   Board of directors
-
3
5
-
3
5
   Executive committee
-
-
6
-
-
7
1)  	 The table refers to the reporting date as of December 31, 2022 respectively December 31, 2021.
28

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
As part of its annual reporting Bossard describes 
how it identifies and deals with risks (see pages 
19 to 20). ESG risks, in particular environmental 
and social risks, are an important part of the risk 
spectrum that groups like Bossard have to take 
into account in their management. 
Bossard made efforts in the reporting year to clarify so-
cial risks in the supply chain (child labor, compliance with 
human rights, conflict minerals) systematically. This was 
done in preparation for compliance with the new Swiss 
law on due diligence in the areas of child labor and con-
flict minerals. In addition, Bossard laid the foundations 
for an extended reporting on climate risks, which will be 
based on the Task Force on Climate-related Financial 
Disclosures (TCFD) guidelines in the coming years. Exter-
nal expertise was involved in all these topics and various 
corporate functions were integrated into the process. 
Further results will be reported in the next annual report. 
SUSTAINABILITY AT BOSSARD
ESG risk management
Bossard manages  
its risks systematically. 
                                          
29

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Focus areas
SUSTAINABILITY AT BOSSARD
Future Proven Solutions
Future Proven Solutions are a value proposition for 
Bossard’s products and services. One of the Group’s core 
competencies is to critically evaluate selected customer 
processes and identify potential for improvement. Cus-
tomers are shown where and how they can achieve sus-
tained added value thanks to Bossard’s solutions. At the 
same time, Bossard continuously works on making its 
solutions offering even more sustainable. In that effort, 
Bossard aligns itself with its quality and efficiency claim, 
increasingly integrating the approaches of a circular 
economy. 
Reduced Footprint
The long-term vision is clear: a climate-neutral Bossard 
Group. To that effect, Bossard endeavors to use resources 
and energy as efficiently and sparingly as possible and to 
reduce its overall environmental impact. Following a ho-
listic management approach, the Group accounts for not 
only the impact of its core business but additionally the 
up- and downstream processes across the entire value 
chain. To minimize any negative impact on the environ-
ment in a targeted and efficient way, Bossard collects 
relevant environmental data across all business units. 
Empowered People
Bossard knows the driving force behind its success are its 
employees. For this reason, their physical and mental 
wellbeing at the workplace is one of the Group’s highest 
priorities. All employees shall be equally valued in their 
variety and diversity, feel supported and be able to develop 
their potential within the Group without discrimination of 
any kind. Bossard invests in its workforce and aims to 
bring the best talents on board. To that end, Bossard of-
fers various education and training opportunities as well 
as attractive benefits and bonuses. Last but not least, mo-
bile and agile ways of working are now firmly anchored in 
Bossard’s work models.
Fair Partnership
The Fair Partnership focus area revolves around 
Bossard’s integrity and reputation. First, Bossard fosters 
and protects these at the Group level in accordance with 
the principles of its new Code of Conduct. Second, they 
must be ensured with respect to Bossard’s supplier net-
work. Lastly, the Group’s social engagement at the different 
locations contributes to its standing as a fair and reliable 
partner.
Bossard sources more than a million items from special-
ized industrial companies. Through a broad procurement 
network, the Group delivers innovative solutions for its 
customers. Professional relationships are fair and based 
on partnerships, guaranteeing all parties benefit from the 
cooperation.
30

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
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Sustainable and profitable growth
FUTURE PROVEN SOLUTIONS
Bossard works to ensure market competitive-
ness and productivity in order to achieve sus-
tainable economic growth, aligned to ESG goals. 
The Group’s efforts are also targeted at main-
taining a stable position as an industry leader 
in the markets Bossard operates. Bossard’s 
success in these endeavors has positively im-
pacted various stakeholders. The Group’s cus-
tomers, suppliers and employees benefit from 
greater security, reliability and holistic services.
As a market leader, Bossard is in a position to influence 
and support the value chain both upstream and down-
stream. Upstream, Bossard fosters a sustainable pur-
chasing policy with its close to 4,700 suppliers to uphold 
environmental and human rights protection as core 
values within their operations. Downstream, Bossard’s 
strategic services enable its customers to access smarter 
processes, which generate less waste and facilitate 
higher productivity.
Economic strength is key to securing the necessary re-
sources to make sustainable and profitable investments 
and implement innovative solutions, furthering Bossard’s 
competitive advantage. Being recognized within the in-
dustry as the first-choice strategic partner is not only 
good for customer attraction, but moreover adds to 
Bossard’s credibility to shape market trends, demand 
and expectations in line with the Group’s business inter-
ests and wider long-term vision. Bossard is proud to be 
a trusted partner to its customers, suppliers and share-
holders and uses its expertise to accelerate the industry. 
Bringing together all of Bossard’s attributes, the Group 
pushes forward with its mission to lead the market into 
the future.
This mission is also advanced in Bossard’s management 
approach, which champions a long-term and foresighted 
view of doing business. In spring 2021 the Group has intro-
duced its 10-year Strategy 200. The eight key initiatives, 
which are fixed on the leadership team’s agenda, are all 
goal oriented. They include implementing a cultural jour-
ney, sales and marketing transformation and innovating the 
sales engine. Goals, such as product and service offers 
with financial targets, are in place. To assess the effective-
ness of the management approach, strategic success in-
dicators for some of the eight key initiatives are used and 
monitored with strategic controlling and analytics. Addi-
tionally, for some of the initiatives, the fulfillment of key 
performance indicators (KPIs) is evaluated, and regular 
feedback acquired through surveys, and customer 
questionnaires.
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Under Future Proven Solutions  
Bossard understands the value  
proposition of its products  
and services. 
In 2022, Bossard grew and strengthened numerous aspects 
of its business. The Group improved its system and offering 
within Smart Factory Logistics (SFL) through AI-based 
solutions for Smart Ordering, reducing manual orders by 
25 percent and thus optimizing transport, and enhanced 
its Smart Factory Assembly (SFA) systems to increase 
quality. Furthermore, Bossard installed its new software in 
addition to reinforcing its center of excellence. Bossard’s 
Real Time Manufacturing Service (RMS) was also scaled, 
adding a new internal tool: Product Solution Advisor (PSA), 
which helps Bossard’s sales team locate the best parts 
depending on the customer’s requirements. The first busi-
ness units started transforming the sales and marketing 
process, with a focus on digital lead generation and a 
seamless connection to the Group’s cultural journey initia-
tive to better enable cross-functional and cross-border 
collaboration. Additionally, a new ERP system was imple-
mented for the first business units, namely Denmark and 
Sweden.
On-going challenges to maintain Bossard’s position as a 
market leader include digitalization, new technologies and 
their associated change management as well as ensuring 
the right talents are recruited.
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Bossard acts in the interests of all its stakehold-
ers by taking a strong customer-centric ap-
proach to business. The Group seeks to main-
tain an open, trustworthy and transparent 
dialog with its customers at all times. Funda-
mental to this approach is Bossard’s internal 
Code of Conduct and business ethics policy, 
which serves as a basis for the collaboration 
with its stakeholders. Bossard has several 
measures in place to ensure consistently high 
quality and safe products that comply with all 
legal and customer-specific requirements.
The Group is committed to finding the optimal solution 
for every customer. To this end, Bossard uses premium 
standard fastening elements, such as screws, nuts, 
rivets and washers, as well as electrotechnical fastening 
elements. Additionally, the Group’s ecosyn® product line 
offers smart solutions that are both economical and 
need-based. Through customization and specially-
manufactured items, including turned, milled, extruded, 
stamped and flexible parts, Bossard guarantees the best 
possible results for its customers. Furthermore, the 
Group has established a carefully selected brand portfolio 
with highly innovative and reliable partners.
Bossard’s goal is to ensure the Group’s stability and create 
financial value for all its stakeholders by constantly in-
creasing customer satisfaction and customer loyalty. This 
strategy benefits not only Bossard’s customers, but the 
Group’s shareholders, employees, business partners and 
the local communities in which Bossard operates. The 
main focus is on enabling the Group’s customers to 
achieve higher productivity, which is quantified by the 
concept of total cost of ownership. Bossard fulfills this 
goal in a variety of ways. For instance, Bossard’s custom-
ers benefit from lower handling costs through Smart 
Factory Logistics services. Further, Bossard’s six 
Assembly Technology Expert services help customers to 
improve end-to-end production with a leaner fastening 
process. The Group’s stakeholder management program 
gauges the attitudes and opinions of its stakeholders 
generally and with regards to the Group, and has been 
shown to have a positive influence.
Bossard has cemented its position as a market leader by 
continuously delivering solutions for the betterment of its 
customers. Key is a thorough understanding of customers’ 
actual needs and expectations. The Group’s stakeholder 
management activities play a crucial role in verifying the 
specific requirements of individual customers and other 
stakeholders, enabling real-time and future needs to be 
Customer loyalty
FUTURE PROVEN SOLUTIONS
anticipated, and opportunities and risks identified and 
acted upon at an early stage. This has had a direct impact 
on customer retention rates and contributes to Bossard’s 
success in winning new customers. Trust is at the core of 
all Bossard’s customer relationships and the Group oper-
ates with a view of maintaining customer relationships 
for the long-term in order to facilitate growth, mitigate 
risks and add to the overall stability of the business.
Bossard guarantees 
the best possible 
results for its  
customers.
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In the spirit of collaborative and agile customer coopera-
tion, Bossard has set up work groups based in several 
locations worldwide to define its customer-centric 
approach. Customers have many touch points through 
which to share their pain points and provide feedback 
more generally. To further this aim, a customer community 
for Smart Factory Logistics users is being piloted. This 
forum provides a working platform to co-create solutions 
directly with customers. The pilot was initially limited to 
Switzerland, but due to its success has been expanded to 
invite customers based in other countries to participate. 
Additionally, customer relationships have been strength-
ened with the implementation of co-creation workshops. 
During the project selected customer success cases have 
been filmed and showcasing the videos on Bossard
YouTube  1). 
The videos highlight the immense value that can be 
gained through the Group’s collaborative approach, 
spotlighting customers and key contacts while proving 
how Bossard increases its customers’ profitability.
Bossard has learned that early-stage involvement in 
customer projects maximizes the value of the partner-
ship for its customers, whether that be by supporting 
them in the design of next generation products, simplify-
ing supply chain and assembly processes with Smart 
Factory Logistics services or advancing innovative product 
solutions. Therefore, another initiative brings together 
the Group’s customers and suppliers in moderated 
sessions including discovery workshops, value stream 
analysis, training programs and joint customer events.
To evaluate the effectiveness of Bossard’s customer 
satisfaction efforts, several customer satisfaction surveys 
and net promoter score (NPS) surveys are conducted on a 
local basis. Moreover, to ensure the Group’s management 
approach is progressive, targeted KPIs and strategic 
success indicators for Bossard’s key initiatives have also 
been established and are continuously assessed, for 
instance, through strategic controlling and analytics.
Bossard co-creates 
solutions directly 
with customers.       	
                             
 
1)
Customer success stories
The Group is mindful that for its customer focused 
approach to thrive organizational complexity and bureau-
cracy must be minimized. Other prominent challenges 
include attracting, developing and retaining the best 
talents to move the business forward as well as market 
competition and geopolitical stability. Solving these 
challenges in a way that maximizes value for Bossard 
and its customers is a priority for the Group.
34

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BOSSARD ANNUAL REPORT 2022
Bossard continuously expands its innovation 
capabilities and is in the midst of a digitalization 
program to further support its commitment to 
new product and service development as well as 
optimizing internal operating processes.
The Group understands that digitalization and innovation 
is pivotal to improving satisfaction across all its stake-
holder groups, in particular, for its customers and em-
ployees. For example, the on-going digital transformation 
benefits customers by boosting Bossard’s capacity to 
minimize human error and decrease waste activities 
such as reducing the use of paper. Specifically, Smart 
Factory Logistics has the potential to lead to lessened 
CO2 emissions while Smart Factory Assembly has a posi-
tive impact on quality standards and facilitating easier 
and safer working conditions for customers’ employees. 
In addition, it goes with more transparency, increased 
product quality, the benefit of easier job rotation, process 
reliability, and less waste thanks to digital work processes. 
Furthermore, Bossard’s Real Time Manufacturing Service 
has made the process of milling and turning parts faster, 
more reliable, and plannable, which has proven advanta-
geous for the Group, its customers and manufacturers 
who gain from more insightful data. Besides enhancing 
Bossard’s processes, digitalization efforts have resulted  
in greater transparency and efficiency savings.
On a wider level, digitalization and innovation support 
Bossard’s business aims throughout the value chain. 
Customers’ needs are addressed with increased efficiency 
leading to even higher productivity, while suppliers and 
manufacturers get the best possible products and services. 
Simultaneously, optimization makes Bossard more pro-
ductive, reliable and profitable.
Innovation activities are supervised and encouraged 
through the Strategy 200. Moreover, a project team is also 
in place to support Bossard’s aims in this area as well as 
an innovation change agent community. It is Bossard’s 
firm belief that a willingness to learn is vital for fostering 
genuine innovation and the Group welcomes experimen-
tation, viewing problems and missteps as an opportunity 
for improvement.
Innovation
FUTURE PROVEN SOLUTIONS
The Group ensures that innovations are recognized at 
Bossard and in the market, driving forward its position 
as a market leader by outperforming the competition. 
Furthermore, the Group’s employees are adequately 
supported to master an increasing number of issues and 
systems that arise through digital transformation and an 
innovation agenda.
35

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Bossard strives to offer products and services 
geared to its customers’ sustainability require-
ments. To ensure its solutions have a positive im-
pact, the Group sources from certified suppliers 
adhering to environmental and social standards 
in addition to developing high-quality products 
that consume fewer resources and generate less 
waste. As a result of this commitment, Bossard’s 
solutions not only engender greater efficiency 
and productivity but simultaneously promote 
a more careful use of resources which creates 
sustainable added value. 
Industry-wide, the Group influences best practice ap-
proaches by delivering sustainability-focused solutions 
as well as production setups and transportation chains 
through its choice of suppliers. It is Bossard’s goal to 
reduce packaging overall and rely on recycled or renew-
able materials. 
Sustainable product and service solutions
FUTURE PROVEN SOLUTIONS
Sustainable solutions are among the priorities of 
Bossard’s customers. The Group must endeavor to meet 
this growing need if it is to acquire new customers and 
retain existing ones. A timely understanding of market 
trends and fulfillment of new requirements is essential 
and differentiates Bossard from its competitors, opening 
up opportunities to cultivate customer stickiness and 
business development.
Bossard proactively manages sustainability. The Group 
constantly reviews its portfolio with the aim of enabling a 
leaner assembly process for its customers. To ensure the 
most efficient solutions are found, Bossard will continue 
to facilitate collaboration between customers, application 
engineers and supply chain partners. The potential of 
Bossard’s total cost of ownership concept, which measures 
savings, is also being explored with a view to using it to 
account for carbon footprints. Optimization of shipping 
processes remains a group-wide goal, although Bossard 
notes that significant efficiency gains have been made 
since the implementation of Smart Factory Logistics  
and machine learning. Among other things, with SFL 
Bossard’s customers have the possibility to predefine 
their delivery cycle or rely on Smart Ordering. 
Smart Ordering was introduced a few years ago and is 
based on an algorithm that analyzes product consump-
tion, order quantities, and order timing. It calculates the 
probability of when the customer will be out of stock, 
based on past ordering patterns. This offer can save 
transport routes, process steps, and minimize express 
orders. Bossard celebrated a new milestone with 58 per-
cent of customers relying on and 33 percent of items 
running on Smart Ordering. One of Bossard’s targets is 
a 30 percent decrease in express orders, which shall be 
achieved by implementing Smart Ordering for 80 percent 
of the Group’s customers. Additional sustainability tar-
gets include reduced transport efforts and fastening 
systems developments in new materials.
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04  At a glance   
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Great advances were achieved in 2022 towards Bossard’s 
sustainability goals. For example, with the introduction of 
MultiMaterial-Welding®, a revolutionary new technology 
that has the potential to lead to the elimination of fasteners 
and components for single applications. This can result in 
a reduction in costs and energy waste by lessening waste 
activities, material demand and energy for mounting. 
Moreover, to further minimize the Group’s logistic costs 
and CO2 emissions from transportation, Bossard has the 
possibility to grant its customers licenses to produce the 
fasteners for MultiMaterial-Welding® inside their own 
premises if they have the possibility to do so. Emissions 
are also controlled by encouraging brand partners to 
choose locally produced products thereby cutting trans-
portation distances. Furthermore, Bossard’s lightweight 
solutions and simplification of its customers’ assembly 
processes have proven to positively impact customers’ car-
bon footprints and boost their competitiveness. In addition, 
the Group has various customers using Last Mile Manage-
ment, which digitalizes internal logistics and makes 
processes paperless.
Despite its substantial progress in 2022, the Group is 
wary of future issues affecting its sustainability efforts. 
In particular, Bossard is working to mitigate rising energy 
costs for the manufacturing of its products and utilize 
more sustainable energy options. Product recyclability 
and end of life procedures are also becoming an increas-
ingly important consideration that will require better 
solutions for disassembly and limited material mixing 
during the scrapping process. Moreover, many customers 
are defining their sustainability goals and expectations, 
which results in the challenge for Bossard to predict and 
fulfill their needs. Bossard ensures it is collecting the 
best data to draw the right conclusions. Another chal-
lenge for a global business is that there is no universal 
standard to measure sustainability. Overcoming these 
issues will bring the Group closer to its goals and help 
Bossard advance sustainability within the industry.
 
Bossard offers  
products to its  
customers’ sustain-
ability require-
ments.
37

Energy and greenhouse gas emissions management
REDUCED FOOTPRINT
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Climate protection is of utmost importance. 
Accordingly, Bossard has established sustain-
able practices in its operations and throughout 
its supply chain. The Group works to reduce 
its greenhouse gas emissions, maximize ener-
gy efficiency and offers products and services 
with a low carbon footprint. Bossard is also 
focused on increasing its renewable energy 
usage as per market availability.
The Group’s business activities have a positive impact for 
customers. For example, Smart Factory Logistics and 
Last Mile Management, which consolidate shipments to 
optimize transportation routes, have resulted in direct 
fuel and emissions savings. Another highlight is Assembly 
Technology Expert, which aims to improve product 
quality and if reasonable utilize fewer parts, potentially 
leading to less CO2 emissions. Bossard has also intro-
duced paperless processes as part of its wide-reaching 
digital transformation. To further cut emissions and mini-
mize energy consumption, formal operative emission  
reduction targets are being considered. The Group is 
steering its suppliers, particularly the metals industry,  
to produce with greater efficiency and in a more climate 
friendly way. Furthermore, internal and external Codes of 
Conduct oblige Bossard’s suppliers and employees to act 
sustainably. Continuing to target transportation and pack-
aging CO2 emissions remains a high priority.
Increase in energy efficiency and productivity 
in Bossard France's warehouse
In 2022, Bossard France finished renovating its ware-
house. Actions included the extension of the warehouse 
area from 4,500 m2 to 10,700 m2, more efficient heating, 
better insulation, an optimized logistics flow as well as 
the installation of LED lights. As a result, energy effi-
ciency has increased. Although the warehouse has 
more than doubled in size, the energy consumption has 
only changed insignificantly (1,100 MWh/year compared 
to 1,000 MWh/year before renovation and extension). In 
addition, warehouse productivity increased because of 
an improved logistic flow while employee satisfaction 
was also improved due to better insulation. A newly  
acquired cardboard baler also leads to higher recycling 
rates. Going forward, Bossard France plans to install  
solar panels on the roof of the warehouse.
Energy-efficient: Bossard’s warehouse in France.
38

04  At a glance   
06  Report to the shareholders   
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Bossard is currently in the process of calculating its 
emissions and pinpointing its biggest sources. The first 
findings already provide a strong indication where emission 
reductions are possible and business unit budgets have 
been reviewed accordingly. Data on energy and resource 
consumption, waste volumes and associated greenhouse 
gas emissions is also systematically reported via the inter-
nal data portal. All sustainability related data will lead to 
the implementation of targets and reduction pathways with 
defined measures. While Bossard has already identified 
key levers to reduce its internal energy consumption, 
group-wide coordination will accelerate efficiency gains.
 
Further, Bossard is committed to designing and adapting 
its locations to maximize energy and resource efficiency. 
To determine the effectiveness of Bossard’s approach to 
energy and greenhouse gas emissions management, KPIs 
were defined in 2022. The Group also tracks its EcoVadis 
rating (see page 50) with a view to continuously improve. 
Additional measures are being worked on including a spe-
cially programmed app that will collect data and analyze it 
using internally programmed business intelligence reports 
for monitoring and comparison purposes. This portal, 
which is undergoing further development, fosters trans-
parency and enables Bossard to better set future goals.
Bossard takes its environmental responsibilities seriously 
not only to adhere to applicable laws and match customer 
needs, but to secure competitive advantage. Against rising 
prices, higher energy efficiency and wider renewable 
energy procurement to limit business costs is a necessity. 
This effort also reflects positively on the business’ reputa-
tion. Moreover, climate protective practices lower the 
risk of environmental damage that may adversely impact 
Bossard’s business activities. Specifically, Assembly 
Technology Expert and Smart Factory Logistics can lead 
to a more efficient use of fasteners and cut emissions in 
deliveries.
The Group’s environmental management system is 
ISO 14001 certified in nearly all major business units and 
some smaller units. Regular audits ensure compliance 
with the latest standards and that Bossard continues to 
evolve in this area. In the coming years, the Group plans 
to achieve comprehensive certifications for all locations 
that together generate 90 percent of sales.
As a distributor, Bossard’s main challenge is decreasing 
its scope 3 emissions. Here, the Group is dependent on 
the support of its competitors and suppliers to stimulate 
industrial change. Making the positive impact of Bossard’s 
solutions more visible will also add to market competitive-
ness and help the business better capitalize on its many 
achievements in this area. The measures to reduce our 
emissions are currently being evaluated concerning 
a possible commitment to the Science Based Targets 
Initiative (SBTI).
Bossard takes  
its environmental 
responsibilities  
seriously.        
39

KEY FIGURES: ENVIRONMENT
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Greenhouse gas emissions tCO2e 1)
2021
Total emissions (scope 1 & 2)
           5,879 
Scope 1 2)
           2,421 
Oil
                  6 
Gas
              621 
Diesel
           1,465 
Petrol/LPG
              329 
Scope 2 3)
           3,458 
Electricity
           3,402 
District heating
                56 
1)	 The greenhouse gas inventory was calculated in line with WRI/WBCSD Green	
	
house Gas Protocol guidelines.
2)	 Scope 1: Emissions from fuels and combustibles.
3)	 Scope 2: Emissions arising from the production of electricity and district 
	
heating purchased by the business units. Emissions factors used: current
	
versions of IEA and DEFRA.
Energy in MWh 1)
2021
Energy consumption
        19,863 
thereof renewable
           2,367 
Electricity consumption
           9,714 
thereof renewable
           2,037 
District heating
              330 
Heating fuels
           3,084 
Oil
                22 
Gas
           3,062 
LPG/propane
               -    
Wood
                 -  
Motor fuels
           6,735 
Diesel
5,441
Petrol
           1,294 
LPG/propane
                -   
1)	 The energy consumption figures include all business units with more than five 	
	
full time equivalents. Business units with five or fewer full time equivalents are 	
	
not included due to their relatively low influence on energy consumption. 
	
Acquisitions in the corresponding reporting year are not included.
40

Waste management
REDUCED FOOTPRINT
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Bossard promotes circular economy to reduce 
its resource and materials consumption and 
minimizes waste. Alongside the Group’s work 
to cut emissions, the circular economy miti-
gates negative impacts on the environment. 
Most waste is generated on the supply side of 
Bossard’s value chain in the manufacturing of 
its products. Through innovation, the Group is 
positively contributing to its suppliers’ waste 
reduction efforts and benefiting its customers.
Competitive advantage is also gained through the provi-
sion of circular products and solutions. Aside from meet-
ing increasing customer demand, Bossard’s work at the 
forefront of this area consolidates its reputation as an in-
novation leader. Tackling wrong purchases and unsold 
goods as well as improved packaging is also essential to 
minimize waste.
KEY FIGURES: ENVIRONMENT 
Waste in t 1)
2021
Non-hazardous waste 2)
1,547.8
Incineration or landfill
489.0
Recycling
1,058.8
Hazardous waste
2.7
1)	 The figures for non-hazardous and hazardous waste include all business units 
	
in with more than five full time equivalents. Business units with five or less 
	
than five full time equivalents are not included because of their relatively 	
	
low impact on waste. The business units from Bossard America are excluded 	
	
from this data collection. Acquisitions in the corresponding reporting year are 	
	
not included.
2)	 Some of the non-hazardous waste data of three European business units were 	
	
estimated. The data quality will be improved in next years in cooperation with 	
	
these business units.
Bossard collects waste data on a business unit-level, in 
connection with the Group’s sustainability goals. Review-
ing this data will generate insights how to further reduce 
waste. Bossard has a good picture of its current waste 
output and is in the process of implementing internal 
reduction strategies. 
41

Sustainability drive in Bossard’s packaging
As a distributor, Bossard relies on efficient and secure 
packaging to meet the requirements of its customers. By 
starting a group-wide project, the Group strives to sus-
tainably improve packaging and the respective process-
es. Bossard Germany has made its packaging more sus-
tainable, which has a substantial impact due to the large 
warehouse in Illerrieden. 
By increasing the recycled content of cardboard to at 
least 86 percent across all sizes and the content of re-
granulated raw material to almost 100 percent for the 
new flat bags, more than 1.1 tons of CO2 can be saved 
per year. This switch was even cost-neutral. In addition, 
Bossard Germany is also considering changes in 
stretch films and filling paper in order to be able to 
reduce even more carbon emissions.
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Sustainable packaging: the new cardboard boxes with increased recycled content at Bossard Germany
42

Employee development
EMPOWERED PEOPLE
TOGETHER WE CREATE
We 
collaborate
We 
experiment
We 
empower
We 
talk real
We 
deliver 
value
Trust
Entrepreneurship
Leadership
Social Responsibility
Credibility
Bossard’s corporate culture: Bossard’s corporate culture is represented by a tree with five values as its roots and five guiding principles as its branches.
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At Bossard, empowering employees is para-
mount. All activities and initiatives revolve 
around strengthening Bossard’s employees’ 
sense of belonging and giving them opportu-
nities and space to leverage their full potential 
within Bossard’s corporate culture. 
Bossard believes in continuous professional development, 
and correspondingly offers formal and informal training 
and development programs. This enables employees to 
realize their full potential and adds value to the business. 
In particular, the programs not only contribute to employee 
satisfaction and wellbeing, but also are key for reducing 
employee turnover, knowledge retention and attracting 
new talent – overall, strengthening the workforce. Oppor-
tunities for upskilling are offered through designated 
projects, coaching and job enrichment. Employees learn 
competencies, such as conflict management and com-
munication, which additionally benefits society in a wider 
sense.
Bossard’s approach to professional development centers 
on the values of creativity, empowerment, and collabora-
tion. Employees’ ideas are heard and acted upon, ultimately 
fueling internal innovation and collective problem-solving. 
A corporate culture revolving around strengthening em-
ployee competencies also stimulates the Group’s produc-
tivity and accelerated growth.
43

04  At a glance   
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BOSSARD ANNUAL REPORT 2022
A global initiative to unlock employee 
potential 
In order to accelerate growth at Bossard, the Group 
wants to support engaged employees to use their full 
potential. Therefore, Bossard started a leadership deve-
lopment program for the Group by offering courses that 
are in line with the Group’s five guiding principles (we ex-
periment, we collaborate, we empower, we talk real and 
we deliver value). The courses were accessible globally, 
as well as locally hosted by the business units under the 
same umbrella concept. In these courses, Bossard’s top 
80 leaders sharpened skills such as coaching, conflict 
management, change and remote leadership, and facilitation. Hogan assessments as well as direct 1:1 conversations 
with Bossard’s VP People & Organization gave each leader a clear trajectory of how to improve from every angle.
A Bossard-specific talent ecosystem is currently being 
developed. Externally, the ecosystem will enable the 
Group to manifest competitive skills and diversify posi-
tions into multiple roles for employees. Internally, it will 
result in personalized professional development with an 
emphasis on offering more advancement opportunities 
within the Group. Not only does this align with employee 
demand, but tackles increasing labor market pressures. 
The ecosystem will be a transparent process to instigate 
all employees to proactively shape their career however 
individualized. Directly, there will be longer and more di-
verse succession planning lists where internal candidates 
are flagged earlier. In addition to the on-going overarching 
transformations related to employee development, the 
topic is embedded into everyday projects. Bossard equips 
its leaders with change capabilities through training and 
on-the-job coaching. Learning culture is fostered through 
co-creative workshops during which employees share 
their opinions on the Group’s change roadmap and jointly 
decide new challenges. For instance, employees were en-
couraged throughout 2022 to sign up to open enrollment 
courses, ranging from short 20-minute formats to five-
month programs, that were in line with Bossard’s five 
guiding principles. The courses, built on interviews, 
e-learning and small workshops, were accessible globally 
with complimentary input from local units. The initiative 
unified corporate culture at Bossard, while devolving free-
dom and responsibility to its units.
Bossard Leadership Conference: Bossard’s leadership team 
44

Attractive employer
EMPOWERED PEOPLE
04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Bossard realizes that being an attractive em-
ployer and amplifying this perception is vital 
to securing its goals. The Group seeks to contin-
uously boost employee satisfaction through 
economic situation, health and education. 
Becoming a more attractive employer will bring in new 
talent with different ideas that will drive innovation and 
market competitiveness. It will also retain expertise with-
in its current workforce. Overall, employee satisfaction 
fosters commitment, which initiates a positive spiral for 
success.
KEY FIGURES: EMPLOYEES
Composition of workforce 1)  2)
2022
2021
Unit
Total
Female
Male
Total
Female
Male
Workforce by employment contract
Permanent
HC
2,819
985
1,834
n/a
n/a
n/a
Temporary (agency/lease workers)
HC
27
n/a
n/a
n/a
n/a
n/a
Workforce by employment type
FTE total (full time equivalent)
FTE
2,769
n/a
n/a
2,549
n/a
n/a
Employees total 3)
HC
2,819
985
1,834
2,601
899
1,702
Full time
HC
2,604
863
1,741
2,443
801
1,642
Part time 4)
HC
215
122
93
158
98
60
Number of apprentices/trainees/interns
HC
114
n/a
n/a
70
n/a
n/a
Workforce by age
< 30 years
 
HC
465
170 
295
450
190 
260
30–50 years
 
HC
1,645
615 
1,030
1,475
519 
956
> 50 years
 
HC
709
200 
509
676
190 
486
Management
Employees in management positions
HC
373
79
294
366
76
290
Other
Qualification dialogues/annual appraisals 5) 
No.
2,115
n/a
n/a
2,244
n/a
n/a
Pulse checks or employee satisfaction surveys done 
on unit level
No.
272
n/a
n/a
n/a
n/a
n/a
1) 	 The HR figures include all business units with more than five full time equivalents. Business units with five or fewer full time equivalents as well as acquisitions 
	
in the corresponding reporting year are not included.
2) 	 The consolidated data collection was expanded in the reporting year 2022. In 2021, some of the data were not yet collected in a globally consolidated manner.
3) 	 This value is inclusive of apprentices, trainees and interns and exclusive agency/lease workers.
4) 	 All employees working less than 90 percent or 90 percent.
5) 	 Excluding apprentices and trainees, business units and employees with long-term absences. In such cases, individual conversations and reviews take place that 
	
are adapted accordingly to the case.
 
45

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Today’s working world is complex and dynamic. Bossard 
and its employees need to adapt to unprecedented chal-
lenges presented through increased globalization, digita-
lization and networking. Therefore, it is essential to 
attract the right talent with a growth mindset to better 
move the Group forward. Every touchpoint with candi-
dates and employees shapes Bossard’s employer brand 
and consequently its ability to hire and retain the best 
workforce. 
Hires & fluctuation in HC 1)  2)
2022
2021
Entries
Natural departures
All departures
Fluctuation rate 5)
Entries
Departures
Fluctuation rate 3)
Total
581
134
411
9.8 %
n/a
     331 
12.7 %
Total by gender
Male
 361
 84
260
9.6 %
n/a
                 n/a 
n/a
Female
 220
 50
151
10.3 %
n/a
           n/a 
n/a
Total by age 4)  
            
< 30 years
 197
32
116
19.6 %
n/a
                 n/a 
n/a
30–50 years
 307
59
197
8.7 %
n/a
           n/a 
n/a
> 50 years
 74
43
77
5.3 %
n/a
               n/a 
n/a
Total by region
            
Europe
 
 342 
 57
252
12.7 %
n/a
177
12.9 %
America
 
 139 
 74
91
3.8 %
n/a
98
22.1 %
Asia
 
 100 
 3
68
7.9 %
n/a
56
7.2 %
1) 	 The consolidated data collection was expanded in the reporting year 2022. In 2021, some of the data were not yet collected in a globally consolidated manner.
2) 	 The figures for hires and fluctuation include all business units with more than five full-time equivalents. Business units with five or fewer full-time equivalents 
	
as well as acquisitions in the corresponding reporting year are not included.
3)	 All departures in relation to the average number of employees in the reporting year. The calculation includes all departures, no distinction was made between 
	
natural departures, retirements and terminations by employees or Bossard.
4) 	 Two European business units are not included in entries by age and fluctuation by age, as these data were not collected in these units.
5) 	 For the calculation of the fluctuation rate 2022, the number of employees as of December 31, 2022 was taken.
46

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Part of Bossard’s Strategy 200 is to release the full poten-
tial of its employees worldwide and, hence, aspire to be 
one of the most inspiring companies to work for. With the 
overarching goal of attracting passionate, focused talents 
to the Group and motivating current employees to act as 
ambassadors, Bossard outlined its employer branding 
vision in 2022:
To further this vision, Bossard ensures transparent re-
cruitment processes. The filling of positions is based on 
internal guidelines, professional criteria and job descrip-
tions. Market-driven remuneration consists of a fixed 
salary component and various performance-related com-
pensation systems that allow employees to participate 
in the Group’s success on a local level.
As ambassadors, upholding Bossard’s Code of Conduct 
is the responsibility of all employees. Employees receive 
training on the Code of Conduct, which is also enforced at 
management level, to promote its correct and seamless 
integration group-wide. Violations against the Code of 
Conduct are reviewed internally and sanctioned if neces-
sary. If an employee suspects misconduct, they can con-
tact the supervisors, local management, the executive 
committee, the HR or use the new integrity line that will 
be introduced by the beginning of 2023. 
One of Bossard’s biggest strengths is its corporate cul-
ture, which was multiple times verified in local or region-
al employee satisfaction surveys and in competing for 
awards, such as, the Swiss Employer Award. The revision 
of the Group’s business strategy in 2021 enhances the 
role of its employees. Bossard wants to include its em-
ployees to an even greater degree in the business devel-
opment by recognizing their ideas and concerns within 
the framework of its various initiatives. External commu-
nication of Bossard’s established working culture re-
mains a key challenge for the Group’s employer branding 
vision.
The goal is to release  
the full potential of  
all employees.   
                      
	−Make Bossard the employer of choice
	−Strengthen Bossard’s brand recognition
	−Promote Bossard’s five guiding principles
	−Position Bossard as a sustainable, inclusive,  
innovative, and secure employer 
	−Strengthen the identification of existing  
employees with Bossard 
47

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Bossard acts to guarantee equal opportunities 
for all its employees regardless of origin, gender, 
age, religion, sexual orientation, physical ability, 
etc. The Group promotes diversity and inclusion, 
contributing to the elimination of discrimina-
tion and positively impacting social stability at 
Bossard and within society at large. Bossard is 
an international organization with a multicul-
tural workforce and, as such, respect for one an-
other at all times is essential. We are not aware 
of any incidents of discrimination in 2022.
Fostering diversity, equity, and inclusion is not only right 
and directly benefits the business, but is also one of 
Bossard’s core values. As an inclusive employer, the Group 
seeks to create an environment where every employee 
is accepted and empowered to contribute to Bossard’s 
success. Bossard needs the collective potential and all 
voices to be heard for innovation and continuous growth. 
To stakeholders, the Group wants to be an exemplary 
business partner and continue to make progress in this 
area. 
Bossard ensures equal work is remunerated with equal 
pay by analyzing compliance. For example, in 2021 an 
equal pay analysis was carried out at Bossard’s head-
quarters in Zug, Switzerland. An independent and certi-
fied auditor confirmed the applicable rules regarding 
equal pay between men and women were being complied 
in accordance with the gender equality act.
A group-wide diversity, equity and inclusion strategy is 
currently being developed involving input from employees 
based around the world. Geographically determined hack 
teams will analyze Bossard’s HR data and define regional 
action plans. Additionally, Bossard is planning to imple-
ment consolidated actions on group level. By focusing on 
the following practices Bossard drives its diversity, equity, 
and inclusion strategy forward:
Work environment/structures 
Bossard wants to examine its internal framework condi-
tions such as policies, Code of Conduct, flex work and 
similar and adapt them where necessary in order to 
establish an inclusive working environment. 
Recruiting initiatives  
In order to approach the right people, the Group needs 
to screen the recruitment processes and make them in-
clusive by means of gender-neutral language, adapted 
documents, and the like.
 
Managerial involvement 
The Group’s management shall be involved in a first step. 
The management has to act as role model and promote 
the process: Clear expectations and guidelines shall 
support this.
 
Mentoring and sponsorship  
Bossard evaluates implementing mentoring and sponsor-
ship program within our organization especially for 
minority groups to unleash the potential of its talents.
The imminent roll-out of the diversity, equity and inclu-
sion strategy will require a united effort from every em-
ployee. Bossard is currently increasing understanding 
among all its workforce as to the necessity of such a 
strategy. The diversity, equity, and inclusion strategy
will roll-out in the second quarter of 2023.
Diversity, equity, and inclusion
EMPOWERED PEOPLE
48

Wellbeing and safety
EMPOWERED PEOPLE
KEY FIGURES: OCCUPATIONAL HEALTH AND SAFETY
Occupational health and safety 1)
Unit
2022
2021
Total effective hours worked 2)
Hours
4,511,382
n/a
Total absences 3)
Hours
157,237
84,399
Absence rate
%
2.8 4)
2.0 5)
Absences due to illness
Hours
152,648
 72,106
Absences due to accidents at work
Hours
4,627
 6,566
Number of fatalities at work 
No. 
0 
0 
1) 	 The occupational health and safety figures include all business units with more than five full time equivalents. Business units with five or fewer full time equivalents as well 	
	
as acquisitions in the corresponding reporting year are not included.
2) 	 In the 2021 annual report, only the contractually agreed target working hours were listed. In the 2022 annual report, the effective hours worked are reported; these include 	
	
all hours worked, including overtime.
3) 	 Excl. vacation and other absences not related to illness or accidents.
4) 	 For the calculation of the absenteeism rate, the approach suggested by GRI of 2,000 hours per one FTE was used.
5) 	 For the calculation of the absence rate 2021 the reported target working hours were used.
04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Bossard places great emphasis on the physical 
and mental wellbeing of its employees and 
takes every appropriate measure to ensure 
their health and safety at all times. This enables 
the Group’s employees to carry out their work
responsibly in a highly engaged manner 
with a willingness to deliver value. It further 
strengthens the workforce, minimizing risks 
and absenteeism rates. Such an approach also 
helps in the recruitment of new talents.
In-house health management initiatives have led to the 
creation of long-term secure workplaces supportive of a 
positive work-life balance. Employees are encouraged to 
participate in local events such as charitable runs or to 
cycle to work. These events promote the health of the 
Group’s employees but also have wider social, economic 
and ecological benefits for the communities in which 
Bossard operates. Similarly, working from home and flex 
work schemes were integrated in 2021. As Bossard is a 
devolved organization, health and safety committees, 
task forces and trainings are carried out at business 
unit-level. For example, in Zug an online course on safety 
at work was administered in 2022. Units operate individu-
ally, however, benefits such as supplementary insurances, 
internal fitness offers and facilities, external social 
counseling, case management, and similar are routinely 
offered.
Alongside its new Code of Conduct, Bossard will launch a 
whistleblowing process for employees in early 2023. The 
Integrity Line will include the implementation of whistle-
blowing software licensed from a third party to guarantee 
confidentiality if desired. Further an internal campaign will 
be launched to raise employees’ awareness of tool’s avail-
ability. The initiative is underlined by a policy to protect in-
volved parties and define how reported cases are investi-
gated, and, if needed, sanctioned. Concerns about the 
working situations can also be reported to human re-
sources directly.
Remote and hybrid working offer a number of advantages 
and new opportunities, however, the reduction of personal 
contact flags a possible challenge in identifying employees 
who need more support with their physical or mental 
health. Therefore, Bossard is working to better educate 
employees on these topics.
49

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Responsible supply chain management
FAIR PARTNERSHIP
Bossard’s close to 4,700 strong supplier net-
work is of great strategic importance in deli-
vering unique solutions to its customers. The 
Group considers environmental and social 
criteria, including due diligence on human 
rights and the avoidance of child, forced or 
compulsory labor, in awarding contracts and 
procurement. 
The Group’s efforts to advance its corporate responsibility 
influences industry standards and more generally leads to 
a positive development of sustainability in the respective 
organizations, companies and industries. As a minimum, 
fulfillment of regulatory requirements minimizes indirect 
risks for Bossard and enables the Group to reduce its 
carbon footprint. However, being a first-mover in this 
environmental, social and governance area also gains 
at least short-term competitive advantage thereby 
strengthening Bossard’s position as a supplier to multi-
national companies and in the longer term ensures 
healthy global growth.
Bossard will continue to expand in the coming years. 
Integrating new locations and building up its supplier 
network present challenges, especially for sustainability. 
In line with the Supplier Code of Conduct, the Group’s 
suppliers are required to verify a high degree of environ-
mental protection in their procurement, manufacturing 
and transport activities or to guarantee compliance with 
internationally recognized environmental management 
systems. As such, Bossard can raise further awareness 
on climate related topics among its stakeholders. The 
Group will place even greater emphasis on qualitative 
and quantitative sustainability aspects in future internal 
investment processes. Furthermore, acceptance to 
Bossard’s supplier network is based on strict quality
criteria. Beside adherence to the Supplier Code of Conduct, 
a new supplier is subject to multiple selection steps.
These include factory audits which gather information 
on production environment, manufacturing processes, 
machinery and employee expertise. In 2022, Bossard im-
proved its renowned sustainability rating and supplier 
portal of the company EcoVadis. To reinforce quality 
standards, the Group’s own quality management systems 
are ISO 9001 certified and a total of 16 certified testing 
laboratories worldwide vouch for Bossard’s products and 
solutions.
Three out of four Bossard’s most significant long-term 
suppliers (representing 65 percent of purchasing volume) 
have signed Bossard’s Supplier Code of Conduct. 
Bossard’s goal is to cover approximately 80 percent of its 
purchasing volume from signatories of the Supplier Code 
of Conduct. The code was refined in 2022 to reflect the new 
structure of the Group’s supplier network and further 
strengthen sustainability aspects. Bossard reserves the 
right to conduct reviews without prior notice. Should 
partners, or potential partners, not comply with mandatory 
social and environmental standards, Bossard will dissolve 
the relationship.
50

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Bossard’s supplier network incorporates Europe, America 
and Asia, and is monitored through the Group’s supplier 
relationship management (SRM) platform. In addition to 
the Supplier Code of Conduct, supply chain management 
policies, audits, risk management criteria and an exten-
sive supplier evaluation process, Bossard expects adher-
ence to several laws and regulations, such as REACH/
RoHS and the Dodd Franck Act among others. Suppliers 
provide up-to-date certification in the SRM tool.
 
Bossard regularly screens its suppliers for upholding 
laws and regulations, i. e. human rights and child labor. 
As a result of this screening processes, several suppliers 
were blocklisted in 2022. Blocklisting occurs if the suppli-
er is not behaving in accordance with Bossard’s require-
ments or the agreement. It involves a universal blocking 
within the Group’s accounting and enterprise resource 
planning (ERP) system to prevent the Group doing further 
business with the supplier in question. On the topic of 
child or forced labor, there were no incidents reported in 
2022 at Bossard. 
An important achievement in Bossard’s commitment to 
corporate responsibility was the launch of the aforemen-
tioned SRM system in October 2022. The tool clarified the 
Group’s processes, enhancing its ESG, quality and risk 
management requirements for its supply chain. With the 
SRM system, Bossard is able to control, follow up and  
develop its supplier network, mitigating expansion chal-
lenges. For example, since the introduction of the new 
system, 21 suppliers have completed the ESG self 
assessment. 
Looking forward, Bossard is preparing for the introduc-
tion of more regulations, such as the supply chain act and 
Carbon Border Adjustment Mechanism (CBAM). Despite 
the Group’s rigorous supply chain management, Bossard 
expects bigger challenges with greater associated risks 
in the future and foresees more complex solutions will be 
needed to promote responsible business growth.
Fair Partnership 
revolves around 
integrity and 
reputation.
51

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Integrity, respect and fairness are core values 
at Bossard pervasive throughout all its 
relationships and activities. Moreover, they  
represent the foundation of its partnerships 
worldwide. Upholding these fundamental  
values is how, for decades, Bossard has won  
the trust of its customers, employees and stake-
holders. 
Anchoring integrity into the fabric of the organization en-
sures accountability and safeguards, contributing to the 
fight against corruption and anti-competitive behavior. 
Ethical business management is not only imperative for 
compliance with local laws and regulations but also se-
cures long-term growth by avoiding penalties or reputa-
tional damage. Further, placing integrity at the core of  
all Bossard’s operations is an important part of being an 
attractive employer.
Integrity
FAIR PARTNERSHIP
Bossard’s suppliers are central to its ambition to exercise 
and strengthen its corporate responsibility. The Supplier 
Code of Conduct, which follows the 10 principles of the 
United Nations Global Compact (UNGC), mandates the 
Group’s requirements with regard to corruption and  
bribery, environmental protection and human and labor 
rights including safety standards and the prohibition of 
child and forced labor. In addition to expecting all suppli-
ers to comply with regulations, many important suppliers 
have signed Bossard’s Supplier Code of Conduct and the 
Group is actively working to achieve universal cooperation. 
Suppliers are audited or complete a self-assessment to 
check adherence to the Supplier Code of Conduct.
Internally, a new Code of Conduct drafted by employees for 
employees was launched in 2022. The new Code of Con-
duct integrates Bossard’s guiding principles into its opera-
tions. Employees have been introduced to the new Code of 
Conduct through online training, which is available in 13 
languages. To ensure it is properly understood and lived 
by, a campaign was also showcasing chapters of the new 
Code of Conduct to employees on a monthly basis.
Under the slogan, “See something, say something!,” the 
Group encourages all employees to be vigilant and report 
any violation of integrity. To better equip employees in 
this endeavor, a new whistleblowing line will be imple-
mented in 2023. The tool, available through Bossard’s 
intranet, transmits reports to the Group’s legal departe-
ment and cases are handled by the Group General Counsel, 
Senior Legal Counsel and Senior ESG Project Lead. 
Further members of the management, subject matter 
experts as well as third parties will be brought in as re-
quired. A policy ensures there is no retaliation for making 
a report, and confidential reporting is possible. The tool is 
aligned to data privacy laws. A campaign is planned to 
make the Integrity Line and its features more prominent 
across the Group. Bossard investigates the extension of 
the service to include suppliers and third parties. Viola-
tions are investigated and, if necessary, disciplinary 
measures are taken. Moreover, Bossard actively asks its 
business units to supply information on whether there 
has been an integrity related incident every year.
52

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
To cement Bossard’s standing as a role model in the in-
dustry, ethical business practices and partnerships are 
essential. Its Codes of Conduct additionally outline its 
expectations regarding conflicts of interest, fair competi-
tion, conflict materials, human rights and child labor as 
well as environmental issues. Similarly, the Group en-
forces its moral grounding on the topics of financial risks 
and compensation. In 2022, Bossard conducted checks 
regarding conflict minerals. Furthermore, an analysis 
was made into which countries the Group operates 
could raise potential risks of human rights violations 
and follow-up measures are being looked into.
Bossard tracks and manages its integrity strategy 
through KPIs and audits. The Group is a member of the 
European Fastener Distributor Association (EFDA), with 
its VP Supply Chain Management as the current presi-
dent. The EFDA raises awareness of upcoming issues in 
countries or compliance risks. This aids Bossard’s own 
internal global control system and risk assessment that 
flags potential integrity issues to enable a prompt re-
sponse. Internal financial audits are routinely carried out 
and Code of Conduct topics spot-checked. The Group’s 
legal department along with local business units monitor 
applicable laws and regulations. 
In 2022, Bossard was made aware of a breach of the Code 
of Conduct involving certain employees. As the result of 
an internal investigation, appropriate disciplinary actions 
have been taken against the employees involved. In the 
reporting year, there were no reported complaints or 
legal proceedings based on anti-competitive behavior, 
cartel and/or monopoly formation. Further, there are no 
known violations against any environmental, economic 
or social laws or regulations.
Integrity, respect  
and fairness are core 
values at Bossard.
                             
53

04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Bossard is committed to positively affecting 
the local communities in which it operates, 
most notably by promoting wellbeing and 
socio-economic development. The Group works 
with civil organizations to better engage on a 
community level and initiatives are pursued 
locally. 
Particularly, Bossard utilizes community engagement to 
embed its values across the entire value chain and support 
the economy, society and the environment where its em-
ployees live and work. Bossard observes that this commit-
ment has contributed to employee satisfaction and motiva-
tion. Community engagement, whether through sponsoring, 
donating or volunteering, is an important part of Bossard’s 
corporate culture and being an attractive employer.
Bossard’s business units are encouraged to champion social 
issues and sustainability projects within the context of com-
munity engagement. The Group evaluates the implementa-
tion of local volunteering days and various donations are 
made to organizations embodying Bossard’s values. 
Community engagement
FAIR PARTNERSHIP
For example, at the annual general meeting of shareholders 
2021 the decision was taken to make charitable donations 
instead of shareholder giveaways in the future. Regardless 
of doing business in the affected regions, Bossard was com-
mitted to counteracting global crises in 2022. Generally, 
Bossard prefers to sponsor or donate to smaller organiza-
tions or projects where there is a clear connection between 
the financing and benefit.
Blue Hearts Embassy – Hearty Foundation
 
A special highlight of community engagement in 2022 
is the “Help for the Ukraine” initiative. Started by 
Bossard Poland, useful donations were sent to selected 
organizations to support refugees in Poland and in the 
Ukraine. The entire Group joined the business unit’s 
efforts. In addition, the Group launched in conjunction 
with Bossard Poland another initiative where colleagues 
could race kilometers to raise money. Altogether, more 
than 20,000 km were raced and CHF 100,000 collected 
and donated to the Hearty Foundation. The foundation 
creates a learning space for Ukrainian refugees in 
Poland. Bossard strongly believes that together with the Hearty Foundation the Group has created a comprehensive 
project that is strongly connected with its guiding principles and corporate values. Bossard places great emphasis 
on it and hopes it will improve the quality of life of Ukrainian refugees in Poland.
In order to analyze Bossard’s level of community engage-
ment, the Group collects information annually on what 
engagement activities have taken place in the local com-
munities Bossard operates in. Additionally, money spent 
globally on donations and sponsoring is tracked.  As cer-
tain community engagements become increasingly politi-
cal, the projects and organizations to be supported must 
be carefully selected to ensure that they are in line with 
Bossard’s values.
Race for the Ukraine: Impressions from the time when the Group
collected kilometers for the good cause. 
54

1)	 Location refers to the Bossard Group’s Annual Report 2022.
04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
GRI CONTENT INDEX
General Disclosures
Bossard has reported in accordance with the 
GRI Standards for the period January 1, 2022 
to December 31, 2022. For the Content Index-
Essentials Service, GRI Services reviewed that 
the GRI Content Index is clearly presented, in 
a manner consistent with the standards, and 
that the references for disclosures 2-1 to 2-5, 
3-1 and 3-2 are aligned with the appropriate 
sections in the body of the report. The GRI Con-
tent Index – Essentials Service was carried out 
on the English version of the report.
GRI Standard
Disclosure
Location 1)
Omission
Requirement(s) omitted
Reason
Explanation
GRI 1: Foundation 2021
GRI 2: General Disclosures 2021
The organization and its reporting practices
GRI 2: General Disclosures 2021
2-1 Organizational Details
p. 62 
2-2 Entities included in the organization’s sustainability reporting
p. 135–136 
2-3 Reporting period, frequency and contact point
p. 55 
2-4 Restatements of information
No restate-
ments of 
information
2-5 External assurance
No external 
assurance
Activities and workers
GRI 2: General Disclosures 2021
2-6 Activities, value chain and other business relationships
p. 13–14 
2-7 Employees
p. 45 
2-8 Workers who are not employees
p. 45 
Table continued on next page →
The sustainability report in accordance with GRI is 
approved by the board of directors and will be published as 
the “Sustainability” section of the Bossard annual report 
on the March 1, 2023.
Contact person: Tabea Bürgler, tabea.buergler@bossard.com
55

1)	 Location refers to the Bossard Group’s Annual Report 2022.
04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Governance
GRI 2: General Disclosures 2021
2-9 Governance structure and composition
p. 66–70, 
77–80 
2-10 Nomination and selection of the highest governance body
p. 67 
2-11 Chair of the highest governance body
p. 66 
2-12 Role of the highest governance body in overseeing the  
management of impacts
p. 28 
2-13 Delegation of responsibility for managing impacts
p. 28 
2-14 Role of the highest governance body in sustainability reporting
p. 55 
2-15 Conflicts of interest
p. 77, 81 
2-16 Communication of critical concerns
p. 28 
2-17 Collective knowledge of the highest governance body
p. 69 
2-18 Evaluation of the performance of the highest governance body
p. 96–97 
2-19 Remuneration policies
p. 94–96 
2-20 Process to determine remuneration
p. 96 
2-21 Annual total compensation ration
Annual total 
compensation ratio
Data not yet available
Data management system  
will be expanded
Strategy, policies and practices
GRI 2: General Disclosures 2021
2-22 Statement on sustainable development strategy
p. 8 
2-23 Policy commitments
p. 47, 50, 52 
2-24 Embedding policy commitments
p. 47, 50 
2-25 Processes to remediate negative impacts
p. 30 
2-26 Mechanisms for seeking advice and raising concerns
p. 49 
2-27 Compliance with laws and regulations
p. 53 
2-28 Membership associations
p. 53 
Stakeholder engagement
GRI 2: General Disclosures 2021
2-29 Approach to stakeholder engagement
p. 8, 24 
2-30 Collective bargaining agreements
Collective bargaining 
agreements
Data not yet available
Data management system 
will be expanded
GRI Standard
Disclosure
Location 1)
Omission
Requirement(s) omitted
Reason
Explanation
56

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Material Topics
GRI CONTENT INDEX
GRI Standard
Disclosure
Location 1)
Omission
Requirement(s) omitted
Reason
Explanation
GRI 3: Material Topics 2021
Materiality assessment and list of material topics
GRI 3: Material Topics 2021
3-1 Process to determine material topics
p. 25 
GRI 3: Material Topics 2021
3-2 List of material topics
p. 26 
Sustainable and Profitable Growth
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 31 
GRI 201: Economic Performance-2016
201-1 Direct economic value generated and distributed
p. 117, 124,  
127, 128 
Customer Loyalty
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 33–34 
Innovation
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 35 
Sustainable Product and Service Solutions
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 36–37 
Energy and Greenhouse Gas Emissions 
Management
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 38–39 
GRI 302: Energy-2016
302-1 Energy consumption within the organization
p. 40 
302-2 Energy consumption outside of the organization
p. 39 
302-4 Reduction of energy consumption
p. 38 
GRI 305: Emissions-2016
305-1 Direct (Scope 1) GHG emissions
p. 40 
305-2 Energy indirect (Scope 2) GHG emissions
p. 40 
Waste Management
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 41 
GRI 306: Waste-2020
306-1 Waste generation and significant waste-related impacts
p. 41 
306-2 Management of significant waste-related impacts
p. 41 
306-3 Waste generated
p. 41 
1)	 Location refers to the Bossard Group’s Annual Report 2022.
Table continues next page  →
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10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Employee Development
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 43–44 
GRI 404: Training and Education-2016
404-1 Average hours of training per year per employee
p. 45 
404-3 Percentage of employees receiving regular performance 
and career development reviews
p. 45 
Attractive Employer
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 45–47 
GRI 401: Employment-2016
404-1 New employee hires and employee turnover
p. 46 
Diversity, Equity, and Inclusion
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 48 
GRI 405: Diversity and Equal Opportunity 2016
405-1 Diversity of governance bodies and employees
p. 28 
GRI 406: Non-discrimination 2016
406-1 Incidents of discrimination and corrective actions taken
p. 48 
Wellbeing and safety
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 49  
GRI 403: Occupational Health and Safety-2018
403-1 Occupational health and safety management system
p. 49 
403-2 Hazard identification, risk assessment, and incident investigation
p. 49 
403-3 Occupational health services
p. 49 
403-4 Worker participation, consultation, and communication on 
occupational health and safety
p. 49 
403-5 Worker training on occupational health and safety
p. 49 
403-6 Promotion of worker health
p. 49 
403-7 Prevention and mitigation of occupational health and safety 
impacts directly linked by business relationships
p. 49 
403-8 Workers covered by an occupational health and safety 
management system
p. 49 
403-10 Work-related ill health
p. 49 
Table continues next page  →
GRI Standard
Disclosure
Location 1)
Omission
Requirement(s) omitted
Reason
Explanation
58

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04  At a glance   
06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Responsible Supply Chain Management
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 50–51 
GRI 308: Supplier Environmental 
Assessment-2016
308-1 New suppliers that were screened using environmental criteria p. 51 
GRI 408: Child Labor-2016
408-1 Operations and suppliers at significant risk for incidents of 
child labor
p. 53 
GRI 409: Forced or Compulsory Labor-2016
409-1 Operations and suppliers at significant risk for incidents of 
forced or compulsory labor
p. 53 
GRI 414: Supplier Social Assessment-2016
414-1 New suppliers that were screened using social criteria
p. 51 
Integrity
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 52–53 
GRI 206: Anti-competitive Behavior-2016
206-1 Legal actions for anti-competitive behavior, anti-trust, and 
monopoly practices
p. 53 
Community Engagement
GRI 3: Material Topics 2021
3-3 Management of material topics
p. 54 
GRI 203: Indirect Economic Impacts-2016
203-2 Significant indirect economic impacts
p. 54 
GRI 413: Local Communities-2016
413-1 Operations with local community engagement, impact 
assessments, and development programs
p. 54 
GRI Standard
Disclosure
Location 1)
Omission
Requirement(s) omitted
Reason
Explanation
59

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Corporate  
Governance
This corporate governance report describes the organizational 
structure of the Bossard Group. The report contains informa-
tion on the allocation of duties within the board of directors and 
its committees as well as further information on the individual 
members.
60

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BOSSARD ANNUAL REPORT 2022
Corporate Governance
AT A GLANCE
Women (25 %)
Men (75 %)
Market capitalization 
as of reporting date, in CHF million
Gender board of directors
Shares by country
Independence board of directors
Independent/non-executive (62.5 %)
Independent/non-executive/proposed by 
majority voting rights shareholder (37.5 %)
Switzerland (85 %)
Great Britain (8 %)
Other countries (7 %)
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The Bossard Group’s organizational structure is 
based on international standards for corporate 
management. The Group’s corporate bodies and 
management follow the Directive on Information 
relating to Corporate Governance of SIX Swiss 
Exchange as well as the “Swiss Code of Best Prac-
tice for Corporate Govern­ance” of economiesuisse.
The organizational structure of the Bossard Group is 
based on clear delimitation of tasks, competencies and 
responsibilities between the board of directors and the 
executive committee. The functions of the chair of the 
board of directors and the chief executive officer (CEO) 
are held by two different persons, so that the separation 
of powers is guaranteed. This report is prepared accord-
ing to the Directive on Information relating to Corporate 
Governance (DCG) of SIX Swiss Exchange. Unless other-
wise indicated, all information applies as of December 31, 
2022. The principles and rules on corporate governance 
are set out in the rules and regulations of Bossard  
Holding AG, namely in the articles of association of 
Bossard Holding AG (articles of association), in the orga-
nizational and business regulations of Bossard Holding AG 
(OBR), in the regulations of the board’s committees, in 
the Code of Conduct and in the resolutions of the board of 
directors. The rules are regularly reviewed by the board 
of directors and adapted to current requirements (articles 
of association most recently in 2022, OBR most recently 
in 2021 and regulations of the board’s committees most 
recently in 2015). 
CORPORATE GOVERNANCE
About corporate management
The Bossard Group is currently amending its articles of 
association based on the revision of the company law en-
tering into force in 2023. At the annual general meeting 
of shareholders 2024, the board of directors will propose 
the respective revision of the articles of association. Nec-
essary amendments with regard to the compensation in 
connection with the revision of the company law have al-
ready been implemented through approval of the revision 
of the articles of association on the annual general meet-
ing of shareholders on April 11, 2022.
Group structure and shareholders
Group structure
Bossard Holding AG, the parent company of the Bossard 
Group, is a limited company under Swiss law with its reg-
istered office in Zug. Bossard Holding AG is the only listed 
company belonging to the group of consolidated compa-
nies. It holds a direct or indirect interest in the companies 
listed in note 28 of the financial report. Bossard Holding AG 
(Swiss securities no. 23862714, ISIN CH0238627142/
BOSN) is listed on the SIX Swiss Exchange. Its stock 
market capitalization as of December 31, 2022 was CHF 
1,537.7 million (2021: CHF 2,529.2 million). The Group’s 
structure aims to provide the best possible support for its 
business activities within an efficient legal, financial and 
strategic framework. This means that the structure 
should be as simple as possible and also transparent to 
anyone outside the Group. The Bossard Group operates in 
industrial fastening technology and generates its entire 
revenue in this market segment. Further information re-
garding the Group structure is set out in the notes to the 
financial report, namely on pages 120 and 127.
Significant shareholders
The disclosure notifications in relation to shareholdings 
in Bossard Holding AG are published on the electronic 
publication platform of SIX Swiss Exchange and can be 
accessed via the search function of the disclosure office 
via the following link: 
www.ser-ag.com/en/home/publications/ 
significant-shareholders.html 
The following shareholders held more than 3 percent  
of the total voting rights in Bossard Holding AG as of  
December 31, 2022:
The Kolin Group – a shareholder group as per article 
120seq. of the Swiss Federal Act on Financial Market  
Infrastructures and Market Conduct in Securities and  
Derivatives Trading (FMIA) – consisting of Kolin Holding 
AG, Zug, and Bossard Unternehmensstiftung, Zug, owns 
56.3 percent (2021: 56.3 percent) of total voting rights  
and 27.8 percent (2021: 27.8 percent) of capital entitled to 
dividend (with notification on September 7, 2022 due to 
change in the information subject to the obligation to no-
tify). Kolin Holding AG is wholly controlled by the Bossard 
families. The individual members (shareholders) of the 
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Bossard families are published on the electronic publica-
tion platform of SIX Swiss Exchange.
This shareholder group does not include shares without 
pooled voting rights, which are held by individual mem-
bers of the Bossard families outside this shareholder 
group. 
 
Bossard Holding AG is not aware of any other sharehold-
ers or groups of shareholders that held 3 percent or  
more of the total voting rights of Bossard Holding AG as 
of December 31, 2022.
Cross-shareholdings
There are no cross-shareholdings with other companies.
Changes in the articles of association
The board of directors proposed a revision of the articles 
of association to the annual general meeting of share-
holders on April 11, 2022, namely the revision of article 
11, article 36, article 37, article 38, article 42 and article 
51 and the deletion of article 39 and article 40. 
Next to some necessary amendments with regard to the 
compensation in connection with the revision of the com-
pany law (the Code of Obligations), which come into force 
in 2023, in material terms, the articles of association 
were amended as follows (remaining amendments are of 
a purely formal nature): 
	– The mechanism for compensation of the CEO and the 
members of the executive committee has been adjusted. 
	– As before, the CEO and members of the executive 
committee will receive a fixed compensation (paid in 
the form of cash or A shares). 
	– The variable compensation will now be divided into a 
“Short-Term Incentive” (STI) and a “Long-Term Incen-
tive” (LTI). The short-term oriented compensation may 
consist of a bonus in cash or A shares. The long-term 
oriented compensation may be paid by means of allo-
cations of A share options, expectancies (including 
RSUs) or similar financial instruments.
	– The short-term and long-term variable compensation 
for the CEO, is calculated and measured on the basis 
of the performance of the Group as well as the individ-
ual, qualitative performance of the CEO (discretionary 
components).
	– The short-term and long-term variable compensation 
for the other members of the group management is 
calculated and determined on the basis of the perfor-
mance of the Group and/or the company and/or busi-
ness units and/or market regions, as well as the indi-
vidual, qualitative performance of each member 
(discretionary components).
The detailed wording of each of the provisions were out-
lined in an appendix to the invitation to the annual gener-
al meeting of shareholders. The annual general meeting 
of shareholders approved the above changes through 
revision of the articles of association on April 11, 2022. 
The Protocol of the 49th annual general meeting of 
shareholders (in German) can be accessed via the 
following link: 
www.bossard.com/en/about-us/investor-relations/ 
annual-shareholders-meeting/
Capital structure
Share capital
As of December 31, 2022 the ordinary share capital of 
Bossard Holding AG totaled CHF 40,000,000, of which 
CHF 33,250,000 share capital relates to registered 
A shares and CHF 6,750,000 to registered B shares.
Authorized and conditional capital
Bossard Holding AG holds 291,867 registered A shares 
(2021: 291,867) in reserve. These reserve shares can be 
used for management participation plans, acquisitions or 
other purposes in the interest of the company and carry 
no voting rights and are not entitled to dividends. Other 
than this, Bossard Holding AG does not hold any autho-
rized or conditional capital.
Changes in capital in the last three years
There were no changes in capital in the last three years.
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BOSSARD ANNUAL REPORT 2022
Shares
The share capital of Bossard Holding AG is CHF 40,000,000. 
It is divided into 6,650,000 registered A shares with a 
nominal value of CHF 5 per share and 6,750,000 regis-
tered B shares with a nominal value of CHF 1 per share 
(voting right shares). The share capital is fully paid in. 
With the exception of the own registered A shares held by 
Bossard Holding AG, (i) each registered share entered in 
the share register with voting rights is entitled to one vote 
(see also limitations on transferability and nominee reg-
istrations) and (ii) each registered share is entitled to a 
dividend. The meas­urement of voting rights by the num-
ber of registered voting right shares is not applicable for 
individual decisions specified in article 16 of the articles 
of association. Only registered A shares are listed on the 
SIX Swiss Exchange under the Swiss Reporting Standard 
(formerly Domestic Standard). Registered B shares are 
wholly owned by Kolin Holding AG. As of December 31, 
2022, Bossard Holding AG held 303,559 own registered A 
shares (including the 291,867 reserve shares mentioned 
under authorized and conditional capital) that represent 
2.265 percent of the total shares of Bossard Holding AG. 
11,692 (0.087 percent) of these shares are held by 
Bossard Holding AG as sales positions related to grants 
made under its management participation plan. For fur-
ther details, please refer to the compensation report and 
notes 11 and 15 of the financial report.
Number of registered A shares at December 31, 2022:
Number of registered A shares
Number of registered 
shareholders
Shares in %
1–100
4,394
3.2
101–1,000
3,003
14.2
1,001–10,000
343
14.5
10,001–100,000
50
16.7
> 100,000
7
26.0
Total registered  
shareholders/shares
7,797 
74.6
Non-registered shares
25.4 
Total 
100.0 
Number of holders of registered A shares at  
December 31, 2022:
Shareholders in %
Shares in %
Individual entities
93.0 
33.4 
Legal entities
7.0 
66.6
Total 
100.0 
100.0
Registered A shares by country at December 31, 2022:
Shareholders in %
Shares in %
Switzerland
95.4 
84.5
Great Britain
0.3
7.9
Germany
2.1
1.5
USA
0.3
1.4
Luxembourg
0.1
1.3
Other countries
1.8
3.4
Total 
100.0
100.0
Participation and profit-sharing certificates
Bossard Holding AG has not issued any participation or 
profit-sharing certificates.
Limitations on transferability and nominee  
registrations
Limitations on share transferability
According to article 7 of the articles of association, the 
transfer of registered B shares is always subject to the 
approval of the board of directors, irrespective of the 
form in which these shares were issued. The board of 
directors may reject such a request for good reason – 
primarily to protect the purpose of the company and to 
maintain its economic independence (article 9 of the 
articles of association). In particular, this includes the 
transfer of registered B shares to a competitor and a 
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fiduciary transfer if the acquirer does not inform the 
board of directors in writing at its first request that she or 
he is acquiring the shares concerned in her or his own 
name and for her or his own account. Furthermore, the 
board of directors may refuse its approval if it offers to 
the seller or acquirer of the registered B shares that it 
will acquire these shares for the account of the company, 
other shareholders or third parties for at least their actual 
value at the time the request was made (article 8 of the 
articles of association). If there is good reason to do so, 
the board of directors may grant exceptions to these 
rules (no exceptions have been granted in the reporting 
year 2022). However, transfer requests containing incor-
rect information must always be rejected; a new, correct-
ed request may subsequently be submitted (article 9 of 
the articles of association). For the incorporation or tight-
ening of transferability restrictions, at least two-thirds of 
the votes represented and an absolute majority of the 
represented nominal share value are required for a  
decision. These provisions also apply for registered B 
shares, which are acquired (subscribed) by the exercise 
of subscription, option or conversion rights, and for  
the establishment of usufruct of registered B shares.
Nominee registrations
According to article 6 of the articles of association, the 
acquirer of a registered A share is entered in the share 
register with voting rights provided that she or he con-
firms that this share is held in her or his own name and 
for her or his own account.
Up to a registration limit of 0.5 percent of the total num-
ber of registered A shares entered in the commercial reg-
ister, anyone who does not expressly state that she or  
he is acting on her or his own account shall be acknowl-
edged as being a nominee with voting rights. Beyond this 
registration limit, anyone who makes known to Bossard 
Holding AG the name, address and/or registered office of 
the person for whose account she or he holds more than 
0.5 percent of the total number of registered A shares en-
tered in the commercial register, shall be acknowledged 
as being a nominee with voting rights. Otherwise the  
acquirers of registered A shares shall be acknowledged 
or registered as shareholders without voting rights. The 
board of directors makes the necessary arrangements 
for the acknowledgment and registration of acquirers of 
registered A shares, and particularly also of nominees. 
These provisions also apply to registered A shares that 
have been acquired by exercising subscription, option or 
conversion rights as well as to the creation of rights of 
usufruct to registered A shares.
Outstanding bonds and options
Bossard Holding AG currently has no bonds or convert-
ible bonds outstanding. Information on conditional rights 
to receive registered A shares of Bossard Holding AG 
(outstanding options respectively Restricted Stock Units/
RSUs) according to the management participation plan 
that is offered to selected members of the management 
of the Bossard Group is disclosed in section 6 of the com-
pensation report and in note 15 of the financial report. 
Further detailed information can be accessed on the 
electronic publication platform of the SIX Swiss Exchange 
via the following link: 
www.ser-ag.com/en/home/publications/ 
significant-shareholders.html 
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Board of directors
Dr. René Cotting
David Dean
Petra Maria Ehmann
Marcel Keller 
Martin Kühn
Prof. Dr. Stefan Michel
Petra Maria Ehmann
Martin Kühn
Dr. Thomas Schmuckli
Petra Maria Ehmann
Patricia Heidtman
Prof. Dr. Stefan Michel
Board of directors
Chair: Dr. Thomas Schmuckli
Vice chair: Patricia Heidtman
Audit, risk & compliance 
committee
Chair: Dr. René Cotting
Nomination committee
Chair: 
Dr. Thomas Schmuckli
Patricia Heidtman
Marcel Keller
Prof. Dr. Stefan Michel
Compensation committee
Chair: David Dean
Members of the board of directors
As of December 31, 2022, the board of directors of 
Bossard Holding AG consisted of eight non-executive 
members. David Dean was CEO of the Bossard Group 
from 2005 to April 2019. None of the other members of 
the board of directors belonged to the executive commit-
tee in the past.
The board of directors had the following members as of 
December 31, 2022:
 
Name
Function
Appointed
Dr. Thomas Schmuckli
Chair
2007
Patricia Heidtman
Vice chair
2021
Dr. René Cotting
Member
2015
David Dean
Repr. of registered 
A shares
2019
Petra Maria Ehmann
Member
2021
Marcel Keller
Member
2021
Martin Kühn
Member
2018
Prof. Dr. Stefan Michel
Member
2011
As per ad hoc announcement pursuant to Article 53 LR  
as of October 31, 2022, of Bossard Group announced that 
Prof. Dr. Stefan Michel and Dr. René Cotting will not be 
standing for re-election to the board of directors of 
Bossard Holding AG. The board of directors is nominating 
Prof. Dr. Ina Toegel for election at the upcoming annual 
general meeting of shareholders on April 17, 2023. 
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Other activities and vested interests
Dr. Thomas Schmuckli, Patricia Heidtman and Martin 
Kühn were proposed for election by the majority voting 
rights shareholder, Kolin Holding AG, Zug, and were 
elected to the board of directors of Bossard Holding AG. 
Dr. Thomas Schmuckli is a member of the Bossard family, 
which has 100 percent control over Kolin Holding AG. The 
members of the board of directors do not perform any  
activities outside of the Bossard Group other than the 
mandates listed on pages 71 to 76 and therefore do not 
have any significant business relationships with Bossard 
Holding AG or one of the subsidiaries. Furthermore, they 
do not have any other significant external interests.
Allowed number of mandates
According to article 44 of the articles of association, a 
member of the board of directors may, including his func-
tion for the company, at the same time take on a maxi-
mum of ten mandates, whereby chairmanships count as 
two mandates. A maximum of four mandates may be in 
listed companies. If the mandates assumed relate to legal 
entities that belong to the same group or are similarly 
related in terms of management, these mandates are 
considered a single mandate. There are no restrictions 
on the number of mandates (i) for mandates assumed in 
legal entities that are directly or indirectly controlled by 
Bossard Holding AG or that directly or indirectly control 
Bossard Holding AG, or (ii) if, in exercising the function for 
the Bossard Group, a mandate in another, related legal 
entity is exercised. The actual number of additional man-
dates are listed on pages 71 to 76.
Elections and terms of office
According to the articles of association, the board of di-
rectors consists of five to nine members. The chair of the 
board of directors and the other members of the board of 
directors are elected by the annual general meeting of 
shareholders for a period of one year (until the next ordi-
nary annual general meeting of shareholders). Members 
are elected on an individual basis. The annual general 
meeting of shareholders also elects the chair of the 
board of directors. There are no statutory limits to the 
term of office; members may be re-­elected. According  
to the OBR, however, a member of the board of directors 
shall offer to step down at the annual general meeting of 
shareholders following her or his 70th birthday. Each cat-
egory of shareholders, namely the holders of registered 
A shares as a group are entitled to one seat on the board of 
directors. In 2022, David Dean was re-elected as the rep-
resentative of the holders of registered A shares; holders 
of registered B shares with voting rights did not take part 
in this election. As a rule, the majority of the board mem-
bers should be external members with no executive func-
tions in the company. None of the members of the board 
of directors exercised any executive functions in the 
Bossard Group in the reporting year 2022.
The following table shows the year in which each mem-
ber was first elected to the board of directors as well as 
their function as of December 31, 2022:
Name
Function
First elected
Dr. Thomas Schmuckli
Chair 1)
2000
Prof. Dr. Stefan Michel
Member 2)
2011
Dr. René Cotting
Member 3)
2015
Martin Kühn
Member 4)
2018
David Dean
Repr. of registered 
A shares 5)
2019
Patricia Heidtman
Vice chair 6)
2019
Petra Maria Ehmann
Member 7)
2021
Marcel Keller
Member 8)
2021
1)	
Chair of the nomination committee (NC), member of the audit, risk & compliance 
committee (ARCC)
2)	
Member of the compensation committee (CC), member of the NC
3)	
Chair of the ARCC
4)	
Member of the ARCC
5)	
Chair of the CC
6)	
Member of the CC, member of the NC
7)	
Member of the NC, member of the ARCC
8)	
Member of the CC
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Age
< 5 years (62.5 %)
5 to 8 years (12.5 %)
9 to 12 years (12.5 %)
> 12 years (12.5 %)
Women (25 %)
Men (75 %)
Term
Gender
30 to 40 years (12.5 %)
41 to 50 years (25 %)
51 to 60 years (50 %)
61 to 70 years (12.5 %)
Independence
Independent/non-executive (62.5 %)
Independent/non-executive/
proposed by majority voting rights 
shareholder (37.5 %)
Diversity and independence
The board of directors ensures that its composition ful-
fills criteria of diversity and independence as well as that 
the required skills are available for a critical exchange of 
ideas.
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Executive
experience
Finance,
audit, risk
management
Compliance,
regulatory,
legal
Capital markets, 
M&A
Core industry
experience
Transferable
expertise in
related industries
International
business
experience
Digitalization,
technology
Strategy,
business
transformation
HR,
compensation
Board
governance
Sustainability
Dr. Thomas Schmuckli
x
x
x
x
x
x
x
x
x
x
x
Patricia Heidtman
x
x
x
x
x
x
x
x
x
Dr. René Cotting
x
x
x
x
x
x
x
x
x
x
x
David Dean
x
x
x
x
x
x
x
x
x
Petra Maria Ehmann
x
x
x
x
x
Marcel Keller
x
x
x
x
x
Martin Kühn
x
x
x
x
x
x
x
Prof. Dr. Stefan Michel
x
x
x
x
x
x
Competence matrix 
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Internal organization
Allocation of duties within the board of directors
The board of directors of the Bossard Group is ultimately 
responsible for the Group’s business policy and manage-
ment. It is the company’s highest management body and 
is entitled to make decisions on all matters which, by law, 
through the articles of association and/or under the regu-
lations of Bossard Holding AG, are not the responsibility 
of the annual general meeting of shareholders, or which 
it has not transferred to other bodies through regulation 
or decision.
The board of directors has the following non-transferable 
and inalienable main tasks (article 23 of the articles of 
association):
	– ultimate direction of the company, namely establishing 
the goals and policy, defining the resources available 
for same and the priorities, and issuing the instruc-
tions required for implementation
	– determining the organizational structure 
	– defining finance and accounting as well as financial 
planning and control 
	– appointing and dismissing the CEO and other mem-
bers of the executive committee and adopting provi-
sions governing authorized signatories
	– maintaining ultimate supervision of the CEO and other 
members of the executive committee
	– exercising rights of participation from and to share-
holdings/investments
	– drawing up the annual report and the compensation 
report, preparing the annual general meeting of 
shareholders and implementing its resolutions
	– notifying the judge in the event of excessive indebted-
ness
	– adopting resolutions on subsequent payment of capital 
with respect to not fully paid-up shares
	– adopting resolutions regarding the approval of capital 
increases and the resulting amendments to the arti-
cles of association
Committees
To assist it in its duties, the board of directors has estab-
lished three permanent committees:
	– the audit, risk & compliance committee (ARCC)
	– the nomination committee (NC)
	– the compensation committee (CC)
These committees prepare specific topics for discussion 
by the board of directors. The overall integral responsibil-
ity of the board of directors is not affected by the activities 
of these committees or by any delegation of tasks to 
them. Ad hoc committees can be formed to deal with spe-
cific or time-limited projects or issues. Unless otherwise 
stipulated by the articles of association, the board of 
directors defines the composition, duties, competencies 
and compensation for these committees in the relevant 
regulations, which are periodically reviewed by the re-
spective committee and are amended in accordance with 
any proposed amendments submitted to the board of 
directors by the latter. With exception to the CC, the board 
of directors may dismiss any of the committees it has  
appointed at any time.
Certain duties and competencies are assigned to the 
chair of the board of directors alone.
The board of directors has additionally delegated opera-
tional management and overall leadership of the Bossard 
Group as well as the related duties and competencies to 
the CEO. In turn, the CEO is authorized to arrange further 
delegation.
Detailed information on the division of duties within the 
board of directors can be found in the OBR, which is avail-
able via the following link: 
www.bossard.com/en/about-us/investor-relations/ 
corporate-governance/organization-regulations/
Continued on page 77
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Dr. Thomas Schmuckli-Grob (1963)
Swiss citizen
	−Chair of the board of directors since 2007
	−Chair of the nomination committee since 2007
	−Member of the audit, risk & compliance committee since 2002
	−Member of the board of directors since 2000
	−Secretary to the board of directors from 1997 to 2000
Professional background
Dr. Thomas Schmuckli-Grob currently works as a professional 
board member. Between 1993 and 2013, he held various manage-
ment positions in the General Counsel division of Credit Suisse 
Group, primarily for M&A, Corporate & Institutional Clients and 
Asset Management, in Zurich. From 2000 to 2005, he was Head of 
Process and Product Management at Zuger Kantonalbank.
Educational background
	−Degree in law (LLB and LLD), University of Fribourg, Fribourg, 
Switzerland
	−Accredited lawyer and notary, Zug, Switzerland
	−Management studies, University of Zurich, Zurich,  
Switzerland
	−Further studies in the fields of strategy, leadership, board of  
directors; and leading a family office, IMD, Lausanne,  
Switzerland
	−Further studies in the fields of strategy and strategy development, 
HSG, St. Gallen, Switzerland
	−Further studies in the field of finance, University of Zurich,  
Zurich, Switzerland 
Other activities and vested interests
	−Member of the board of directors, Hans Oetiker Holding AG, 
Horgen, Switzerland
	−Chair of the board of directors, Helvetia Holding AG and two 
subsidiaries, Basel/St. Gallen, Switzerland
Board of directors
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Patricia Heidtman (1973)
Dual Swiss-US citizen
	−Vice chair of the board of directors since 2021	
	−Member of the compensation committee since 2019
	−Member of the nomination committee since 2019
	−Member of the board of directors since 2019
Professional background
Patricia Heidtman is working for SIKA since her studies and is a 
member of the SIKA group management since 2021 as the Chief 
Innovation and Sustainability Officer. From 2017 to 2021 she led 
the research & development team for thermoplastic systems 
in Sarnen, Switzerland. Prior to this, Patricia Heidtman spent 
around 14 years in the USA, most recently as Head of Innovation 
Management for products, processes and developments for the 
automotive industry.
Educational background
	−Master of Science, ETH Zurich, Zurich, Switzerland
	−Executive education, London Business School, Lucerne,  
Switzerland
	−Executive education, IMD, Lausanne, Switzerland
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Dr. René Cotting (1970)
Swiss citizen
	−Chair of the audit, risk & compliance committee since 2015
	−Member of the board of directors since 2015
Professional background
Dr. René Cotting is since May 2021 CFO of Smartenergy Group, 
an investor, developer and operator of large solar, wind and 
green hydrogen plants, and is acting in this function as mandated 
CFO of the stocklisted (SIX) Edisun Power. From 1995 until April 
2021 he has held various positions in Switzerland and abroad for 
the ABB Group. From 2013 until the end of May 2017, he was CFO 
of ABB Switzerland. On March 1, 2017, he was named Head of 
Operation, Innovation and R&D for the ABB Group and Chairman 
of ABB Technology Ventures. In the course of his professional 
activities, René Cotting gained experience in emerging markets, 
in particular in India, China and Poland.
Educational background
	−Degree in economics, social sciences and doctorate, University 
of Fribourg, Fribourg, Switzerland
	−Further studies in the fields of strategy, finance, controlling 
and corporate management, IMD, Lausanne, Switzerland
	−Further studies in the field of driving corporate performance, 
Harvard Business School, Boston, USA
	−Further studies in the field of business marketing strategy, 
Kellogg School of Management Northwestern University, 
Evanston, USA
	−Further studies in the field of Artificial Intelligence – Implications 
for Business Strategies, MIT Massachusetts Institute of  
Technology, Cambridge, USA
	−Further studies in the field of venture capital, Wharton  
Business School, San Francisco, USA 
Other activities and vested interests
	−Member of the board of directors, CCI Cotting Consulting AG, 
Tafers, Switzerland
	−Member of the board of directors, Patria Genossenschaft,  
Basel, Switzerland
	−Member of the board of directors, Edisun Power Schweiz AG, 
Zurich, Switzerland
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David Dean (1959)
Swiss citizen
	−Representative for holders of registered A shares since 2020
	−Chair of the compensation committee since 2019
	−Member of the board of directors since 2019 
Professional background
David Dean currently works as a professional board member. 
He was CEO of the Bossard Group from 2005 to 2019. From 1998 
to 2004, he served as CFO of Bossard Group and has been with 
Bossard since 1992. Between 1990 and 1992, he was a Corporate 
Controller and a member of the executive committee of an inter-
national logistics group. From 1980 to 1990, he worked for 
PricewaterhouseCoopers AG in various management functions 
in auditing and business consulting. In the course of his profes-
sional activities, David Dean gained experience in emerging 
markets, in particular in India, China, Malaysia, Thailand, Taiwan 
and South Korea.
Educational background
	−Swiss certified management accountant/controller, AKAD 
Business, Zurich, Switzerland
	−	Swiss certified public accountant, Expertsuisse, Zurich,  
Switzerland
	−	Executive education, Harvard Business School, Boston, USA
	−Executive education, IMD, Lausanne, Switzerland
Other activities and vested interests
	−Member of the board of directors, Komax Holding AG,  
Dierikon, Switzerland
	−Member of the board of directors, Burckhardt Compression 
Holding AG, Winterthur, Switzerland
	−Member of the board of directors, Haag-Streit Holding AG, 
Köniz, Switzerland
	−Member of the board of directors, Brugg Group AG, Brugg, 
Switzerland
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Petra Maria Ehmann (1985)
German citizen
	−	Member of the nomination committee since 2021
	−	Member of the audit, risk & compliance committee since 2021
	−Member of the board of directors since 2021
Professional background
Petra Maria Ehmann joined Ringier in 2022 as Chief Innovation 
Officer and member of the extended Group Executive Board. From 
2018 to 2022, she worked at Google as global lead for product 
partnerships for the innovation technology Augmented Reality. 
From 2016 to 2018, she drove new business development for 
Google Advertising & Commerce in EMEA and prior to that for 
Google Maps and Google Finance for EMEA and APAC. From 2012, 
Petra Maria Ehmann worked as Head of Business Intelligence at 
the internet startup Kekanto in Sao Paulo, Brazil. Prior to that she 
worked as a Senior Business Analyst at A.T. Kearney. From 2008 
to 2009 she gained her first work experience at Bosch in steel 
supply in Toluca, Mexico, and at Hilti in lean warehouse logistics 
in Shanghai, China.
Educational background
	−Bachelor of Science in mechanical engineering, ETH Zurich, 
Zurich, Switzerland
	−	Master of Science in management science and engineering, 
Stanford University, Palo Alto, USA
Other activities and vested interests
	−Member of the board of trustees, Swiss Science Center  
Technorama, Winterthur, Switzerland
Marcel Keller (1968)
Swiss citizen
	−	Member of the compensation committee since 2021
	−	Member of the board of directors since 2021
Professional background
Marcel Keller is a member of the executive board of Vorwerk 
International, Wollerau, since 2018 and responsible for digital 
transformation and Group IT as well as for the markets in North 
America and Asia with a focus on China. From 2001 to 2018, he 
held various management positions at Hewlett Packard, most 
recently as COO and VP Strategy, Planning and Operations at 
Hewlett Packard Enterprise Technology Services in Palo Alto, USA.
Educational background
	−Business degree, KV Business School Zurich, Zurich,  
Switzerland
Other activities and vested interests
	−Member of the board, Vorwerk International & Co. KmG,  
Wollerau, Switzerland
	−Chair of the board of directors, Vorwerk Household Appliances  
Manufacturing (Shanghai) Co., Ltd., Shanghai, China
	−Chair of the board of directors, Vorwerk Household 
Appliances Co., Ltd., Shanghai, China
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Martin Kühn (1976)
Swiss citizen
	−	Member of the audit, risk & compliance committee  
since 2018
	−Member of the board of directors since 2018 
Professional background
Since 2010 Martin Kühn is working for the KIBAG Group in Zurich, 
since 2014 as CFO and member of the executive committee. He is 
responsible for finance, ICT, human resources, real estate, KIBAG 
Marina and the technical services of the construction and building 
materials company. From 2002 to 2010, he had been employed at 
PricewaterhouseCoopers AG national and international as an 
auditor and M&A consultant for industrial clients. Prior to that, 
he worked two years for UBS.
Educational background
	−Business economist FH, University of Applied Sciences  
St. Gallen, St. Gallen, Switzerland
	−	Swiss certified public accountant, Academy of Public  
Accountants, Zurich, Switzerland
Other activities and vested interests
	−Member of the board of directors, Kannewischer Ingenieur-
büro AG, Cham, Switzerland
	−Chair of the board of directors, Windlin AG, Zurich, Switzerland
	−	Member of the foundation board, pension fund KIBAG Group, 
Zurich, Switzerland
	−	Member of the foundation board, employee foundation KIBAG 
Group, Zurich, Switzerland
	−	Member of the audit commission, ­Bürgergemeinde Zug, Zug, 
Switzerland
Prof. Dr. Stefan Michel (1967)
Swiss citizen
	−	Member of the compensation committee since 2021
	−Member of the nomination committee since 2015
	−	Member of the board of directors since 2011
Professional background
Prof. Dr. Stefan Michel is a professor for strategy and marketing 
at IMD Business School in Lausanne, Switzerland since 2008. 
Between 2003 and 2008, he was a professor at the Thunderbird 
School of Global Management in Arizona, USA. Prior to this, he 
taught as a professor at the Lucerne University of Applied Sciences 
and Arts, managed a family-run hotel and worked at Bank Leu in 
Zurich.
Educational background
	−Degree in economics and doctorate in marketing, University 
of Zurich, Zurich, Switzerland
Other activities and vested interests
	−Member of the foundation board (school representative), IMD, 
­Lausanne, Switzerland
	−	Chair of the foundation board, Swiss ­Association for  
Marketing GfM, Zurich, Switzerland
	−Member of the board of directors, Peka Systeme AG, Mosen, 
Switzerland	
	−Owner, Business School Press AG, Zug, Switzerland
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Continued from page 70
Working methods of the board of directors
The board of directors normally meets six to eight times 
per year, but is available to discuss matters at short no-
tice should this be required. A member of the board of  
directors may request that additional meetings are con-
vened by providing written justification to the chair of the 
board of directors. The duration of board and committee 
meetings depends on the respective agenda. In 2022, a 
total of six full-day board meetings were held (one of 
those meetings was held virtually), as well as a three-day 
retreat. The board of directors holds a retreat once a year, 
which lasts several days and is used for analyzing the 
strategic risk/opportunities mix and for fundamentally 
reviewing the strategy. In 2022, the retreat took place in 
Boston, USA. Thereby, the board of directors was inten-
sively discussing with representatives of the executive 
committee and the top management of Bossard America 
the market of North America as well as the implementa-
tion of strategic initiatives in North America. Further, the 
organizational development of the Bossard Group was 
discussed. 
Board of directors
Function
Participation 
2022
Participation 
2022 in %
Dr. Thomas Schmuckli
Chair
7/7
100
Patricia Heidtman
Vice chair
7/7
100
Dr. René Cotting
Member
7/7
100
David Dean
Repr. registered 
A shares
7/7
100
Petra Maria Ehmann 
Member
7/7
100
Marcel Keller
Member
6/7
86
Martin Kühn
Member
7/7
100
Prof. Dr. Stefan Michel
Member
7/7
100
The chair invites the members to the meetings in writing, 
enclosing the agenda and any relevant documents. The 
invitations are sent out at least seven days before the 
meeting. Each member of the board of directors may  
request the chair to add further items to the agenda. The 
meeting is presided by the chair of the board or, in his ab-
sence, by the vice chair. The board of directors is quorate 
if the majority of its members is present. The board of 
directors makes decisions based on an absolute majority
of the votes cast. Each member of the board of directors 
has one vote. If a vote is tied, the chair has the casting vote. 
Minutes must be taken detailing the negotiations and de-
cisions of the board of directors; these minutes must be 
approved by the board of directors. In particularly urgent 
cases the chair may require the board to reach a decision 
by conference call. Such decisions must be included in 
the minutes of the next board meeting. To ensure that the 
board of directors receives sufficient information to reach 
decisions, it invites the CEO, the CFO and – if necessary – 
other members of the executive committee, employees 
or third parties to attend meetings.
The chair, the CEO, the CFO and other representatives of 
the executive committee meet regularly to discuss funda-
mental corporate matters. These include the Group’s 
strategy, medium-term financial, operational and suc-
cession planning, organizational issues and market con-
solidation. If there is a conflict of interests, the board or 
executive committee members concerned abstain from 
voting.
The nomination committee dealt intensively with the 
composition of the board of directors at its ordinary 
meeting in March 2022 and initiated the search for a new 
board member. The board of directors regularly discuss-
es the relevance of the items on the agenda, the form and 
content of the discussions, and the quality of the documen-
tation and information provided. After the self-evaluation in 
March 2021, the board of directors will conduct another 
comprehensive self-evaluation at its meeting in March 
2023.
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Composition/working methods of the board’s  
committees
The functions of the three permanent board committees 
are primarily analytical, advisory and super­visory. They 
also have decision-making ­authority in certain individual 
cases.
Audit, risk & compliance committee (ARCC)
The ARCC consists of at least three members elected by 
the board of directors from among its members, for a 
period of office lasting from one ordinary annual general 
meeting of shareholders until completion of the next 
ordinary annual general meeting of shareholders. As of 
December 31, 2022, the members of the ARCC were 
Dr. René Cotting (chair), Petra Maria Ehmann, Martin 
Kühn and Dr. Thomas Schmuckli. The ARCC meets at 
least three times per year: in summer – to define the 
scope and key points of the annual audit with the audit 
company, in late fall – to discuss the findings from the 
main audit and the existence and effectiveness of the in-
ternal control system (ICS), and in February – to discuss 
the result of the audit of annual accounts. These meet-
ings are attended by the chair of the board of directors 
(unless she or he is already a member of the ARCC), the 
CFO, the Head of Group Controlling and at least one 
representative of the external auditors. The CEO, other 
members of the executive committee and other persons 
(internal or external) may be invited to attend the meet-
ings, depending on the agenda. The minutes of these 
meetings are circulated to all members of the board of 
directors, the CFO and the CEO, as well as to those who 
attended the meeting. In addition, the ARCC regularly re-
ports on its activities to the board of directors at meetings 
of the latter. In 2022, the ARCC held five meetings (two of 
those meetings were held virtually). On average, the 
meetings lasted half a day.
Audit, risk &
compliance committee
Function
Participation 
2022
Participation 
2022 in %
Dr. René Cotting
Chair
5/5
100
Petra Maria Ehmann
Member
5/5
100
Martin Kühn 
Member
5/5
100
Dr. Thomas Schmuckli
Member
5/5
100
The ARCC ensures that the board of directors is informed 
of all matters that could significantly impact the financial 
situation of the Bossard Group and the business environ-
ment. The primary duty of the ARCC is to support the 
board of directors in its ultimate supervisory role and in 
its financial management activities. In particular, with the 
assistance of the external auditor it reviews the struc-
tures and processes in the area of finance and account-
ing, thus ensuring that financial reporting and audit  
activities are transparent and comply with the related 
legislation. The ARCC also evaluates the effectiveness  
of the ICS and the internal audit, risk management and 
compliance with tax-related and other statutory and  
regulatory provisions as well as corporate ethics.  
Furthermore, the ARCC works closely together with  
the external auditor and evaluates the performance,  
independence and remuneration of the external auditor.  
The board of directors has drawn up in the rules and  
regulations of the audit, risk & compliance committee  
the detailed regulations on the areas of activity and  
competencies of the ARCC. 
Compliance
The board of directors is kept continuously informed of all 
major matters affecting the compliance principles. The 
statutory auditors additionally inform the board of direc-
tors on reports it has received on matters of a legal na-
ture. An evaluation of such reports received in 2022 did 
not reveal anything new but confirmed what the board of 
directors already knew. Ultimate supervision of compli-
ance matters rests with the board of directors.
Restricted periods for trading shares
The board of directors implements processes to prevent 
insider trading. For the board of directors, the executive 
committee, the extended executive committee, the finance 
department of the Bossard Group, the senior manage-
ment, which may come into possession of price-relevant 
information, as well as the Kolin Group, defined blocking 
periods apply regarding the trading with registered A 
shares of Bossard Holding AG. The trading window is 
closed for at least 14 trading days prior to the publication 
of the quarterly and half-yearly results for the aforemen-
tioned group of persons of Bossard Group. A longer 
blocking period applies from mid-December until the 
publication of the annual report (beginning of March). 
No exceptions were granted in the reporting year.
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Nomination committee (NC)
The NC consists of at least three members elected by the 
board of directors from among its members, for a period 
of office lasting from one ordinary annual general meet-
ing of shareholders until completion of the next ordinary 
annual general meeting of shareholders. A representa-
tive of the A shareholder group on the board of directors 
is entitled to a seat on the NC. As of December 31, 2022, 
the members of the NC were Dr. Thomas Schmuckli 
(chair), Petra Maria Ehmann, Patricia Heidtman and 
Prof. Dr. Stefan Michel. The NC meets as required, but 
at least twice a year. Normally also the CEO and the chair 
of the board of directors (unless she or he is already a 
member of the NC) attend the meeting. Other members 
of the executive committee and other persons (internal or 
external) may be invited to attend the meetings, depend-
ing on the agenda. 
The minutes of these meetings are circulated to all mem-
bers of the board of directors and the CEO, as well as to 
those who attended the meeting. The NC also regularly 
reports to the board of directors at the latter’s meetings 
on its activities and, at least once a year, in detail on the 
progress of the nomination process. In 2022, the NC met 
for five meetings (three of those meetings were held vir-
tually); each of these meetings lasted on average three 
hours.
Nomination committee
Function
Participation 
2022
Participation 
2022 in %
Dr. Thomas Schmuckli
Chair
5/5
100
Petra Maria Ehmann
Member
5/5
100
Patricia Heidtman
Member
5/5
100
Prof. Dr. Stefan Michel
Member
5/5
100
The NC prepares all relevant business with regard to the 
nomination of members at strategic and operational 
management levels of the Bossard Group for the meet-
ings of the board of directors and has the following main 
tasks:
	– periodically reviewing the composition of the board of 
directors
	– developing criteria and requirement profiles for elec-
tion/re-election to the board of directors, the CEO and, 
in collaboration with the CEO, the other members of 
the executive committee
	– supporting the board of directors in implementing  
selection processes for the nomination of candidates 
for the board of directors and, in collaboration with the 
CEO, the executive committee
	– providing possible training to the board of directors in 
relation to its duties
	– ensuring succession planning for members of the 
board of directors, the executive committee and, in 
collaboration with the CEO, the deputies on the execu-
tive committee
	– developing annual objectives to be submitted to the 
board of directors for the CEO (in collaboration with 
the chair of the board of directors), defining the annual 
objectives of the other members of the executive com-
mittee and assessing the performance of the CEO and 
the other members of the executive committee (with 
the assistance of the chair of the board of directors and 
the CEO). If necessary, the NC requests the board of  
directors to implement measures for improvement
	– submitting applications concerning the election and 
dismissal of members of the board of directors of the 
more important group companies
The board of directors has drawn up the detailed regula-
tions on the areas of activity and competencies of the NC 
in the nomination committee regulations.
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Compensation committee (CC)
The CC consists of at least three members of the board of 
directors individually elected as members of the CC by the 
annual general meeting of shareholders for a period of 
office until completion of the next ordinary annual general 
meeting of shareholders. Subject to election by the annual 
general meeting of shareholders, the representative of 
the A shareholder group on the board of directors is enti-
tled to a seat on the CC. David Dean, Patricia Heidtman, 
Marcel Keller and Prof. Dr. Stefan Michel were re-elected 
to the CC at the annual general meeting of shareholders 
on April 11, 2022. The board of directors appointed David 
Dean as the chair of the CC. The CC meets as required, 
but at least twice a year. The members of the executive 
committee and other persons (internal or external) may 
be invited to attend the meetings, depending on the agenda. 
Normally, the CEO attends the meetings of the CC. The 
minutes of these meetings are circulated to all members 
of the board of directors and the CEO, as well as to those 
who attended the meeting. The CC also regularly reports 
to the board of directors at the latter’s meetings on its 
activities and, at least once a year, in detail on the progress 
of the compensation process. In 2022, the CC held two 
meetings, each lasted on average half a day.
Compensation committee
Function
Participation 
2022
Participation 
2022 in %
David Dean
Chair
2/2
100
Patricia Heidtman
Member
2/2
100
Marcel Keller
Member
2/2
100
Prof. Dr. Stefan Michel
Member
2/2
100
Dr. Thomas Schmuckli
Guest/no 
voting rights
2/2
100
The CC prepares all relevant business with regard to the 
compensation of members at strategic and op­erational 
management levels of the Bossard Group for the meet-
ings of the board of directors and has the following main 
tasks:
	– developing the general remuneration principles and 
the remuneration system for the board of directors, 
the CEO and the other members of the executive com-
mittee for the board of directors to make a decision on 
	– developing the guidelines governing the structure of 
the occupational pension scheme for the CEO and the 
other members of the executive committee for the 
board of directors to make a decision on
	– periodically reviewing the compensation system and 
proposing any necessary changes to the board of  
directors
	– preparing the annual compensation report to be sub-
mitted to the board of directors for the annual general 
meeting of shareholders and, where applicable, pre-
paring other reports as requested
	– submitting proposals concerning the compensation of 
the individual members of the board of directors, the 
CEO and the other members of the executive committee
	– checking and approving employment contracts as well 
as other agreements with members of the executive 
committee
	– if the CC considers necessary, the assignment, the su-
pervision and the critical evaluation of the results of 
advisers or the comparison with third party companies 
regarding the compensation practices
The board of directors has drawn up in the compensation 
committee regulations detailed regulations on the areas 
of activity and competencies of the CC.
Division of responsibility
The division of responsibility between the board of direc-
tors and the executive committee is defined in the OBR in 
accordance with article 23, paragraph 2 and article 25 of 
the articles of association. These describe the non-trans-
ferable and inalienable duties which are vested in the 
board of directors by law, and also govern the duties and 
powers of the executive committee. The OBR define the 
duties and competencies of the board of directors, the 
chair of the board of directors and the CEO. The CEO is 
entitled to delegate tasks. 
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Furthermore, the OBR lay down the procedures to be fol-
lowed in the event of a conflict of interests: A member of 
the board of directors and/or executive committee must 
abstain from voting if matters are discussed concerning 
that member’s personal interests or the interests of an 
individual or legal entity associated with the member.
Regulations on the division of responsibility are set out in 
the OBR. These are available via the following link:
www.bossard.com/en/about-us/investor-relations/ 
corporate-governance/organization-regulations/
Information and control instruments with regard 
to the executive committee
The board of directors ensures that the executive com-
mittee establishes and maintains an internal control  
system (ICS), which is adapted to the dimensions of the 
Bossard Group and the risks involved in its business ac-
tivities. The external auditors review the existence of the 
ICS as part of its annual audit and submit an annual re-
port to the board of directors. The internal audit is func-
tionally integrated in Group Controlling and directly re-
ports to the chair of the ARCC with regard to its activities.
Each member of the board of directors may request in-
formation concerning all matters relating to Bossard 
Holding AG. The board of directors receives monthly up-
dates on the Group’s financial development. It receives a 
written monthly report consisting of the income state-
ment, various balance sheet items and the main key fig-
ures. The information is based on the internal manage-
ment information system and includes the current and 
budget data as well as regular projections based on  
current trends and expectations.
This written report is supplemented at each board meet-
ing by verbal reports from the executive committee. In 
special cases the CEO informs the board of directors 
about the specific issue promptly in writing and/or ver-
bally. The chair of the board of directors also maintains 
regular contact with the CEO and the CFO and is informed 
by them about all business transactions and matters of 
fundamental importance. 
Outside the meetings of the board of directors, each mem-
ber can request information from persons responsible for 
management concerning the course of business and, with 
authorization from the chair, individual transactions.
Continued on page 85
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Dr. Daniel Bossard (1970) 
Swiss citizen
	−	Group CEO since 2019
Professional background
From 2009 to 2018, Dr. Daniel Bossard was CEO Northern and 
Eastern Europe. From 2006 to 2008, he served as sales & market-
ing manager of Bossard Group and was responsible for the 
reorientation of Bossard’s sales strategy as well as the develop-
ment of international customer relations. From 2003 until 2006, 
he was CEO of Bossard Denmark. Dr. Daniel Bossard joined 
Bossard in 2000 as an e-business manager, after having worked 
as a consultant for Accenture (formerly Andersen Consulting).
Educational background
	−Business administration degree and doctorate in technology 
management, University of St. Gallen, St. Gallen, Switzerland
Other activities and vested interests
	−Member of the board of directors, Schweiter Technologies AG, 
Steinhausen, Switzerland
Stephan Zehnder (1965) 
Swiss citizen
	−	Group CFO since 2005
Professional background
Stephan Zehnder took over the function as group controller of 
Bossard Group in 1998, remaining in this position until the end  
of 2004. From 1996 to 1997, he was a controller in Bossard’s 
corporate finance team. Prior to this, he was employed by 
various international companies in functions concerned with 
finance and controlling.
 
Educational background
	−MBA in Finance, Graduate School of ­Business Administration 
and University of Wales, Zurich, Switzerland
Executive committee
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Dr. Frank Hilgers (1966) 
German citizen 
	−	CEO Northern & Eastern Europe since 2019
	−Group CCO since 2015
Professional background
Dr. Frank Hilgers has been CEO Northern and Eastern Europe since 
May 2019. Since 2015, he has been responsible for the group-wide 
management of branded products and high quality fastening 
solutions (Chief Category Officer, CCO). He has also headed the 
business units of KVT-Fastening since 2012. From 2009 to 2012, he 
was a member of the KVT-Koenig management team responsible 
for sales, product management and the fastening systems division. 
During his employment at Continental between 2007 and 2009, he 
was in charge of all national organizations of the spare parts busi-
ness and key account management in the Commercial & Special 
Vehicle area. From 2004 to 2007, Dr. Frank Hilgers headed Group 
Strategy and Corporate Development at Siemens VDO Automotive 
and was instrumental in the turnaround and sale of this Siemens 
segment. As senior manager for strategy, Dr. Frank Hilgers headed 
major international projects at Accenture (formerly Andersen 
Consulting) from 1997 until 2004, and was responsible for auto-
motive suppliers and the shareholder value initiative in the German 
speaking countries.
Educational background
	−Degree in chemistry and doctorate, ­University of Stuttgart, 
Stuttgart, Germany
	−	Executive MBA (Accenture Program), Kellogg School of  
Management Northwestern University, Evanston, USA
Other activities and vested interests
	−	Member of the advisory board, enersis suisse AG, Bern,  
Switzerland
David Jones (1970)
Citizen of the USA
	−	CEO America since 2021
Professional background
From 2013 until 2020, David Jones was responsible for the global 
automotive business as part of the Sika Group. Prior to that, from 
2010 to 2013, he managed the industry- and automotive business 
in North America for Sika Corporation. From 2004 to 2010, David 
Jones served as a Key Account Manager and later as the Vice 
President of Engineering for Sika Corporation. While living in 
Switzerland, from 2000 to 2004, he was the Director of Engineering 
and Global Account Manager, supporting the integration of newly 
acquired automotive based business for Sika AG. Between 1995 
and 2000, David Jones held positions as Project Manager & Key 
Account Manager for Sika Corporation and was a Release 
Engineer for General Motors in 1994.
Educational background
	−Bachelor degree in Mechanical Engineering, Lawrence  
Technological University, Southfield, USA	
	−MBA, Ross School of Business, University of Michigan,  
Ann Arbor, USA
	−Executive education, IMD, Lausanne, Switzerland
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Robert Ang (1963) 
Citizen of Singapore 
	−	CEO Asia since 2009
Professional background
From 2005 until 2009, Robert Ang was responsible for Bossard 
Greater China (China, Taiwan) and prior to that, the Southeast 
Asia region. From 1997 until 1999, he was CEO of Bossard  
Singapore. Robert Ang managed his own company from 1994 
until it was acquired by Bossard in 1997. He spent the four years 
prior as a product manager for Conner Peripherals and Optics 
Storage Pte Ltd. in Singapore. Between 1986 and 1989 he worked 
as a buyer at Printronix AG.
Educational background
	−Diploma in business administration, Thames Business 
School, ­Singapore, Singapore
	−	Diploma in mechanical engineering, Singapore Polytechnic, 
Singapore, Singapore
	−	MBA, Lee Kong Chian School of Business, Singapore,  
Singapore
Rolf Ritter (1969) 
Dual Swiss-US citizen 
	−	CSO M&A and Business Development since 2021
Professional background
Rolf Ritter joined Bossard in January 2020 as VP of M&A and 
Business Development (Chief Strategy Officer). In 2014, he 
founded his own consulting company in Miami, USA, and started 
investing in tech startups and providing strategic M&A advice to 
various companies. In addition, Rolf Ritter taught an EMBA in 
Information Technology at Florida International University. From 
2009 to 2014, he was CEO of BDT Media Automation GmbH, 
Rottweil, Germany, a global technology leader in data archiving 
with production facilities in Germany, Mexico, China and Singapore. 
Rolf Ritter joined Bossard in 2004 as General Manager at 
Bossard France after having worked as project manager and 
consultant for Volkswagen, Accenture and SIG in Mexico, Brazil, 
Germany and Switzerland.
Educational background
	−Business administration degree, HSG, St. Gallen, Switzerland
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Continued from page 81
Executive committee
Members of the executive committee
The board of directors has delegated the management of 
the Group to the CEO. He is responsible for the Group’s 
operational management. The CEO has delegated individ-
ual tasks to the members of the executive committee. 
Supervision and control of the executive committee is the 
responsibility of the CEO. The executive committee handles 
matters relevant to the management of the Bossard 
Group and is the forum for systematic exchange of infor-
mation. After consultation with the executive committee, 
the CEO develops the strategic initiatives of the Group to 
achieve the corporate objectives.
The executive committee had the following members as 
of December 31, 2022:
Name
Function
Joined Group
Appointed
Dr. Daniel Bossard
CEO, CEO Central 
Europe ad interim
2000 2019/2022
Stephan Zehnder
CFO
1996
2005
Dr. Frank Hilgers
CEO Northern & 
Eastern Europe, CCO
2012 2019/2015
David Jones
CEO America
2021
2021
Robert Ang
CEO Asia
1997
2009
Rolf Ritter
CSO, M&A, business 
development
2020
2021
Beat Grob, CEO Central Europe, has left the Bossard 
Group at his own request at the end of April 2022 and 
Dr. Daniel Bossard has managed the region ad interim 
in a dual function as of May 1, 2022. 
As per ad hoc announcement pursuant to Art. 53 LR as 
of October 31, 2022, Bossard Group informed that, as of 
January 1, 2023, Rolf Ritter is to take over the Central 
Europe region led by CEO Dr. Daniel Bossard on an interim 
basis, and Susan Salzbrenner to join the executive com-
mittee as VP People & Organization as of January 1, 2023.
Dr. Daniel Bossard 
CEO
Robert Ang
CEO Asia
Dr. Frank Hilgers
CEO Northern & Eastern
Europe; CCO
Stephan Zehnder
CFO
David Jones
CEO America
Rolf Ritter
CSO
Dr. Daniel Bossard
(ad interim) 
CEO Central Europe 
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Management contracts
There are no management contracts between the Group 
and companies or persons to whom management tasks 
have been delegated.
Compensation, participations and loans
This information is provided in the compensation report.
Shareholders’ participation rights
Shareholders’ participation rights are defined solely ac-
cording to the Swiss Code of Obligations (CO) and the ar-
ticles of association. The articles of association are avail-
able on the Bossard website via the following link:  
www.bossard.com/en/about-us/investor-relations/ 
corporate-governance/articles-of-association/
Voting right restrictions and representation 
(articles 16 to 18 of articles of association)
Registered B shares are voting right shares. At the annual 
general meeting of shareholders each share registered 
with voting rights is entitled to one vote. The voting rights 
for registered A shares may be exercised by anyone en-
tered in the share register as the owner or beneficiary. A 
shareholder entitled to vote can have her- or himself rep-
resented at the annual general meeting of shareholders 
by the independent proxy or by any other person with a 
written power of attorney. Legal representatives do not 
require a written power of attorney. In the invitation to the 
annual general meeting of shareholders, the board of  
directors shall make known the date by which the share-
holders may issue their powers of attorney and instruc-
tions to the independent proxy, including by electronic 
means. Shareholders can issue a special instruction to 
the independent proxy for each motion announced on the 
agenda sent out in the invitation. 
Shareholders may issue general instructions to the inde-
pendent proxy for other motions on agenda items pro-
posed at the annual general meeting of shareholders as 
well as for motions for convening extraordinary general 
meetings without any agenda and the performance of a 
special audit. The independent proxy is obliged to exer-
cise as instructed the voting rights that have been trans-
ferred to her or him by the shareholders. If she or he has 
not received any instructions, she or he shall abstain 
from voting.
The independent proxy keeps any instructions by the 
shareholders confidential until the annual general meet-
ing of shareholders. Not earlier than three business days 
before the annual general meeting of shareholders, the 
independent proxy provides the board of directors with 
a general information of the received instructions. 
Other activities and vested interests
The executive committee members do not perform any 
other activities outside the Bossard Group apart from  
the mandates listed on pages 82 to 84. Furthermore,  
they do not have any other significant vested interests. 
Beat Grob and Dr. Daniel Bossard are members of the 
Bossard families, which have 100 percent control over  
Kolin Holding AG. Beat Grob is chair of the board of di-
rectors of Kolin Holding AG. Individual members of the  
executive committee carry out executive functions at 
Bossard Holding AG subsidiaries.
Allowed number of mandates
According to article 44 of the articles of association, a 
member of the executive committee may at the same 
time, alongside the function for the company, take on a 
maximum of five material mandates, with a maximum of 
one chairmanship, which counts as two mandates. A 
maximum of two out of these five mandates may be in 
listed companies. If the mandates assumed relate to le-
gal entities that belong to the same group or are similarly 
related in terms of management, these mandates are 
considered a single mandate. There are no restrictions on 
the number of mandates (i) for mandates assumed in le-
gal entities that are directly or indirectly controlled by 
Bossard Holding AG or that directly or indirectly control 
Bossard Holding AG, or (ii) if, in exercising the function for 
the Bossard Group, a mandate in another, related legal 
entity is exercised. The actual number of additional man-
dates are listed on pages 82 to 84.
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The measurement of voting rights by the number of 
shares with voting rights is not applicable for:
	– electing the external auditor
	– appointing experts to review the management of the 
business or individual parts thereof
	– making decisions on the initiation of a special audit
	– making decisions on the filing of a liability claim
Statutory quorum (article 19 of articles of  
association)
The annual general meeting of shareholders makes its 
decisions and holds its elections with an absolute majority 
of the valid votes cast, provided there are no legal pro-
visions or provisions in the articles of association to the 
contrary. In a second ballot, the relative majority decides 
the outcome.
At least two-thirds of the votes represented and an abso-
lute majority of the represented nominal share value are 
required for decisions on:
	– a change to the corporate purpose
	– an increase in the voting power of existing voting 
shares and the issue of new shares with more exten-
sive voting privileges than those of existing voting 
shares
	
– the introduction of more stringent transferability  
restrictions
	– an approved or conditional capital increase 
	– a capital increase from equity, subscribed in kind or for 
granting special privileges
	– the restriction or withdrawal of subscription rights 
	– the relocation of the company domicile
	– the dissolution of the company 
Decisions and elections are generally settled by open ballot. 
A secret ballot or election is held if required by the chair 
or if one or more shareholders who together hold at least 
10 percent of the represented voting shares request it.
Convocation of the annual general meeting of 
shareholders (articles 12 and 13 of articles of  
association)
The ordinary annual general meeting of shareholders is 
held each year at the latest four months after the end of 
the financial year. It is convened by the board of directors 
by announcing the venue, date and time of the meeting 
and the invitation is published at least 20 calendar days 
before the meeting, along with the agenda, motions and 
the required form proving share ownership.
With the publication in the Swiss Official Gazette of 
Commerce (Schweizerisches Handelsamtsblatt/SOGC) 
of the request for items to be placed on the agenda as of 
February 15, 2023, the board of directors invites share-
holders to submit any requests for items to be included 
on the agenda, together with the proposals formulated, 
by March 8, 2023.
One or more shareholders who together represent at 
least 10 percent of the share capital, can request the 
board of directors to convene a general meeting of share-
holders.
Inclusion of items on the agenda
Shareholders themselves or collectively representing 
shares with a nominal value of at least 0.75 percent of the 
share capital are entitled to have an item placed on the 
agenda. By publication in the Swiss Official Gazette of 
Commerce at least 20 calendar days before the publica-
tion of the invitation for the ordinary annual general 
meeting of shareholders, the board of directors requests 
the shareholders, that are fulfilling the mentioned re-
quirements, to submit any items to be placed on the 
agenda with the respective motions within the time stated.
Entry in the share register (article 5 of articles of 
association)
The company keeps a share register in which owners  
and beneficiaries are inscribed with their names and ad-
dresses. The company must be notified of any change of 
address. Until this notification is received, all information 
for registered shareholders must be sent to the legally 
valid address entered in the share register.
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In the invitation to the annual general meeting of share-
holders, the board of directors announces the date by 
which an entry in the share register must be made in  
order to attend the meeting and vote.
Entry in the share register is subject to advance proof 
that ownership of the registered A shares was acquired 
or that usufruct has been granted (the conditions for 
transfer of ownership and the registration requirements 
for registered B shares are governed by articles 7 to 9 
of the articles of association).  
 
Shareholders are entered with voting rights if they ex-
pressly declare that the shares in question are held in 
their own name and for their own account. The company 
only recognizes a person as a shareholder or beneficiary 
if this person is registered as such in the share register.
The voting right and the associated rights may only be  
exercised by the person registered in the share register 
as having voting rights.
The board of directors can delete entries made on the ba-
sis of false information by the acquirer. It will implement 
this measure within one year, backdated to the date of  
the entry, after receiving definite information about the 
error and hearing the person concerned. The person  
concerned must be notified of the deletion immediately.
Changes of control and defense measures
Duty to make an offer
According to FMIA, anyone, who directly or indirectly or 
acting in concert with third parties, acquires shares and 
thereby exceeds the threshold of 33 1/3 percent of the 
voting rights of Bossard Holding AG must make a take-
over offer for all outstanding shares. Bossard Holding AG 
has waived its opportu­­nity to modify (opting-up) or dis-
pense (opting-out) with this regulation.
Clauses on changes of control
The employment agreement for members of the execu-
tive committee does not contain any clauses on changes 
of control. The Group does not provide golden parachutes 
for its senior management. 
The period of notice for members of the executive com-
mittee is between six and twelve months, during which 
time they are entitled to receive salary and bonus pay-
ments. If the company changes control or goes into liqui-
dation, all share options (RSUs) held under the manage-
ment participation plan become due immediately.
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Auditors
Duration of the mandate and term of office of the 
lead auditor
PricewaterhouseCoopers AG, Zurich, has been the statu-
tory auditor of Bossard Holding AG since 1986 and audits 
the annual financial statements and the consolidated  
financial statements. In 2021, Bossard Holding AG ten-
dered the audit mandate. During the objective review, 
great importance was set to both, the criteria for ensur-
ing independent, competent, and critical auditing activi-
ties as well as open communication with the ARCC. After 
this review and in-depth analysis by the ARCC, it was  
decided to maintain PricewaterhouseCoopers AG as the 
statutory auditor and propose PricewaterhouseCoopers AG 
for election as auditor to the shareholders at the annual 
general meeting of shareholders. The statutory auditors 
are elected by the annual general meeting of shareholders 
for a term of one year.
The auditor in charge is replaced at least every seven 
years. Appointed in 2021, Thomas Wallmer, Swiss certi-
fied public accountant, continued to carry out his duties in 
the position of the auditor in charge in 2022 and has been 
responsible for the audit mandate.
Fees for the statutory auditor
In the financial year 2022, PricewaterhouseCoopers AG 
received fees of CHF 680,712 (2021: CHF 764,003) for  
auditing services, CHF 22,649 (2021: CHF 19,848) for  
tax consulting and CHF 142,126 (2021: CHF 101,498) 
for other consulting services.
Information and control instruments towards the 
statutory auditor
The ARCC meets at least three times per year to discuss 
plans for the annual and Group audit, the results of the 
interim audit and the year-end financial statement, as 
well as other business matters. The management letters 
from the statutory auditor form the basis for discussion 
of the interim audit and the year-end financial state-
ments. The ARCC assists the board of directors with its 
supervision of the statutory auditors. The ARCC’s main 
responsibility is to propose the statutory auditors, to re-
view their qualifications, independence and performance 
annually, to approve the auditing fee and to review the  
accounting principles as well as the annual financial 
statements. The committee annually reviews the scope  
of the audit, the audit plans and the related procedures, 
and discusses the results of the audit with the auditors.
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Information policy
With its disclosure policy, the Bossard Group 
creates transparency for investors and financial 
markets and ensures a fair market price for 
Bossard shares.
The Bossard management is convinced that the financial 
markets will honor a clear, consistent and informative 
disclosure policy in the long term with a fair valuation  
of the company’s shares. Bossard therefore applies the 
following principles in its financial reporting and related 
disclosure:
	– Transparency: the disclosure principle is intended to 
ensure a better understanding of the economic drivers 
influencing the Group and the detailed operating re-
sults.
	– Consistency: disclosure within each reporting period 
and between the individual periods is consistent and 
comparable.
	– Clarity: information is presented as clearly as possible 
so that the Bossard’s stakeholders can form an  
accurate picture of how the business is developing.
	– Relevance: to avoid a flood of information, Bossard fo-
cuses on data that is relevant for the company’s stake-
holders in terms of content and timing, is necessary 
for supervisory purposes or is required by law.
The Group publishes relevant information on its business 
operations using a number of channels, including the an-
nual report, interim reports and press releases. The com-
pany also keeps its stakeholders informed by means of 
press conferences and meetings with analysts and via the 
annual general meeting of shareholders. Bossard plans 
to hold a Capital Markets Day every two to three years 
(most recently in 2021). The consolidated financial state-
ments are drawn up in accordance with Swiss GAAP FER.
List of key dates in 2023:
Meeting for financial analysts & media conference
Publication Annual Report 2022
March 1 , 2023
Annual general meeting 
April 17, 2023
Publication of sales results 
1st quarter 2023
April 17, 2023
Publication of Semi-Annual Report 2023
July 20, 2023
Publication of sales results 
3rd quarter 2023
October 12, 2023
Publication of sales results 2023
January 12, 2024
Bossard maintains contact with representatives of the 
capital market via media conferences, meetings with 
analysts and roadshows. Bossard also regularly holds 
individual and group meetings with institutional investors 
and analysts. All publications on business results and 
press releases are available in English and in German 
under the “Investor Relations” section of the Bossard 
website www.bossard.com (www.bossard.com/en/ 
about-us/news-and-press-releases/).
Further, shareholders can subscribe on the Bossard  
website (www.bossard.com/en/about-us/investor- 
relations/subscription-press-releases/) to Bossard an-
nouncements, press releases and ad hoc publications.  
All Bossard publications can be ordered by e-mailing  
investor@bossard.com or from Bossard Holding AG,  
Investor Relations, Steinhauserstrasse 70, 6300 Zug, 
Switzerland.
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Compensation Report
The compensation report describes the compensation 
principles and programs as well as the governance 
framework related to the compensation of the board
of directors and the executive committee of Bossard 
Holding AG. The report also provides details on the 
compensation awarded to those two bodies in the 
financial year 2022.
The compensation report has been prepared in compliance 
with the provisions of the Swiss Code of Obligations (CO), 
the Directive on Information relating to Corporate Govern­
ance (DCG) of SIX Swiss Exchange and the principles of the 
“Swiss Code of Best Practice for Corporate Govern­ance” 
of economiesuisse.
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1,114
1,575
Compensation of board  
of directors 2022
in CHF 1,000
Compensation  
of CEO 2022
in CHF 1,000 
Compensation of executive 
committee 2022
in CHF 1,000
Fixed compensation
Variable compensation – 
short-term incentive (STI) 
Variable compensation – 
long-term incentive (LTI)
Social costs and other benefits
Fixed compensation
Variable compensation – 
short-term incentive (STI) 
Variable compensation –
long-term incentive (LTI) 
Social costs and other benefits
Fixed compensation
Social costs
Expense allowance
5,840
Compensations
AT A GLANCE
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Compensation of the board of directors
The compensation of the board of directors for the period 
from the annual general meeting of shareholders 2021 
until the next annual general meeting of shareholders 
2022 is below the approved maximum compensation 
amount:
Time period of 
compensation
Approved compensation
Effective compensation
2021–2022
CHF 1,600,000
CHF 1,574,711
2022–2023
CHF 1,800,000
n/a 1)
1)	
The compensation period has not yet ended. The final amount will be disclosed in the 
compensation report for financial year 2023.
Compensation of the executive committee
The compensation granted to the executive committee for 
2022 is below the maximum compensation approved by 
the annual general meeting of shareholders 2022:
Time period of 
compensation
Approved compensation
Effective compensation
2022
CHF 7,000,000
CHF 5,839,975
The compensation report contains information 
on the compensation policy, the compensation 
programs and the procedure for determining 
the compensation of the board of directors and 
the executive committee of the Bossard Group. 
The report also contains information on the 
compensation for these two bodies in the 
financial year 2022.
Necessary amendments with regard to the compensation 
in connection with the revision of the company law, which 
came into force on January 1, 2023, were approved at the 
annual general meeting of shareholders 2022 and have 
come into effect as of May 1, 2022. 
COMPENSATION REPORT
Compensation of the board of directors and the executive committee
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2. Compensation Governance
2.1. Articles of association
The articles of association of Bossard Holding AG contain 
a summary of the compensation principles in articles 
36–38. Details available at:  
www.bossard.com/en/about-us/investor-relations/ 
corporate-governance/articles-of-association/
2.2. Compensation committee
In accordance with the articles of association, the organi-
zational and business regulations of Bossard Holding AG 
and the compensation committee regulations, the compen-
sation committee is composed of at least three members of 
the board of directors that are elected individually by the 
annual general meeting of shareholders for a period of one 
year. Subject to the approval of the annual general meet-
ing of shareholders, the representative of registered A 
shares is entitled to be a member of the compensation 
committee. The 2022 annual general meeting of share-
holders re-elected David Dean (chair), Patricia Heidtman, 
Marcel Keller and Prof. Dr. Stefan Michel as members 
of the compensation committee. All four members are 
independent according to the regulations.
1. Compensation philosophy and principles
The compensation philosophy of Bossard Holding AG 
reflects the commitment to recruit, retain, motivate and 
develop well-qualified employees and executives at all 
levels in the organization. Compensation programs are 
designed to motivate executives to achieve the business 
objectives and to create long-term and sustainable value 
for the company. They are based on the following principles:
Pay for performance
A portion of compensation is directly linked to the sustainable success of the company and to 
individual contributions.
Alignment to shareholders’  
interests
The compensation system strengthens the link between management and shareholders’ interests 
through the remuneration of part of the compensation in the form of shares or share-based 
compensation.
Balanced system
There is a healthy balance between fixed and variable performance-based compensation (no 
excessive leverage of variable compensation, capped at 100 percent of fixed compensation) for the 
executive committee. The board of directors receives a purely fixed compensation in order to ensure 
its independence.
Market competitiveness
Compensation levels are market competitive in order to attract and retain individuals with the 
required skill sets and leadership capabilities.
Simplicity and transparency
Compensation programs are straightforward and transparent.
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The levels of authority between the CEO, the compensa-
tion committee (CC), the board of directors (BoD) and  
the annual general meeting of shareholders (AGM) are 
summarized in the following table:
CEO
CC
BoD
AGM
Compensation policy and principles
(incl. guidelines for the pension scheme)
Proposal
Approval
Maximum aggregate compensation amounts 
of the board of directors
Proposal
Review
Approval (binding vote)
Maximum aggregate compensation amounts 
of the executive committee
Proposal
Review
Approval (binding vote)
Individual compensation of members  
of the board of directors
Proposal
Approval
Compensation of the CEO
Proposal
Approval
Individual compensation of members 
of the executive committee
Proposal
Review
Approval
Compensation report
Proposal
Approval
Consultative vote
The compensation committee meets as often as business 
requires but at least twice a year. In 2022, it held two 
meetings, each lasted half a day. In addition, a circular 
resolution has been adapted. All members were present 
at these meetings.
It is the responsibility of the compensation committee to:
	– develop and regularly review the compensation policy 
and principles applicable to the board of directors  
and the executive committee, including the design  
of compensation programs and retirement benefits 
plans; and, if necessary, propose any changes to the 
board of directors;
	– propose to the board of directors the maximum aggre-
gate amounts of compensation of the board of directors 
and of the executive committee to be submitted to the 
shareholders’ vote at the annual general meeting of 
shareholders;
	– propose to the board of directors the individual com-
pensation for the members of the board of directors, 
the CEO and the other members of the executive 
comittee, within the limits approved by the annual  
general meeting of shareholders;
	– review and approve the employment contracts of the 
executive committee members;
	– develop and regularly review the guidelines governing 
the structure of the occupational pension scheme for 
the executive committee;
	– prepare the compensation report;
	– if the compensation committee considers necessary: 
the assignment, the supervision and the critical evalu-
ation of the results of advisers or the comparison with 
third party companies regarding the compensation 
practices. 
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2.3. Method of determination of compensation
Benchmarking: in order to assess the market competitive-
ness of compensation and to determine appropriate com-
pensation levels for the members of the board of directors 
and of the executive committee, the compensation com-
mittee periodically (i.e. every three to four years) reviews 
the compensation reports published by other international 
industrial companies that are listed in Switzerland and 
comparable to the Group in terms of size (market capital-
ization, employees, revenues), geographic scope and 
business complexity. The benchmarking study conducted 
in 2022 on compensation for the executive committee 
was based on a comparable group of 21 Swiss industrial 
companies listed on the SIX Swiss Exchange in terms of 
market capitalization, employees and revenue.
For the compensation of the board of directors, a bench-
marking analysis was last carried out in 2019, based on a 
comparison group of several Swiss industrial companies 
listed on the SIX Swiss Exchange, which are comparable 
in terms of market capitalization, employees and revenue. 
Performance management: the actual compensation 
effectively paid out in a given year to the executive commit-
tee members depends on their individual performances. 
Depending on the level of responsibility, the evaluation of 
individual performances takes into account the results of 
the entire Group and/or of a business area. The perfor-
mance evaluation is based on quantitative and qualitative 
criteria. The quantitative elements are derived both from 
the current business results and from the long-term 
value drivers, which are decisive for the Group’s future 
results and profitability. The assessment is closely linked 
to the value-oriented and sustainability-focused manage-
ment approach implemented by the Bossard Group. 
Qualitative criteria are derived from the company’s strate-
gic targets. Therefore, compensation reflects both the 
sustainable success of the company and the respective 
individual contributions.
As a general rule, the CEO participates in the meetings of 
the compensation committee in an advisory capacity. 
Other members of the board of directors may attend the 
committee meetings (without voting rights) and other 
executives may be invited in an advisory capacity as well. 
However, the other members of the board of directors and 
the executives abstain from a topic when their own per-
formance and/or compensation is being discussed. After 
each meeting, the chair of the compensation committee 
reports to the board of directors the topics discussed and 
its recommendations. The minutes of the compensation 
committee meetings are available to the entire board of 
directors.
The compensation committee may appoint external 
consultants to provide support in fulfilling its duties. In 
2022, the compensation committee engaged Agnès Blust 
Consulting (now part of PricewaterhouseCoopers) to 
conduct a benchmark study in relation to the compensation 
of the executive committee. The Bossard Group did not 
engage Agnès Blust Consulting for any other consulting 
mandate regarding compensation systems.
The compensation committee regularly compares 
compensation levels with benchmarks, reviews Bossard 
Group’s compensation policies and conducts a self-
assessment. 
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3. Compensation structure – board of directors
In terms of independence of the members of the board of 
directors, each member of the board of directors receives 
a fixed compensation, supplemented by a compensation for 
his or her work on a committee of the board of directors. 
The remuneration is intended to compensate appropriately 
for the time spent on the board of directors and its com-
mittees as a result of the mandate. In addition, each 
member of the board of directors receives a lump-sum 
expense allowance. 
For the term of office starting at the annual general 
meeting of shareholders in 2022, CHF 30,000 of the total 
compensation is paid in the form of registered A shares of 
Bossard Holding AG. The shares are subject to a restriction 
period of three years during which they cannot be sold, 
transferred or pledged. The restriction period also applies 
in case of termination of mandate, except in case of termi-
nation following death where the restriction immediately 
lapses. The shares are priced at their market value, deter-
mined at the end of February of each year based on the 
average share price of the previous ten trading days – 
deducting the reduction of around 16 percent permitted 
under Swiss tax law for the three-year blocking period.
The shares required for the share plan are provided by 
the Group’s treasury shares or by share purchases on the 
market.
in CHF per year
Fixed compensation for the chair of the board of directors
320,000
Fixed compensation for each member of the board of directors
120,000
Fixed compensation for the chair of a committee of the board of directors
20,000
Fixed compensation for each member of a committee of the board of directors
10,000
Expense allowance
8,000
The illustrated amounts are after deduction of social 
security contributions. 
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4. Compensation structure – executive committee
According to the compensation principles defined in 
section 1, the compensation of the executive committee 
includes the following elements:
	– fixed compensation
	– variable compensation – short-term oriented incentive 
(short-term incentive – STI) 
	– variable compensation – long-term oriented incentive 
(long-term incentive – LTI)
	– occupational benefits
Structure of compensation of the executive committee:
Element
Purpose
Drivers
Performance measures
Vehicle
Fixed compensation
Attract & retain
Position, skills and experience
Monthly cash payments
STI / Variable compensation –  
short-term oriented incentive
Pay for performance
Annual performance
EBIT Group respectively EBIT 
as well as gross profit of own 
business area
Annual bonus in cash
LTI / Variable compensation – 
long-term oriented incentive 
Align to shareholders’ interests, 
retain
Achieved strategic goals
Individual, qualitative 
performance
Entitlements (namely, restricted 
stock units; RSU) with five-year 
staged vesting period
Occupational benefits
Protect against risks, attract & 
retain
Market practice and position
Retirement plan, insurance, 
perquisites
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4.1. Fixed compensation
The annual fixed compensation is paid in cash on a 
monthly basis. It reflects the scope and responsibilities  
of the role, the skills required to perform the role and  
the profile of the jobholder in terms of experience and  
capabilities.
4.2. Variable compensation – short-term oriented 
incentive (STI)
The short-term oriented variable compensation rewards 
the achievement of annual financial goals.
The fixed compensation and the expected short-term 
oriented variable compensation (assuming 100 percent 
achievement of all financial goals) form the so-called 
total cash compensation. The target value of the total cash 
compensation of the CEO and the other executive com-
mittee members is reviewed annually based on the scope 
of the role, competitive market practice, individual profile 
and performance, as well as the company’s affordability.
The short-term variable compensation is based on the 
financial performance of the Group as a whole and/or its 
businesses as follows:
Component
CEO
CFO/CSO
Other members 
of the executive committee
Financial 
performance 
Group
Group gross profit (1/3),
Group EBIT (2/3)
Group gross profit (1/3),
Group EBIT (2/3)
Group EBIT (1/3)
Own business area
EBIT as well as gross profit of 
own business area (2/3)
The financial objectives always include a measure of 
profitability, such as business area and Group operating 
profit, because profitability is absolutely critical to the 
long-term success of the company. In addition, gross 
profit development is used as a growth parameter. For 
each financial objective, an expected level of performance 
is determined, either on the basis of the annual financial 
plan or of the prior year’s results.
Due to the commercial sensitivity of financial objectives, 
the board of directors abstains from such a disclosure in 
the compensation report. However, the actual payout level 
of the short-term oriented variable compensation in the 
reporting year is explained and commented in section 5.
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The CEO and other members of the executive committee 
may draw up to 20 percent of their total cash compensation 
in the form of registered A shares of Bossard Holding AG. 
The shares are subject to a restriction period of three years 
during which they cannot be sold, transferred or pledged. 
The restriction period also applies in cases of termination 
of employment and retirement. In case of termination 
following death the restriction lapses immediately. The 
shares are priced at their market value, determined at the 
end of February of each year, based on the average share 
price over the previous ten trading days after deduction of 
the reduction of around 16 percent permitted under Swiss 
tax law for the three-year blocking period. The individual 
choice to draw shares by the CEO as well as the other 
members of the executive committee is made the day after 
the annual general meeting of shareholders. The shares 
required for the share plan are provided by the Group’s 
treasury shares or by share purchases on the market.
4.3. Variable compensation – long-term oriented 
incentive (LTI)
The objectives of the long-term oriented variable com-
pensation for the executive committee are to strengthen 
the link between management and shareholders’ interests, 
to foster the executive committee’s long-term motivation 
and identification with the Bossard Group, to let partici-
pants directly participate in the long-term shareholder 
value created through share price appreciation.
The condition for granting the entitlement (namely re-
stricted stock units; RSUs) is linked to the implementa-
tion of Bossard Group’s strategic initiatives approved by 
the board of directors. These objectives are qualitative in 
nature and relate primarily to innovation, market cultiva-
tion, cultural transformation and further sustainability 
criteria (ESG). 
Non-financial targets
Social (20 %)
Environment (20 %)
Further stratetic initiatives (60 %)
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For the CEO a maximum amount of CHF 100,000 and for 
the other members of the executive committee a maxi-
mum amount of CHF 50,000 is foreseen. The conversion 
is carried out at market value and is based on the average 
share price of the last ten trading days in December. The 
grant is based on the achievement of objectives in the 
financial year. Therefore, the vesting period starts at the 
beginning of the following financial year. 
Each RSU is a conditional right to receive one registered A 
share of Bossard Holding AG after the vesting period. The 
RSUs vest conditionally if the beneficiary is employed at 
the time of the vesting date and according to the following 
vesting schedule: one third of the RSUs vest three years 
after the grant date, one third vest four years after the 
grant date and the last third vest five years after the grant 
date. 
At the respective vesting date, the vested RSUs are con-
verted into registered A shares of Bossard Holding AG. 
The shares are not subject to any further restrictions  
other than the general rules governing management 
transactions. In circumstances where the allocation of 
shares may be unlawful or impractical, the award may be 
settled in cash instead of registered A shares of Bossard 
Holding AG.
Vesting period:
 
Year 1
Year 2
Year 3
Year 4
Year 5
RSU grant
1/3 vesting 
shares allocation
1/3 vesting 
shares allocation
1/3 vesting 
shares allocation
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4.4. Occupational benefits
The members of the executive committee participate in 
the benefit plans available in the country of their employ-
ment contract. Benefits consist mainly of retirement, in-
surance and healthcare plans that are designed to pro-
vide a reasonable level of protection for the employees 
and their dependents with respect to retirement, risk of 
disability, death and health. The members of the execu-
tive committee with a Swiss employment contract partici-
pate in the pension plan of Bossard (Bossard Personal-
stiftung, Zug) offered to all employees in Switzerland, 
in which a base compensation up to an amount of 
CHF 286,800 per annum is insured, as well as a supple-
mentary plan in which earnings in excess of this limit are 
insured up to the maximum amount permitted by law. 
Bossard’s pension benefits exceed the legal requirements 
of the Swiss federal law on occupational retirement, sur-
vivors’ and disability pension plans (BVG) and are in line 
with what other international industrial companies offer. 
Members of the executive committee under foreign em-
ployment contracts are insured commensurately with 
local market conditions and with their position. Each plan 
varies in line with the local competitive and legal environ-
ment and is, as a minimum, in accordance with the legal 
requirements of the respective country.
In addition, members of the executive committee are also 
eligible to standard perquisites, such as a company car 
or a car allowance, seniority awards, child allowance and 
other benefits in kind, according to competitive market 
practice in their country of contract. The monetary value 
of these other elements of compensation is evaluated at 
fair value and is disclosed in the compensation tables.
4.5. Employment contracts
The members of the executive committee are employed 
under employment contracts of unlimited duration with a 
notice period of six months, respectively twelve months 
for the CEO. Members of the executive committee are not 
contractually entitled to termination payments or any 
change of control provisions.
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5. Compensation of the board of directors and the 
executive committee
5.1. Compensation paid to members of the board of 
directors for the financial years 2022 and 2021
In 2022, the members of the board of directors received a 
compensation in the amount shown in the following table.
Compared to the prior year, the total compensation 
remains stable. 
Compensation paid to members of the board of directors for the financial year 2022 
in CHF, gross
Fixed
Expense  
allowance
Social  
costs
Total 
compensation
Thereof in 
shares 4)
Dr. Thomas Schmuckli 
Chair, Chair NC 1), ARCC 2)
350,000
8,000
53,614
411,614
30,078
Patricia Heidtman
Vice Chair, NC, CC 3)
140,000
8,000
21,445
169,445
30,078
Dr. René Cotting
Chair ARCC
140,000
8,000
21,445
169,445
30,078
David Dean
Repr. of registered A shares, Chair CC
140,000
8,000
21,445
169,445
30,078
Petra Maria Ehmann
NC, ARCC
140,000
8,000
21,459
169,459
30,078
Marcel Keller
CC
130,000
8,000
19,927
157,927
30,078
Martin Kühn
ARCC
130,000
8,000
19,916
157,916
30,078
Prof. Dr. Stefan Michel
NC, CC
140,000
8,000
21,448
169,448
30,078
2022
1,310,000
64,000
200,699
1,574,699
240,624
1)	
Nomination committee (NC)
2)	
Audit, risk & compliance committee (ARCC)
3)	
Compensation committee (CC)
4)	
Each member of the board of directors receives CHF 30,000 worth of the total compensation in the form of registered A shares of Bossard Holding AG. The allocation price  
corresponds to the market value, in each case after deduction of the tax-permissible reduction of around 16 percent for the three-year blocking period. For the shares subscribed  
in 2022, the allotment price was CHF 222.80. The draw of the shares took place one day after the annual general meeting of shareholders 2022. 
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Compensation paid to members of the board of directors for the financial year 2021 
in CHF, gross
Fixed
Expense  
allowance
Social  
costs
Total 
compensation
Thereof in 
shares 7)
Dr. Thomas Schmuckli 
Chair, Chair NC 1), ARCC 2)
344,167
8,000
50,303
402,470
29,918
Patricia Heidtman
Vice Chair 3), NC, CC 4)
137,667
8,000
21,213
166,880
29,918
Dr. René Cotting
Chair ARCC
137,667
8,000
21,213
166,880
29,918
David Dean
Repr. of registered A shares, Chair CC
137,667
8,000
21,213
166,880
29,918
Petra Maria Ehmann 5)
NC, ARCC
93,333
5,333
14,382
113,048
-
Marcel Keller 5)
CC
86,667
5,333
13,354
105,354
-
Martin Kühn
ARCC
127,833
8,000
19,698
155,531
29,918
Prof. Dr. Stefan Michel
NC, CC
134,500
8,000
20,725
163,225
29,918
Anton Lauber 6)
Vice Chair, NC, CC
44,333
2,667
5,102
52,102
29,918
Maria Teresa Vacalli 6)
ARCC
41,167
2,667
6,343
50,177
29,918
2021
1,285,001
64,000
193,546
1,542,547
239,344
1)	
Nomination committee (NC)
2)	
Audit, risk & compliance committee (ARCC)
3)	
Vice Chair of the board of directors since April 2021 
4)	
Compensation committee (CC)
5)	
Election to the board of directors in April 2021
6)	
Resignation from the board of directors in April 2021
7)	
Each member of the board of directors receives CHF 30,000 of its total compensation in registered A shares of Bossard Holding AG. The allocation price corresponds to the  
market value. For the shares subscribed in 2021 the allotment price was CHF 199.45. The draw of the shares took place one day after the annual general meeting of shareholders 2021. 
In 2022, the annual general meeting of shareholders 
approved a maximum compensation amount for the 
board of directors of CHF 1,800,000 for the period from 
the annual general meeting of shareholders 2022 until 
the next annual general meeting of shareholders 2023. 
As this compensation period has not yet ended, the final 
amount will be disclosed in the compensation report for 
financial year 2023. 
In 2021, the annual general meeting of shareholders 
approved a maximum compensation amount for the 
board of directors of CHF 1,600,000 for the period from 
the annual general meeting of shareholders 2021 until 
the next annual general meeting of shareholders 2022.
The compensation of the board of directors for this term 
of office augmented to CHF 1,574,711 and remains there-
fore within the approved compensation payable to the 
board of directors.
Payments to former members of the board of  
directors
No compensation was paid to former members of the 
board of directors in 2022.
In 2021, Anton Lauber and Maria Teresa Vacalli, who 
resigned from their positions as member of the board of 
directors at the annual general meeting of shareholders 
2021, received compensation in accordance with the table 
above. 
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06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Executive committee total
Dr. Daniel Bossard, CEO
in CHF
2022 5)
2021 7)
2022
2021
Fixed compensation
2,693,869
2,981,010
485,476
452,137
Variable compensation – short-term incentive (STI) 1)
1,772,262
1,999,604
307,184
283,868
Variable compensation – long-term incentive (LTI)  2)
333,600
362,167
90,000
90,000
Other benefits 3)
83,400
101,429
16,800
16,800
Social and pension costs
956,844
834,166
214,570
186,308
Total
5,839,975
6,278,376
1,114,030
1,029,113
Thereof in shares 4)
178,240
-
111,400
-
Number of members of the executive committee
6.5 6)  
7.5 8)
1)	
The disclosed short-term component of the variable compensation is accrued for the reporting year. This may differ from the actual payment made in the following year. Any deviations 
between accruals and actual payments are recognized in the following reporting year for which the compensation was paid. The compensation disclosed for 2021 is the actual total 
payment made.
2)	
The long-term variable compensation, namely the allocation of the RSU, for the 2022 financial year will take place in the second quarter of 2023 (according to section 4.3). The amount 
disclosed here represents the compensation envisaged as of the reporting date. Any discrepancies between the amount reported and the actual allocation will be reported in the 
following year for the corresponding financial year. The compensation reported for 2021 represents the actual allocations made. The fair value for the RSU allocation for the financial 
year 2022 amounts to CHF 199.80 (2021: CHF 317.50).
3)	
Private share in company vehicle, child allowances, anniversary bonus.
4)	
Members of the executive committee may draw up to 20 percent of their total compensation in registered A shares of Bossard Holding AG of the prior year (according to article 38 of 
the articles of association). The purchase price corresponds to the market value, in each case after deduction of the permissible tax reduction of around 16 percent for the three-year 
blocking period. The draw always takes place one day after the annual general meeting of shareholders. The purchase price for the shares purchased in 2022 was CHF 222.80.  
In 2021, no shares were drawn. 
5)	
This total compensation includes the compensation for the former CEO Central Europe until the end of June 2022.
6)	
Seven members until end of June 2022 and six members as of beginning of July 2022.
7)	
This total compensation includes the compensation for the new CEO America as of February 1, 2021 as well as the former CEO America, who left Bossard Group due to a termination 
agreement as of July 31, 2021. This total compensation further includes the compensation for the additional member of the executive committee as of May 1, 2021.
8)	
Six members until end of January 2021 and seven members as of beginning of May 2021. In addition, there was an overlap (double occupancy) from the beginning of February 2021 to 
the end of July 2021 due to the change of the CEO Bossard America. 
Payments to related parties of members of the 
board of directors
In 2022, as well as in 2021, no compensation was paid to 
related parties of present or former members of the 
board of directors.
Loans and credits to present or former members 
of the board of directors or to related parties
As of December 31, 2022 as well as of December 31, 2021 
no such loans or credits existed to present or former 
members of the board of directors, or to related parties 
of present or former members of the board of directors.
5.2. Compensation paid to members of the executive 
committee for the financial years 2022 and 2021
In 2022, the members of the executive committee re-
ceived the compensation according to the table below:
Compensation paid to members of the executive 
committee
105

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BOSSARD ANNUAL REPORT 2022
The lower remuneration compared to prior year is due to 
the vacancy in the function of CEO Central Europe and the 
respective management ad interim by the CEO Dr. Daniel 
Bossard.
In 2022, the variable component, short-term incentive, 
amounted to 63 percent of the fixed compensation for the 
CEO Dr. Daniel Bossard (2021: 63 percent) and to 66 percent 
on average for the other executive committee members 
(2021: 68 percent). In order to maintain an appropriate level 
of compensation and not provide any incentives to take 
excessive risks or to focus on short-term decisions at the 
expense of the Group’s sustainable success, the variable 
remuneration (short-term and long-term oriented compo-
nents) is limited to 100 percent of the annual fixed com-
pensation.
In 2021, the annual general meeting of shareholders 
approved a maximum compensation amount for the ex-
ecutive committee of CHF 6,000,000 for the period from 
January 1, 2022 to December 31, 2022, which in 2022 was 
increased by the annual general meeting of shareholders
Compensation of executive  
committee for 2022
in CHF 1,000
Compensation of CEO  
for 2022
in CHF 1,000
Compensation of executive  
committee for 2021
in CHF 1,000
Compensation of CEO 
for 2021
in CHF 1,000
to CHF 7,000,000. The total compensation 2022 of the 
executive committee of CHF 5,839,975 is within the 
approved total compensation.
In 2022, the annual general meeting of shareholders 
approved a maximum compensation amount for the 
executive committee of CHF 7,000,000 for the period from 
January 1, 2023 to December 31, 2023. 
6,278
1,114
5,840
Fixed compensation
Variable compensation – short-term incentive (STI) 
1,029
Social costs and other benefits
Variable compensation – long-term incentive (LTI)
106

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BOSSARD ANNUAL REPORT 2022
Compensation paid to former members of the  
executive committee
In 2022, Beat Grob, former CEO Bossard Central Europe, 
received a compensation according to the table on  
page 105.
In 2021, Steen Hansen, former CEO Bossard America, 
received a compensation according to the table on  
page 105.
Compensation paid to related parties of members 
of the executive committee
In 2022, as well as in 2021, no compensation was paid
to related parties of present or former members of the 
executive committee.
Loans and credits to present or former members 
of the executive committee or to related parties
As of December 31, 2022, as well as of December 31, 
2021, no such loans or credits existed to present or for-
mer members of the executive committee, or to related 
parties of present or former members of the executive 
committee.
6. Participations of members of the board 
of directors and the executive committee at 
December 31, 2022 and 2021
At December 31, the individual members of the board of 
directors and the executive committee (including persons 
closely associated with them) held the following numbers 
of registered A shares of Bossard Holding AG:
Board of directors
2022  Thereof blocked 2)
2021 Thereof  blocked 2)
Dr. Thomas Schmuckli 
Chair, Chair NC, ARCC
8,658
685
8,523
998
Patricia Heidtman
Vice Chair, NC, CC
785
685
650
550
Dr. René Cotting
Chair ARCC
2,535
635
2,400
900
David Dean
Repr. of registered A shares, Chair CC
1,285
541
1,150
406
Petra Maria Ehmann 1)
NC, ARCC
135
135
-
-
Marcel Keller 1)
CC
135
135
-
-
Martin Kühn
ARCC
1,447
797
1,312
1,102
Prof. Dr. Stefan Michel
NC, CC
1,189
541
1,054
854
Total
16,169
4,154
15,089
4,810
1)	
Election to the board of directors in April 2021
2)	
These shares are subject to a blocking period of three years starting from the grant date. 
107

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BOSSARD ANNUAL REPORT 2022
Executive committee
2022
Thereof blocked 4)
2021
Thereof blocked 4)
Dr. Daniel Bossard 1)
CEO, CEO Central Europe ad interim
7,205
500
5,363
400
Stephan Zehnder
CFO
11,710
-
10,349
600
Dr. Frank Hilgers
CEO Northern & Eastern Europe, CCO
2,562
300
2,301
300
David Jones 2)
CEO America
300
300
-
-
Robert Ang
CEO Asia
13,054
-
12,793
900
Rolf Ritter 3)
CSO
210
-
-
-
Total
35,041
1,100
30,806
2,200
1)	
Additionally, shareholder of Kolin Holding AG, which holds 56.3 percent of the votes of Bossard Holding AG. 
2)	
Takeover as CEO America in February 2021
3)	
Appointment as CSO as of May 1, 2021
4)	
These shares are subject to a blocking period of three years starting from the grant date.
At December 31, the individual members of the executive committee held the following numbers of 
awarded restricted stock units (RSUs):
2022 3)
2021
Dr. Daniel Bossard
CEO, CEO Central Europe ad interim
1,185
1,243
Stephan Zehnder
CFO
662
765
Dr. Frank Hilgers
CEO Northern & Eastern Europe, CCO
662
765
David Jones 1)
CEO America
145
-
Robert Ang
CEO Asia
662
765
Rolf Ritter 2)
CSO
189
94
Total
3,505
3,632
1)	
Takeover as CEO America in February 2021
2)	
Appointment as CSO as of May 1, 2021
3)	
RSUs which will be granted in the second quarter of 2023 for the financial year 2022 are not included in the balance.
Guideline of shareholding
The board of directors adopted guidelines on shareholdings. 
These came into effect on January 1, 2020:
	– The chair of the board of directors shall hold 150 percent 
of the equivalent value of the base fee in registered A 
shares of Bossard Holding AG.
	– The members of the board of directors shall hold 100  
percent of the equivalent value of the base fees in registered 
A shares of Bossard Holding AG.
	– The CEO shall hold 150 percent of the equivalent value of 
the fixed compensation in registered A shares of Bossard 
Holding AG.
	– The members of the executive committee shall hold 100 
percent of the equivalent value of the fixed compensation 
in registered A shares of Bossard Holding AG.
	– Newly elected members shall build up the required share-
holding within four years upon their election. Should the 
share price fall or rise significantly, the board of directors 
may, at its own discretion, adjust this period accordingly.
For the determination of the minimum shareholdings, all 
shares are considered, regardless of whether they are 
restricted or not. The compensation committee annually 
assesses the alignment of the shareholdings with the guide-
line of shareholding. 
According to the review of the compensation committee (last 
review in 2022), all members of the board of directors and 
the executive committee comply with the guideline of share-
holding; this also includes the transition period of the newly 
elected or appointed members.
108

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Report of the statutory auditor
to the General Meeting of Bossard Holding AG Zug
Report on the audit of the compensation report
Opinion
We have audited the compensation report of Bossard Holding AG (the Company) for the year 
ended 31 December 2022. The audit was limited to the information on compensation, loans and 
advances pursuant to Art. 14 to 16 of the Ordinance against Excessive Compensation in Listed 
Companies Limited by Shares (Ordinance) contained in the note 5 on pages 103 to 107 of the 
compensation report.
In our opinion, the information on compensation, loans and advances in the compensation report 
(pages 103 to 107) complies with Swiss law and article 14 to 16 of the Ordinance.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). 
Our responsibilities under those provisions and standards are further described in the ‘Auditor’s 
responsibilities for the audit of the compensation report’ section of our report. We are independent 
of the Company in accordance with the provisions of Swiss law and the requirements of the Swiss 
audit profession, and we have fulfilled our other ethical responsibilities in accordance with these 
requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 
basis for our opinion.
Other information
The Board of Directors is responsible for the other information. The other information comprises 
the information included in the annual report, but does not include the note 5 in the compensation 
report, the consolidated financial statements, the financial statements and our auditor’s reports 
thereon.
Our opinion on the compensation report does not cover the other information and we do not 
express any form of assurance conclusion thereon.
In connection with our audit of the compensation report, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent 
with the audited financial information in the compensation report or our knowledge obtained in 
the audit, or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of 
this other information, we are required to report that fact. We have nothing to report in this regard. 
 
Board of Directors’ responsibilities for the compensation report
The Board of Directors is responsible for the preparation of a compensation report in accordance 
with the provisions of Swiss law and the company’s articles of incorporation, and for such internal 
control as the Board of Directors determines is necessary to enable the preparation of a compen-
sation report that is free from material misstatement, whether due to fraud or error. The Board of 
Directors is also responsible for designing the compensation system and defining individual com-
pensation packages. 
109

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Auditor’s responsibilities for the audit of the compensation report
Our objectives are to obtain reasonable assurance about whether the information on compensation, 
loans and advances pursuant to article 14 to 16 of the Ordinance is free from material misstatement, 
whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reason-
able assurance is a high level of assurance, but is not a guarantee that an audit conducted in 
accordance with Swiss law and SA-CH will always detect a material misstatement when it exists. 
Misstatements can arise from fraud or error and are considered material if, individually or in the 
aggregate, they could reasonably be expected to influence the economic decisions of users 
taken on the basis of this compensation report.
As part of an audit in accordance with Swiss law and SA-CH, we exercise professional judgment 
and maintain professional scepticism throughout the audit. We also:
•	
Identify and assess the risks of material misstatement in the compensation report, whether 
due to fraud or error, design and perform audit procedures responsive to those risks, and  
obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.  
The risk of not detecting a material misstatement resulting from fraud is higher than for one 
resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepre-
sentations, or the override of internal control. 
•	
Obtain an understanding of internal control relevant to the audit in order to design audit  
procedures that are appropriate in the circumstances, but not for the purpose of expressing 
an opinion on the effectiveness of the Company’s internal control. 
•	
Evaluate the appropriateness of accounting policies used and the reasonableness of  
accounting estimates and related disclosures made.
We communicate with the Board of Directors or its relevant committee regarding, among other 
matters, the planned scope and timing of the audit and significant audit findings, including any 
significant deficiencies in internal control that we identify during our audit.
We also provide the Board of Directors or its relevant committee with a statement that we have 
complied with relevant ethical requirements regarding independence, and communicate with 
them all relationships and other matters that may reasonably be thought to bear on our indepen-
dence, and where applicable, actions taken to eliminate threats or safeguards applied.
PricewaterhouseCoopers AG
Thomas Wallmer	 	
	
Remo Waldispühl
Licensed audit expert	
	
Licensed audit expert
Auditor in charge
Zurich, February 24, 2023
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, CH-8050 Zürich, Switzerland
Telefon: +41 58 792 44 00, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate 
and independent legal entity.
110

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06  Report to the shareholders   
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60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Financial Report
113	 Financial Review 2022
	
	 Consolidated Financial Statements
116	 Consolidated Balance Sheet
117	 Consolidated Income Statement
118	 Consolidated Statement of Changes in Equity
119	 Consolidated Cash Flow Statement
120	 Notes to the Consolidated Financial Statements
143	 Report of the Statutory Auditor on the Consolidated  
	
	 Financial Statements
	 	 Bossard Holding AG
147	 Balance Sheet
148	 Income Statement
149	 Notes to the Financial Statements
152	 Appropriation of Available Earnings
153	 Report of the Statutory Auditor on the Financial  
	
	 Statements
156	 Investor Information 111

04  At a glance   
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111  Financial Report
BOSSARD ANNUAL REPORT 2022
EBIT margin
Net income
in CHF
Net sales
in CHF
EBIT
in CHF
Most important figures
AT A GLANCE
12.3 %
106 million
 1,154 
million
 141
million
112

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Robust profitability in a challenging environment   
FINANCIAL REVIEW 2022
In an economically challenging environment, 
the Bossard Group generated sales of CHF 
1,153.8 million in the financial year 2022 (prior 
year: CHF 995.1 million). This represents an in-
crease of 15.9 percent (in local currency: +18.4 
percent), corresponding to organic sales growth 
of 15.0 percent in local currency. EBIT amount-
ed to CHF 141.5 million (prior year: CHF 123.3 
million), a plus of 14.7 percent, resulting in an 
EBIT margin of 12.3 percent (prior year: 12.4 
percent). Net income increased by 7.7 percent to 
CHF 105.6 million (prior year: CHF 98.0 million). 
For the first time in its history, the Group 
reached the following milestones: sales of more 
than 1 billion Swiss francs and a net income of 
over 100 million Swiss francs. 
The broad-based growth of the Bossard Group, which be-
gan in the fourth quarter of 2020, continued in the finan-
cial year 2022. All three market regions achieved new re-
cords. While demand in Europe stabilized at a high level 
over the course of the year, America posted impressive 
double-digit growth rates during the entire year. Asia also 
maintained double-digit sales growth. The strong global 
demand only led to a slight improvement of the tense 
situation on the procurement market. As a result, delivery 
capability and inventory levels continued to play a key role 
in 2022.
Broad-based growth in Europe 
Sales in Europe increased by 8.7 percent to CHF 624.2 
million (in local currency: +14.4 percent). Overall, de-
mand remained at a high level in spite of continuing geo-
political tensions and the resulting challenges. Despite 
the strong Swiss franc, we achieved above-average 
growth in the aerospace, electronics, and mechanical en-
gineering sectors. In an environment marked by inflation 
and a shortage of skilled labor, Bossard’s Smart Factory 
services drew even more attention from customers. The 
acquisition of the Dutch company Jeveka B.V. in 2021 also 
contributed to the positive development. Adjusted for  
acquisitions, annual sales totaled CHF 593.5 million. 
Continued strong growth in America
Sales in America grew by 36.8 percent to CHF 309.4 
million (in local currency: +31.0 percent). The positive 
business development was driven by dynamic and broad-
based economic growth. In the electromobility sector, ex-
citing commercial vehicle projects were implemented. 
The acquisition of PENN Engineered Fasteners Corporation 
in Canada, consolidated since December 1, 2022, contrib-
uted to the gratifying sales performance. The acquisition 
is in line with the strategic approach to further expand 
Bossard’s capabilities in America.
Above-average growth
Despite repeated lockdowns in China, Bossard was able to 
maintain double-digit sales growth in Asia. At CHF 220.2 
million, sales were 13.0 percent (in local currency: +14.4 
percent) above the prior year. Bossard achieved above-
average growth especially in the growth industries of 
electromobility, electronics, and railway.  
Robust profitability
The market environment in 2022 was marked by strong 
global demand and geopolitical tensions. This led to 
capacity bottlenecks, rising raw material prices, and 
significantly higher freight rates, which overall resulted 
in higher procurement costs. In this challenging market 
environment and owing to the regional margin mix, the 
gross profit margin declined by 0.7 percentage points 
compared to the prior year to 31.2 percent.
Sales and administration expenses increased by 12.8 
percent to CHF 218.7 million. In relation to sales, however, 
these costs dropped to 19.0 percent from 19.5 percent in 
the prior year. On one hand, these expenses increased 
due to the steadily growing number of employees, which 
increased by 6.2 percent (organically: +5.1 percent) or 166 
employees to a total of 2,823 full-time equivalents. On the 
other hand, the cost increases are associated with fur-
ther normalization of business activities as well as our 
targeted investments in the organization as part of 
Strategy 200 and our digitalization initiatives.
113

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BOSSARD ANNUAL REPORT 2022
In spite of the higher cost basis, the strong growth result-
ed in an increase in earnings. EBIT grew by CHF 18.2 
million to a record of CHF 141.5 million, an increase of 
14.7 percent. The EBIT margin was 12.3 percent (prior 
year: 12.4 percent), thus remaining at the prior year’s 
level in spite of the inflationary environment. 
The financial result amounted to CHF –5.0 million com-
pared to last year’s CHF –1.3 million. The increase in fi-
nancial expenses results from the considerably higher 
capital requirement, rising interest rates as well as nega-
tive foreign currency valuations, which made a positive 
contribution in 2021. Tax expenses grew from CHF 23.3 
million to CHF 30.0 million as a result of the significant 
increase in profit. The tax rate was 22.2 percent (prior 
year: 19.2 percent) and rose mainly due to the regional 
profit mix. 
Net income grew by 7.7 percent to CHF 105.6 million 
(prior year: CHF 98.0 million). The Bossard Group thus 
achieved not only its best result in the Group’s history but 
also a profit of over 100 million Swiss francs. At the annual 
general meeting of shareholders, the board of directors 
will propose a dividend of CHF 5.50 per registered A share 
(prior year: CHF 5.10), in line with our dividend policy of a 
40 percent payout of net income.
Solid balance sheet despite significantly higher 
net debt
The significant growth as well as the Group’s investment 
activity are also reflected in the increase in total assets. 
Compared to the prior year, total assets increased by 
17.8 percent to CHF 910.1 million. 
This increase is driven by higher customer receivables 
through increased sales as well as higher inventory. While 
the increase in receivables was disproportionately low 
compared to sales growth, the increase in inventory was 
above average. Besides the higher inventory volumes, this 
increase is due to higher raw material prices and freight 
rates. In addition, in light of the persistent market uncer-
tainties and longer delivery times, we deliberately in-
creased our inventory in order to ensure the best possible 
delivery capability to our customers. Last but not least, 
the acquisition of PENN Engineered Fasteners Corporation 
contributed to the increase in total assets.
Despite high profitability, the equity ratio fell from 45.2 
percent in the prior year to 41.7 percent. The reason for 
this decline is the disproportional rise in net working 
capital and the goodwill offset from the acquisition of 
PENN Engineered Fasteners Corporation against equity. 
As a result of high investment activity, accelerated 
growth, and especially the considerable increase in in-
ventory, net debt increased from CHF 217.2 million in the 
prior year to CHF 319.0 million. The gearing – the ratio of 
net debt to equity – rose from 0.6 in the prior year to 0.8. 
The debt factor – net debt in relation to EBITDA – was 1.9 
after 1.5 in the previous year.
While cash flow from operating activities before the 
change in net working capital increased by CHF 11.6 
million to CHF 137.7 million, cash flow from operating 
activities fell from CHF 65.9 million in the prior year to 
CHF 6.0 million as a result of the above-average increase 
in operating net working capital. Cash flow from invest-
ment activities declined by CHF 24.2 million to CHF 68.1 
million owing to the lower outflow of funds for business 
acquisitions. In contrast, outflows for investments in tan-
gible and intangible assets were higher than in the prior 
year. Mainly as a result of the significant increase in net 
working capital, Bossard recorded a negative free cash 
flow of CHF 62.1 million in 2022 (prior year: CHF –26.4 
million).
114

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Outlook
The uncertainties on the procurement market, inflation, 
central bank policies, and geopolitical tensions will con-
tinue in the financial year 2023. But even a volatile mar-
ket environment holds opportunities for growth. In 2022, 
for example, we noted a stronger trend toward nearshor-
ing and increased demand for our Smart Factory Assembly 
(SFA) and Smart Factory Logistics (SFL) solutions. The 
current cost and wage inflation is expected to support 
demand for automated and digital Proven Productivity 
solutions from Bossard. Furthermore, our focus on growth 
industries such as electromobility, railway, electronics, 
and automation offers additional growth potential in 2023.
In addition, our focus in 2023 will be on our Strategy 200, 
with Bossard targeting an average organic growth rate 
of over 5 percent and an EBIT margin of 12 percent to 
15 percent in the medium term following a phase of in-
creased investments. We continue to rely on a strong bal-
ance sheet with an equity ratio of at least 40 percent and 
a payout ratio of approximately 40 percent of net income.
Stephan Zehnder
CFO
Zug, February 24, 2023
115

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BOSSARD ANNUAL REPORT 2022
Consolidated balance sheet
­BOSSARD GROUP
in CHF 1,000
Notes
31.12.2022
31.12.2021
Assets
Current assets
Cash and cash equivalents
1
35,792
34,108
Accounts receivable, trade
2
193,039
174,524
Other receivables
6,529
5,717
Prepaid expenses
13,126
10,812
Inventories
3
442,275
338,296
690,761
563,457
Non-current assets
Property, plant and equipment
4
143,096
141,129
Intangible assets
5
47,800
39,613
Financial assets
6
8,311
7,671
Deferred tax assets
7
20,121
20,906
219,328
209,319
Total assets
910,089
772,776
in CHF 1,000
Notes
31.12.2022
31.12.2021
Liabilities and shareholders’ equity
Current liabilities
Accounts payable, trade
80,350
77,200
Other liabilities
13,431
19,007
Accrued expenses
48,374
45,436
Tax liabilities
8,194
11,391
Provisions
8
1,794
789
Short-term debts
9
128,677
86,554
280,820
240,377
Non-current liabilities
Long-term debts
10
226,104
164,776
Provisions
8
10,882
7,388
Deferred tax liabilities
7
12,660
10,687
249,646
182,851
Total liabilities
530,466
423,228
Shareholders’ equity
Share capital
11
40,000
40,000
Treasury shares
11
–3,844
–4,242
Capital reserves
74,393
75,165
Retained earnings
263,135
234,332
373,684
345,255
Non-controlling interest
5,939
4,293
Total shareholders’ equity
379,623
349,548
Total liabilities and shareholders’ equity
910,089
772,776
The notes on pages 120 to 142 are an integral part of the consolidated financial  
statements.
116

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Consolidated income statement
­BOSSARD GROUP
in CHF 1,000
Notes
2022
2021
Net sales
12/13
1,153,841
995,148
Cost of goods sold
–793,710
–678,028
Gross profit
360,131
317,120
Selling expenses
–137,218
–128,918
Administrative expenses
–81,446
–64,876
EBIT
141,467
123,326
Share of result from associated companies
–813
–620
Financial result
16
–5,024
–1,348
Income before taxes
135,630
121,358
Income taxes
7
–30,047
–23,341
Net income
105,583
98,017
Attributable to:
Shareholders of Bossard Holding AG
102,980
96,374
Non-controlling interest
2,603
1,643
in CHF
Notes
2022
2021
Earnings per registered A share 1) 
17
13.38
12.53
Earnings per registered B share 1) 
17
2.68
2.51
1)	
Earnings per share is based on the net income of the shareholders of Bossard Holding AG and the annual average number of out-
standing shares entitled to dividend. There is no dilution effect.
The notes on pages 120 to 142 are an integral part of the consolidated financial  
statements.
117

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Consolidated statement of changes in equity
BOSSARD GROUP 
Retained earnings
in CHF 1,000
Issued share capital
Treasury shares
Capital reserves
Retained earnings
Goodwill offset
Translation 
differences
Share­holders 
Bossard
Non-controlling 
interest
Share­holders' 
 equity
Balance at January 1, 2021
40,000
–3,171
72,860
666,714
–350,536
–105,912
319,955
2,385
322,340
Dividend
–33,866
–33,866
–367
–34,233
Net income for the period
96,374
96,374
1,643
98,017
Management participation plan
1,141
1,141
1,141
Change in treasury shares
–1,102
–718
–1,820
–1,820
Usage unissued treasury shares
31
1,882
1,913
1,913
Offset goodwill from acquisitions
–34,777
–34,777
–34,777
Non-controlling interest from acquisitions
–1,111
–1,111
636
–475
Translation differences
–2,554
–2,554
–4
–2,558
Balance at December 31, 2021
40,000
–4,242
75,165
728,111
–385,313
–108,466
345,255
4,293
349,548
Balance at January 1, 2022
40,000
–4,242
75,165
728,111
–385,313
–108,466
345,255
4,293
349,548
Dividend
–39,264
–39,264
–449
–39,713
Net income for the period
102,980
102,980
2,603
105,583
Management participation plan
1,216
1,216
1,216
Change in treasury shares
398
–1,988
–1,590
–1,590
Offset goodwill from acquisitions
–19,761
–19,761
–19,761
Translation differences
–15,152
–15,152
–508
–15,660
Balance at December 31, 2022
40,000
–3,844
74,393
791,827
–405,074
–123,618
373,684
5,939
379,623
For details regarding share capital, please refer to note 11 on page 126 and  
regarding the goodwill offset from acquisitions to note 20 on page 130.
The notes on pages 120 to 142 are an integral part of the consolidated financial  
statements
118

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Consolidated cash flow statement
­BOSSARD GROUP
in CHF 1,000
Notes
2022
2021
Net income
105,583
98,017
Share of result from associated companies
813
620
Income taxes
7
30,047
23,341
Financial result
16
5,024
1,348
Depreciation and amortization
4/5
23,718
22,578
Increase/(decrease) provisions
8
4,796
–1,936
(Gain)/loss from disposals of property, plant and equipment
4
–530
233
Loss from disposals of intangible assets
5
634
64
Loss from disposals of companies
18
-
779
Interest received
507
357
Interest paid
–4,582
–3,293
Taxes paid
–27,738
–19,114
Increase management participation plan (part of equity)
1,216
1,141
Other non-cash (income)/expenses
–1,827
1,878
Cash flow from operating activities before changes in net 
working capital
137,661
126,013
Increase accounts receivable, trade
–21,679
–23,843
(Increase)/decrease other current assets
–1,994
706
Increase inventories
–108,165
–81,722
Increase accounts payable, trade
2,637
26,076
(Decrease)/increase other non-interest bearing liabilities
–2,456
18,701
Cash flow from operating activities
6,004
65,931
in CHF 1,000
Notes
2022
2021
Investments in property, plant and equipment
4
–25,788
–24,265
Proceeds from sales of property, plant and equipment
4
2,170
1,763
Investments in intangible assets
5
–15,442
–11,024
Net cash flow from purchases of companies
18
–27,423
–59,140
Investments in financial assets
6
–1,720
–793
Divestments of financial assets
6
122
1,148
Cash flow from investing activities
–68,081
–92,311
Proceeds of short-term debts
9
42,704
19,051
Proceeds of long-term debts
10
61,777
36,279
Purchase/sale of treasury shares
398
–1,102
Dividends paid to shareholders
–39,264
–33,866
Dividends paid to non-controlling interest
–449
–367
Cash flow from financing activities
65,166
19,995
Translation differences
–1,405
–183
Change in cash and cash equivalents
1,684
–6,568
Cash and cash equivalents at January 1
34,108
40,676
Cash and cash equivalents at December 31
1
35,792
34,108
The notes on pages 120 to 142 are an integral part of the consolidated financial  
statements.
119

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NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
Scope of operations
Bossard Holding AG, Zug, Switzerland, a limited company subject to Swiss law, is the 
parent company of all entities within the Bossard Group (hereinafter Bossard or Group). 
Bossard is a leading distributor of fasteners of every kind and a provider of related engi-
neering and logistics services. The Group operates in three geographic regions, Europe, 
America and Asia, and is one of the market leaders in its sector of industry.
Accounting principles of the consolidated financial statements
The consolidated financial statements of the Group are based on the financial state-
ments of the individual Group companies at December 31, 2022, prepared in accordance 
with uniform accounting policies. The consolidated financial statements have been pre-
pared under the historical cost convention except for the revaluation of certain financial 
assets and liabilities at market value, in accordance with full Swiss GAAP FER. They are 
consistent with Swiss law and the listing rules of the SIX Swiss Exchange.
The consolidated financial statements were approved by the board of directors on  
February 24, 2023 and will be recommended for approval at the annual general meeting 
of shareholders.
The main principles of consolidation and valuation are detailed at the end of the notes to 
the consolidated financial statements.
120

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1. Cash and cash equivalents
in CHF 1,000
2022
Interest 
rates in %
2021
Interest 
rates in %
Cash on hand and at banks
35,554
0.0–10.5
34,093
0.0–2.0
Short-term bank deposits
238
5.0
15
4.9–6.4
Total
35,792
34,108
For details of movements in cash and cash equivalents please refer to the con­solidated 
cash flow statement (page 119).
2. Accounts receivable, trade
in CHF 1,000
2022
2021
Accounts receivable, trade gross
194,997
175,579
According to due date
not due
178,623
162,777
30 days overdue
8,298
7,635
60 days overdue
3,088
1,569
90 days overdue
4,988
3,598
Notes receivable
4,005
3,316
Allowance for bad debts
–5,963
–4,371
Total
193,039
174,524
3. Inventories
in CHF 1,000
2022
2021
Goods for trading/components
490,464
383,134
Value adjustments
–48,189
–44,838
Total
442,275
338,296
Value adjustments in % of inventory value
9.8
11.7
121

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4. Property, plant and equipment
in CHF 1,000
Construction
in progress
Land and 
buildings
Machinery 
and equipment
Others
Total
Cost
Balance at Jan. 1, 2022
6,117
154,659
128,797
9,273
298,846
Additions
6,232
1,521
14,593
3,442
25,788
Changes in the scope of consolidation            ‑
1
190
18
209
Disposals
–10
–310
–7,092
–2,488
–9,900
Reclass
–3,940
3,655
285
‑
‑
Translation differences
–647
–3,578
–2,926
–298
–7,449
Balance at Dec. 31, 2022
7,752
155,948
133,847
9,947
307,494
Accumulated depreciation
Balance at Jan. 1, 2022
0
61,529
89,650
6,538
157,717
Depreciation
‑
4,629
11,203
1,362
17,194
Impairments
‑
‑
‑
‑
‑
Disposals
‑
–213
–5,710
–2,337
–8,260
Translation differences
‑
–589
–1,503
–161
–2,253
Balance at Dec. 31, 2022
0
65,356
93,640
5,402
164,398
Net book value
7,752
90,592
40,207
4,545
143,096
in CHF 1,000
Construction
in progress
Land and 
buildings
Machinery 
and equipment
Others
Total
Cost
Balance at Jan. 1, 2021
18,889
129,546
124,476
9,150
282,061
Additions
5,924
5,497
11,607
1,237
24,265
Changes in the scope of consolidation            ‑
5,900
1,346
382
7,628
Disposals
‑
–2,103
–10,491
–1,343
–13,937
Reclass
–18,972
16,610
2,362
‑
‑
Translation differences
276
–791
–503
–153
–1,171
Balance at Dec. 31, 2021
6,117
154,659
128,797
9,273
298,846
Accumulated depreciation
Balance at Jan. 1, 2021
0
58,454
88,058
6,379
152,891
Depreciation
‑
4,399
11,052
1,395
16,846
Impairments
‑
244
‑
‑
244
Disposals
‑
–1,462
–9,254
–1,146
–11,862
Translation differences
‑
–106
–206
–90
–402
Balance at Dec. 31, 2021
0
61,529
89,650
6,538
157,717
Net book value
6,117
93,130
39,147
2,735
141,129
122

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5. Intangible assets
in CHF 1,000
Software in 
development
Software
Others
Total
Cost
Balance at Jan. 1, 2022
10,271
61,919
220
72,410
Additions
14,010
1,432
‑
15,442
Changes in the scope of consolidation
‑
‑
‑
‑
Disposals
–632
–628
‑
–1,260
Reclass
–17,440
17,440
‑
‑
Translation differences
–4
–374
‑
–378
Balance at Dec. 31, 2022
6,205
79,789
220
86,214
Accumulated amortization
Balance at Jan. 1, 2022
0
32,734
63
32,797
Amortization
‑
6,480
44
6,524
Disposals
‑
–626
‑
–626
Translation differences
‑
–281
‑
–281
Balance at Dec. 31, 2022
0
38,307
107
38,414
Net book value
6,205
41,482
113
47,800
In 2022, CHF 1.0 million self-generated intangible assets were capitalized
(2021: CHF 1.1 million).
in CHF 1,000
Software in 
development
Software
Others
Total
Cost
Balance at Jan. 1, 2021
2,036
58,345
220
60,601
Additions
9,018
2,006
‑
11,024
Changes in the scope of consolidation
‑
1,965
‑
1,965
Disposals
‑
–871
‑
–871
Reclass
–781
781
‑
‑
Translation differences
–2
–307
‑
–309
Balance at Dec. 31, 2021
10,271
61,919
220
72,410
Accumulated amortization
Balance at Jan. 1, 2021
0
28,323
19
28,342
Amortization
‑
5,444
44
5,488
Disposals
‑
–803
‑
–803
Translation differences
‑
–230
‑
–230
Balance at Dec. 31, 2021
0
32,734
63
32,797
Net book value
10,271
29,185
157
39,613
123

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6. Financial assets
in CHF 1,000
2022
Interest rates in %
2021
Interest rates in %
Loans and deposits to third parties
6,346
0.0–3.8
5,966
0.0–5.0
Investments in associated companies
850
1,670
Other financial assets
1,115
35
Total
8,311
7,671
7. Income taxes
The tax expenses are made up as follows:
in CHF 1,000
2022
2021
Current taxes
27,718
21,740
Deferred taxes
2,329
1,601
Total
30,047
23,341
The effective tax rate on the Group’s profit differs from the average basic tax rate of the 
various countries in which Bossard operates as follows:
in CHF 1,000
2022
2021
Income before taxes
135,630
121,358
Weighted average tax rate in %
20.4
19.3
Tax expense at weighted average tax rate
27,628
23,410
Non tax deductible expenses
909
856
Non-taxable income
–76
–248
(Income)/expenses taxed at special rate
–36
67
Unrecognized current year tax losses
449
155
Utilization unrecognized prior year tax losses
–1,560
–502
Change in applicable tax rate
24
202
Others
2,709
–599
Tax expense at effective tax rate
30,047
23,341
Effective tax rate in %
22.2
19.2
The Group’s average tax rate is the weighted average based on the various individual 
results and the local tax rates.
The deferred taxes consist of the following:
in CHF 1,000
Assets 2022
Liabilities 2022
Assets 2021
Liabilities 2021
Accounts receivable
676
316
468
245
Inventories
8,583
3,925
7,343
2,909
Property, plant and equipment
348
2,457
337
2,377
Intangible assets
6,480
2,035
8,446
1,303
Liabilities
4,034
3,927
4,312
3,853
Total deferred taxes
20,121
12,660
20,906
10,687
Net
7,461
10,219
The gross values of unused tax losses carried forward which have not been capitalized 
expire as follows:
Expiry of unused tax losses carried forward 
in CHF 1,000
Within 
5 years
After 
5 years
Total
2022
780
13,367
14,147
2021
39
11,587
11,626
This results in not capitalized deferred tax assets for unused tax losses carried forward 
of CHF 3.0 million (2021: CHF 2.2 million).
124

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8. Provisions
in CHF 1,000
Pension and other 
termination benefits
Management  
participation plan
Others
Total
Balance at Jan. 1, 2022
5,016
782
2,379
8,177
Additions
604
325
5,524
6,453
Changes in the scope of consolidation
‑
‑
‑
‑
Usage
–249
–266
–413
–928
Reversals
–19
–365
–344
–728
Translation differences
–234
–28
–36
–298
Balance at Dec. 31, 2022
5,118
448
7,110
12,676
Thereof short-term
248
‑
1,546
1,794
Pension and other termination benefits include liabilities for pension and granted legal 
benefits based on affiliation to the Group.
The provision management participation plan pertains to a long-term orientated pro-
gram which is offered by the Group to specified middle and top management person-
nel. The manager annually receives a defined sum which is converted into restricted 
stock units of Bossard Holding AG registered A shares. This additional compensation  
is locked up for three to five years.
Other provisions include CHF 6.0 million (2021: CHF 1.2 million) for assumed obliga-
tions for rental and renovations related to the acquisition of KVT-Fastening. Of this 
amount, CHF 4.9 million is for an open rental obligation, which is due to the abandon-
ment of the site and was discounted at a rate of 2.1 percent.
in CHF 1,000
Pension and other 
termination benefits
Management 
participation plan
Others
Total
Balance at Jan. 1, 2021
4,770
446
4,942
10,158
Additions
708
595
852
2,155
Changes in the scope of consolidation
‑
‑
177
177
Usage
–81
–268
–1,619
–1,968
Reversals
–151
‑
–1,980
–2,131
Translation differences
–230
9
7
–214
Balance at Dec. 31, 2021
5,016
782
2,379
8,177
Thereof short-term
11
‑
778
789
9. Short-term debts
in CHF 1,000
2022
Interest 
rates in %
2021
Interest 
rates in %
Bank overdrafts
823
0.0–4.7
4,895
0.6–4.5
Bank loans
98,263
0.9–6.7
50,140
0.7–5.1
Personnel savings accounts
24,191
0.8
24,869
0.8
Others 1)
5,400
0.6–0.8
6,650
0.6–0.8
Total
128,677
86,554
1)	
For details, please refer to note 23
The personnel savings accounts correspond to savings of employees. The effective 
weighted average interest rate on all borrowings was 1.1 percent (2021: 1.1 percent).
125

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10. Long-term debts
in CHF 1,000
2022
Interest 
rates in %
2021
Interest 
rates in %
Bank loans
196,266
0.9–2.1
141,404
0.5–1.2
Others 1)
29,838
0.5–12.0
23,372
0.5–12.0
Total
226,104
164,776
1)	
For details, please refer to note 23
11. Share capital
Details of share capital 2022/2021
Par value 
 in CHF
Number 
of shares
Total
in CHF 1,000
Registered A shares
5
6,650,000
33,250
Registered B shares
1
6,750,000
6,750
Total
40,000
303,559 registered A shares of CHF 5 par value are held by Bossard Holding AG and 
have neither voting rights nor dividend entitlement.
The consolidated reserves include non-distributable legal reserves of CHF 16 million 
(2021: CHF 16 million).
Treasury shares
The treasury shares can be used especially for management participation plans, 
acquisitions or other purposes in the interest of the Group. 
2022
2021
Number
in CHF
Number
in CHF
Balance at Jan. 1
300,904
4,241,836
308,691
3,170,816
Additions
114,577
24,768,347
93,408
24,382,760
Use of treasury stock
‑
-
-
1,901,090
Disposals
–111,922
–25,166,306
–101,195
–25,212,830
Balance at Dec. 31
303,559
3,843,877
300,904
4,241,836
Average transaction price in CHF
2022
2021
Additions
216.17
261.04
Disposals management participation plans
215.62
284.34
Other disposals
217.82
260.78
The disposals contain 6,796 shares (2021: 7,361) for the restricted stock unit plan (RSU).
11,692 registered A shares (2021: 9,037) are reserved for the management participation 
plan (RSU).
Dividend
At the upcoming annual general meeting of shareholders on April 17, 2023, the board 
of directors of Bossard Holding AG will propose a dividend for the financial year 2022 of 
CHF 5.50 (2021: CHF 5.10) per registered A share and CHF 1.10 (2021: CHF 1.02) per 
registered B share.
126

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12. Segment information
The Group and all its regional companies are operating internationally in the field of  
industrial fastening technology. There are no separate segments as per Swiss GAAP 
FER 31. All the regional companies are managed based on a uniform business strategy. 
The core of Bossard’s strategy is a uniform business model with the same customer 
and product focus in the world’s major industrial regions. Bossard supplies industrial 
companies at their production sites worldwide with fastening technology products  
and related services based on uniform quality standards using uniform operational 
systems and processes. The board of directors and executive committee manage the 
Group on the basis of the financial statements of the individual regional companies and 
the Group’s consolidated financial statements. Based on the number of regional com-
panies, the CEO delegates the monitoring of the goals and their implementation in daily 
operations to the other members of the executive committee, each of whom is  
responsible for a different number of companies in the various regions.
13. Sales by regions
Europe
America
Asia
Group
in CHF million
2022
2021
2022
2021
2022
2021
2022
2021
Sales
627.4
575.5
310.1
226.9
220.6
194.9
1,158.1
997.3
Sales deductions
–3.2
–1.5
–0.7
–0.7
–0.4
–0.0
–4.3
–2.2
Net sales
624.2
574.0
309.4
226.2
220.2
194.9
1,153.8
995.1
14. Personnel expenses
in CHF 1,000
2022
2021
Salaries and variable compensation
170,642
158,320
Social security expenses
25,228
23,797
Pension expenses
11,953
11,300
Other personnel expenses
8,652
6,315
Total
216,475
199,732
The expense for share-based compensation recognized in the result for the period is 
CHF 1.2 million (2021: CHF 1.7 million).
In 2022, the personnel expenses do not contain reductions due to governmental sup-
port (2021: CHF 1.3 million).
15. Awarded restricted stock units
Number of RSUs
2022
2021
Balance at Jan. 1: Number of RSUs outstanding
27,934
33,263
Deliveries
–8,239
–8,986
Allocations
9,254
4,377
Other changes
–733
–720
Balance at Dec. 31: Number of RSUs outstanding
28,216
27,934
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16. Financial result
in CHF 1,000
2022
2021
Income from interests and securities
360
246
Income from non-consolidated investments
179
144
Interest expenses
–4,991
–3,605
Exchange differences
–572
1,867
Total
–5,024
–1,348
17. Earnings per share
2022
2021
Net income in CHF 1,000
102,980
96,374
Average number of shares entitled to dividend 1)
7,695,992
7,693,138
Earnings per registered A share in CHF
13.38
12.53
Earnings per registered B share in CHF
2.68
2.51
1)	
Registered B shares adjusted to the nominal value of the registered A shares
Earnings per share are calculated by dividing the net income attributable to Shareholders 
of Bossard Holding AG by the weighted average number of shares entitled to dividend 
during the year. There is no dilution effect as there are no options or convertible bonds 
outstanding.
18. Acquisitions and disposals of subsidiaries and businesses
Acquisitions 2022
The following table shows the acquired assets and liabilities at their market value at 
the acquisition date and the resulting goodwill.
in CHF 1,000
Market value
at acquisition date
Cash and cash equivalents
237
Accounts receivable, trade
3,873
Inventories
6,357
Other current assets
216
Non-current assets
213
Accounts payable, trade
–2,974
Other current liabilities
–1,370
Non-current liabilities
‑
Net assets acquired
6,552
Goodwill
19,761
Total
26,313
Less acquired cash and cash equivalents
–237
Plus purchase price adjustment not yet received
1,347
Cash flow from acquisitions
27,423
In 2022, the following company was acquired:
	– PENN Engineered Fasteners Corporation, Canada (November 2022), 
now Bossard Ontario Inc.
Disposals 2022
No subsidiaries or associated companies were disposed of.
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Other changes in the scope of consolidation 2022
In 2022, the scope of consolidation changed as follows:
	– Bossard Deutschland GmbH, Germany (merger with KVT-Fastening GmbH,  
Germany)
	– Boysen Verwaltungs GmbH, Germany (merger with Bossard-KVT Beteiligungs 
GmbH, Germany)
	– Normscrews Beheer B.V., Netherlands (merger with Jeveka B.V., Netherlands)
Acquisitions 2021
The following table shows the acquired assets and liabilities at their market value at 
the acquisition date and the resulting goodwill.
in CHF 1,000
Market value
at acquisition date
Cash and cash equivalents
1,001
Accounts receivable, trade
5,687
Inventories
8,337
Other current assets
1,479
Non-current assets
9,824
Accounts payable, trade
–1,340
Other current liabilities
–2,220
Non-current liabilities
–605
Net assets acquired
22,163
Goodwill
37,978
Total
60,141
Less acquired cash and cash equivalents
–1,001
Cash flow from acquisitions
59,140
In 2021, the following companies were acquired:
	– Normscrews Beheer B.V., Netherlands (October 2021)
	– Jeveka B.V., Netherlands (October 2021)
In March and August 2021, purchase price adjustments were made for transactions
from 2019 in China and Germany. These adjustments resulted in a cumulative  
reduction of goodwill by CHF 0.3 million.
Disposals 2021
In October 2021, business and asset components from KVT-Fastening, Branch of
Bossard AG, Switzerland, were sold cash neutral as part of an asset deal.
Other changes in the scope of consolidation 2021
In 2021, the scope of consolidation changed as follows:
– Effilio AG, Switzerland (merger with Bossard Finance AG, Switzerland)
19. Derivative financial instruments
As of December 31, 2022, there were no open foreign exchange contracts or other  
derivative financial instruments (2021: none).
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20. Goodwill
The theoretical capitalization and amortization of goodwill would affect the consolidated 
financial statements as follows:
Theoretical movements in goodwill and effect on balance sheet
in CHF 1,000
2022
2021
Equity incl. non-controlling interest
379,623
349,548
Equity ratio in %
41.7
45.2
Cost
Balance at Jan. 1
385,313
350,536
Additions
19,761
37,978
Disposals
‑
–3,201
Balance at Dec. 31
405,074
385,313
Accumulated amortization
Balance at Jan. 1
315,778
301,177
Amortization
21,204
17,486
Disposals
‑
–2,885
Balance at Dec. 31
336,982
315,778
Theoretical net book value goodwill at Dec. 31
68,092
69,535
Theoretical equity incl. non-controlling interest and  
net book value goodwill
447,715
419,083
Theoretical equity ratio in %
45.8
49.8
Effect on income statement
in CHF 1,000
2022
2021
EBIT without theoretical goodwill amortization
141,467
123,326
Theoretical goodwill amortization
–21,204
–17,486
EBIT incl. theoretical goodwill amortization
120,263
105,840
Goodwill from acquisitions is converted into Swiss francs using the closing rate and 
offset against equity at the acquisition date. As a result, no exchange differences arise 
in the movement schedule. The theoretical, straight-line amortization period usually is 
five years. 
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21. Pension benefit obligations
The Group has various pension plans to which most of its 
employees contribute. With the exception of companies  
in Switzerland, the pension institution is responsible for 
providing coverage for retirement, survivors’ and disabili-
ty benefits. The pension plan institution for the Swiss 
companies is an independent pension plan in accordance 
with the Swiss federal law on occupational retirement, 
survivors’ and disability pension plans (BVG). The pension 
plan institution uses the fundamentals BVG 2020 / gener-
ation table. The actuarial interest rate is 1.50 percent 
(2021: 1.50 percent). In accordance with Swiss GAAP FER 
26, the provisional and unaudited financial statements 
2022 of the pension plan institution serve as a basis for 
calculation.
Economic benefit/economic obligation and pension plan expenses:
Surplus/Deficit 
according to 
pension plans
Economic share 
of the Group
Change or 
capitalized in 
financial year
Contri­butions 
accrued
Pension plan expenses 
in personnel expenses
in CHF 1,000
31.12.2022
31.12.2022
31.12.2021
2022
2022
2022
2021
Patronage funds/pension institutions
2,100
‑
-
‑
309
309
594
Pension institutions without surplus/deficit
-
-
-
-
5,856
5,856
-
Pension institutions with surplus
‑
‑
-
‑
‑
‑
5,682
Pension institutions with deficit
‑
‑
-
‑
‑
‑
-
Pension institutions abroad
‑
‑
-
‑
5,788
5,788
5,024
Total
2,100
‑
-
‑
11,953
11,953
11,300
The surplus in the patronage fund corresponds to the non-committed funds. The patronage fund may, at its own  
discretion, make contributions to the pension plan institution.
Financing is through employer and employee contributions. The contributions are calculated as a percentage of the 
insured compensation.
There were no employer contribution reserves as of December 31, 2022 (2021: none).
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22. Participations by the board of directors and the executive committee
At December 31, the individual members of the board of directors and of the executive 
committee (including persons closely associated with them) held the following regis-
tered A shares of Bossard Holding AG:
2022
2021
Board of directors
Dr. Thomas Schmuckli
Chair, Chair NC 1), ARCC 2)
8,658
8,523
Patricia Heidtman
Vice Chair, NC, CC 3)
785
650
Dr. René Cotting
Chair ARCC
2,535
2,400
David Dean
Representative of registered A shares, Chair CC
1,285
1,150
Petra Maria Ehmann 4)
NC, ARCC
135
-
Marcel Keller 4)
CC
135
-
Martin Kühn
ARCC
1,447
1,312
Prof. Dr. Stefan Michel
NC, CC
1,189
1,054
Total
16,169
15,089
1)	
Nomination committee
2)	
Audit, risk & compliance committee
3)	
Compensation committee
4)	
Election to the board of directors in April 2021
2022
2021
Executive committee
Dr. Daniel ­Bossard
CEO, CEO Central Europe ad interim
7,205
5,363
Stephan Zehnder
CFO
11,710
10,349
Dr. Frank Hilgers
CEO Northern & Eastern Europe, CCO
2,562
2,301
David Jones 1)
CEO America
300
-
Robert Ang
CEO Asia
13,054
12,793
Rolf Ritter 2)
CSO
210
-
Total
35,041
30,806
1)	
Takeover as CEO America in February 2021
2)	
Appointment as CSO as of May 1, 2021
At December 31, the individual members of the executive committee held the following 
numbers of awarded restricted stock units (RSUs):
2022 3)
2021
Dr. Daniel Bossard
CEO, CEO Central Europe ad interim
1,185
1,243
Stephan Zehnder
CFO
662
765
Dr. Frank Hilgers
CEO Northern & Eastern Europe, CCO
662
765
David Jones 1)
CEO America
145
-
Robert Ang
CEO Asia
662
765
Rolf Ritter 2)
CSO
189
94
Total
3,505
3,632
1)	
Takeover as CEO America in February 2021
2)	
Appointment as CSO as of May 1, 2021
3)	
RSUs which will be granted in the second quarter of 2023 for the financial year 2022 are not included in the balance.
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23. Related party transactions
Kolin Holding AG, Zug, Switzerland, and Bossard Unternehmensstiftung, Zug,  
Switzerland, form a group of shareholders as defined in article 120seq. of Swiss  
Federal Act on Financial Market Infrastructures and Market Conduct in Securities  
and Derivatives ­Trading (FMIA). They hold 56.3 percent (2021: 56.3 percent) of total  
voting rights or 27.8 percent (2021: 27.8 percent) of the capital entitled to dividend.  
Kolin Holding AG is wholly owned by the Bossard families.
The following related party transactions were undertaken:
Balance sheet positions as per year-end  
in CHF 1,000
2022
Interest
rates in %
2021
Interest
rates in %
Deposits in the personnel savings accounts
8,720
0.8
9,322
0.8
Short-term loans from related parties
5,400
0.6–0.8
6,650
0.6–0.8
Long-term loans from related parties
28,500
0.5
22,000
0.5
In 2022, transactions took place during the year with Bossard Unternehmensstiftung, 
Zug, Bossard Personalstiftung, Zug, and Bossard Finanzierungsstiftung, Zug, with an 
interest expense of CHF 164,588.
In 2021, transactions took place during the year with Bossard Unternehmensstiftung,
Zug, Bossard Personalstiftung, Zug, and Bossard Finanzierungsstiftung, Zug, with an
interest expense of CHF 134,453.
24. Lease and rental obligations
At December 31, future operating lease payments not recorded in the balance sheet 
amounted to:
Operating lease 
commitments 
in CHF 1,000
Due within 
1 year
Due within 
2 years
Due within 
3 years
Due within 
4 years
Due after 
4 years
Total
2022
1,259
655
284
79
7
2,284
2021
1,105
688
289
68
5
2,155
At December 31, future rental liabilities for office and warehouse premises  
amounted to:
Long-term rental 
liabilities 
in CHF 1,000
Due within 
1 year
Due within 
2 years
Due within 
3 years
Due within 
4 years
Due after 
4 years
Total
2022
8,547
5,826
4,088
3,798
6,882
29,141
2021
8,019
6,686
5,279
4,104
12,944
37,032
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25. Assets pledged or otherwise restricted
in CHF 1,000
2022
2021
Property, plant and equipment
3,147
4,404
Total
3,147
4,404
The pledged or restricted assets are used as collateral for outstanding bank and mort-
gage loans, which are not encumbered with any special conditions. After the repayment 
of the credits, the assets are again freely available.
26. Contingent liabilities
As of December 31, 2022 there were no contingent liabilities (2021: none).
27. Events occurring after balance sheet date
Between December 31, 2022 and the approval of the consolidated financial statements 
by the board of directors, no major events occurred which would require additional  
disclosures or changes in the consolidated financial statements 2022.
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28. List of group companies
Companies and branches
Registered office
Currency
Capital in 1,000
Shareholding
Holding and finance companies
Switzerland
­Bossard Holding AG
Zug
CHF
40,000
100
­Bossard Finance AG
Zug
CHF
100
100
England
bigHead Fasteners Ltd
Verwood
GBP
1,847
42
Germany
­Bossard-KVT Beteiligungs GmbH
Illerrieden
EUR
25
100
USA
Bossard U.S. Holdings, Inc.
Phoenix, AZ
USD
40,000
100
Europe
Switzerland
­Bossard AG
Zug
CHF
12,000
100
3d-prototyp GmbH in Liquidation
Dietikon
CHF
20
100
Interfast AG
Zug
CHF
50
100
Austria
­Bossard Austria Ges.m.b.H.
Schwechat
EUR
1,017
100
KVT-Fastening GmbH
Linz
EUR
509
100
Czech Rep.
­Bossard CZ s.r.o.
Brno
CZK
1,000
100
KVT-Fastening s.r.o.
Brno
CZK
200
100
Denmark
­Bossard Denmark A/S
Hvidovre
DKK
9,000
100
England
bigHead Bonding Fasteners Ltd
Verwood
GBP
1.8
42
France
­Bossard France SAS
Souffelweyersheim
EUR
17,600
100
Germany
­Bossard Deutschland GmbH
Illerrieden
EUR
100
100
­Bossard Deutschland GmbH
Velbert
EUR
110
100
Boysen GmbH
Munich
EUR
1,050
100
Hungary
KVT-Fastening Kft.
Budapest
HUF
3,000
100
Ireland
Arnold Industries Cork DAC
Cork
EUR
0.2
95
Italy
­Bossard Italia S.r.l.
Legnano
EUR
100
100
Netherlands
Jeveka B.V.
Almere
EUR
46
100
Norway
Bossard Norway AS
Oslo
NOK
200
100
Poland
­Bossard Poland Sp. z o.o.
Radom
PLN
1,300
100
KVT-Fastening Sp. z o.o.
Radom
PLN
100
100
Romania
KVT-Fastening S.R.L.
Bucharest
RON
0.2
100
Serbia
KVT-Fastening d.o.o. Beograd
Belgrade
RSD
1,000
100
Continued on page 136
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Companies and branches
Registered office
Currency
Capital in 1,000
Shareholding
Slovakia
KVT-Fastening spol. s.r.o.
Bratislava
EUR
5
100
Slovenia
KVT-Fastening d.o.o.
Ljubljana
EUR
8.3
100
South Africa
Bossard South Africa (Pty) Ltd
Kempton Park
ZAR
-
100
Spain
­Bossard Spain SA
Sant Cugat del Vallès
EUR
745
100
Sweden
Bossard Sweden AB
Malmö
SEK
400
100
America
Canada
­Bossard Canada, Inc.
Montreal
CAD
-
100
­Bossard Ontario Inc.
Toronto
CAD
-
100
Mexico
­Bossard de México, S.A. de C.V.
Monterrey
USD
755
100
Aero-Space Southwest Mexico, S. de R.L. de C.V.
Guadalajara
MXN
10
100
USA
Bossard, Inc.
Cedar Falls, IA
USD
2,255
100
Bossard Aerospace, Inc.
Phoenix, AZ
USD
4.9
100
Bossard, LLC
Stoughton, MA
USD
-
100
Boysen Aerospace U.S., Inc.
Irving, TX
USD
25
100
Asia/Oceania
Australia
­Bossard Australia Pty. Ltd
Melbourne
AUD
500
100
China
­Bossard Industrial Fasteners Int. Trading (Shanghai) Co. Ltd
Shanghai
RMB
25,676
100
­Bossard Fastening Solutions (Shanghai) Co. Ltd
Shanghai
RMB
76,829
100
­Bossard Fastening Solutions (Tianjin) Co. Ltd
Tianjin
RMB
68,102
100
India
LPS ­Bossard Pvt. Ltd
Rohtak
INR
48,000
51
Malaysia
­Bossard (M) Sdn. Bhd.
Penang
MYR
8,500
100
Singapore
Bossard Pte. Ltd
Singapore
SGD
15,600
100
South Korea
­Bossard (Korea) Ltd
Cheonan
KRW
3,500,000
100
Taiwan
­Bossard Ltd Taiwan Branch
Taichung
TWD
-
100
Thailand
­Bossard (Thailand) Ltd
Bangkok
THB
45,000
100
Associated companies
Switzerland
Ecoparts AG
Hinwil
CHF
270
30
­MultiMaterial-Welding AG
Biel/Bienne
CHF
187
41
Austria
PDi Digital GmbH
Fernitz-Mellach
EUR
35
30
As per December 31, 2022
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29. Principles of consolidation
The consolidated financial statements include the financial statements of Bossard 
Holding AG as well as the domestic and foreign Group companies over which Bossard 
Holding AG exercises control. Group companies acquired during the year are included 
in the consolidated financial statements from the date on which control is obtained by 
Bossard. Group companies are deconsolidated on the date Bossard ceases to have 
control. The uniform closing date for all Group companies included in the consolidated 
financial statements is December 31.
Capital consolidation is based on the purchase method. Intercompany receivables and 
liabilities as well as transactions and intercompany profits not yet realized through 
sales to third parties are eliminated.
Investments in subsidiaries
Subsidiaries are fully consolidated. These are companies over which Bossard Holding 
AG directly or indirectly exercises control. Control is the power to govern the financial 
and operating policies of an entity so as to obtain benefits from its activities. Control is 
presumed to exist when Bossard Holding AG directly or indirectly holds more than half 
of the voting rights of a company or is able to exercise control in another way. This does 
not apply if in exceptional circumstances it can be clearly demonstrated that such own-
ership does not constitute control. Under the full consolidation method, 100 percent of 
assets, liabilities, income and expenses are included. The interests of minority share-
holders in equity and net income or loss are shown separately in the balance sheet and 
income statement.
In accordance with Swiss GAAP FER 30 “Consolidated financial statements,” goodwill 
from acquisitions is converted into Swiss francs using the closing rate and is offset 
against equity at the date of acquisition. Goodwill represents the excess of the consid-
eration transferred over the proportionate share of the revalued net assets of an  
acquired company at the date of acquisition.
Transactions with non-controlling interest which do not result in a change of the con-
solidation method are recognized directly in equity. The difference between the consid-
eration transferred and the corresponding non-controlling interest is recognized as 
goodwill and is offset against the retained earnings in equity.
Associated companies
Associated companies are those in which Bossard Holding AG directly or indirectly 
holds an interest between 20 percent to 50 percent and exercises significant influence. 
Associated companies are accounted for using the equity method. Under the equity 
method, investments in associated companies are recognized at the proportionate 
share of equity at the date of acquisition. The difference to the consideration trans-
ferred is recognized as goodwill and is offset against the retained earnings in equity at 
the date of acquisition. Subsequently, the book value is adjusted to reflect the company’s 
proportionate equity.
Non-controlling interest
Non-controlling interest of less than 20 percent and without any other form of control 
or significant influence is recognized at acquisition cost less any economically neces-
sary impairment.
Foreign currency translation
The consolidated financial statements are presented in Swiss francs (CHF). The finan-
cial statements of the Group companies are prepared in their respective local currency.
Transactions in foreign currencies are translated at the exchange rate on the day of  
the transaction. Exchange differences resulting from adjustments of foreign exchange  
balances at the balance sheet date are recognized as exchange gains or losses in the 
income statements of the Group companies and are included in the consolidated net 
income.
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For the consolidated financial statements, the financial statements of the Group com-
panies that report in a foreign currency are translated into Swiss francs as follows:  
balance sheet items at year-end exchange rates, equity at historical rates, and items of 
the income statement at the average exchange rate for the year. Any translation differ-
ences and exchange differences arising from intercompany loans with equity character 
are recognized in the Group’s consolidated equity.
The following principal exchange rates were applied:
31.12.2022 
Year-end  
exchange rate
01.01.2022– 
31.12.2022 
Average exchange rate
31.12.2021 
Year-end  
exchange rate
01.01.2021– 
31.12.2021 
Average exchange rate
1 EUR
0.99
1.01
1.04
1.08
1 USD
0.93
0.95
0.91
0.91
100 DKK
13.28
13.51
13.93
14.54
100 RMB
13.32
14.20
14.30
14.17
100 INR
1.12
1.22
1.23
1.24
30. Accounting and valuation principles
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and at banks, time deposits, and 
other short-term highly liquid investments with original maturities of up to three 
months. Cash and cash equivalents are recognized at nominal value.
Accounts receivable, trade
Accounts receivable are stated at the invoiced amount less allowances. The allowance 
for doubtful accounts is based on the maturity structure and identifiable credit risks.
Inventories
Goods for trading are recognized at average acquisition cost. Should the net realizable 
value be lower, a corresponding value adjustment is made. Acquisition cost include the 
product purchase price and delivery cost (freight, customs duties, etc.). Cash discounts 
are treated as reductions of the acquisition cost. Inventories that lack marketability or 
have low turnover, are written down to the estimated market value less cost to sell.
Property, plant and equipment
Land is stated at cost and generally not depreciated. Buildings, machinery and equip-
ment, office machines and furniture as well as vehicles are stated at cost less economi-
cally necessary depreciation and impairment. Assets are depreciated on a straight-line 
basis over their estimated useful lives:
Buildings
30–40 years
Machinery and equipment
5–20 years
Office machines and furniture
3–10 years
Vehicles
4–10 years
Leasehold improvements are depreciated over the shorter of useful life or lease term. 
Repair and maintenance costs which do not increase the value or useful life of an asset 
are charged directly as an expense. Expenditures which increase the useful life of an 
asset are capitalized. Fixed assets no longer in use or sold are removed from the assets 
at acquisition cost minus the related accumulated depreciation. Any gains or losses 
arising from the disposal of fixed assets are recognized in the income statement.
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Leasing
Leases of assets under which significant risks and rewards of ownership are effectively 
retained by the lessor are classified as operating leases, and payments are recognized 
as an expense on a straight-line basis over the lease term.
Intangible assets – software
Costs arising from the development of computer software (purchased or self-generated) 
are capitalized, provided such costs are clearly associated with an identifiable and 
business-related computer program, can be reliably determined, and lead to measur-
able benefits over several years. Computer software is amortized on a straight-line  
basis over its estimated useful life, up to a maximum of 15 years.
Intangible assets – others
This item includes rights. Rights are amortized on a straight-line basis over their esti-
mated useful life, up to a maximum of ten years.
Financial assets
Financial assets comprise both non-consolidated investments and long-term loans. 
They are recognized at acquisition cost less economically necessary value adjustments. 
Fair value changes are recognized in the income statement in the period in which they 
arise.
Impairment
The recoverability of non-current assets is determined at the balance sheet date. 
Impairment losses are recognized in the income statement.
Derivative financial instruments
Financial instruments are recognized in the balance sheet at fair value. Assets from 
derivatives are recognized under financial assets and liabilities from derivatives are 
recognized under current liabilities. Derivative financial instruments held for hedging 
purposes are valued at the same valuation principles as the underlying hedged item.
Liabilities
Liabilities are recognized at nominal value.
Provisions
A provision is recognized if the Group has a probable obligation that is based on a past 
event and its amount and/or its due date is uncertain but can be estimated.
Contingent liabilities
Contingent liabilities are valued at the balance sheet date. A provision is made if an 
outflow of funds without a simultaneously usable inflow of funds is both probable and 
estimable.
Financial debts
Financial debts are recognized at nominal value. They are classified as current liabilities 
unless the Group can defer the settlement of the liability for at least twelve months 
after the balance sheet date.
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Treasury shares
Treasury shares are recognized at acquisition cost and presented as a deduction from 
equity. Any gains and losses arising from transactions with treasury shares are recog-
nized in the capital reserves.
Share-based compensation
There is a share purchase plan for the board of directors and the executive committee, 
and they are required, or may elect, to draw part of their total compensation in shares. 
The shares are made available at market price. The market value is always determined 
in February and is based on the average closing price over the last ten trading days in 
February.
There is a restricted stock unit plan (RSU) in place for the members of the manage-
ment. The eligible participants annually receive a defined sum which is converted into 
RSUs on Bossard Holding AG registered A shares. The conversion is performed at 
market value and is based on the average closing price over the last ten trading days in 
November. The stock options (RSUs) are subject to a vesting period of three to five 
years. After three years, yearly one-third of the allocated RSUs is passed on to the 
manager provided as long as she or he is employed at the time of the vesting. After the 
last contractual working day, all remaining stock options (RSUs) forfeit immediately.  
There is an equivalent restricted stock unit plan (RSU) in place for the members of the 
executive committee. However, the condition for grant is linked to the implementation 
of the Group’s strategic initiatives of the prior financial year. Therefore, the vesting 
period starts after the termination of the financial year. The conversion is carried out 
at market value and is based on the average share price over the last ten trading days 
in December. 
 
The share-based compensation is valued at present value when granted and is recog-
nized over the vesting period as personnel costs and as equity (instruments with equity 
compensation) or liability (instruments with cash compensation). If no cash settlement 
is planned, no subsequent valua­tion is made unless the terms of exercise and purchase 
are amended. The sub­sequent valuation is based on the closing price for the share of 
the last trading day of the financial year. No dilution effect results because no additional 
shares have been issued.
Pension benefit obligations
Bossard operates a number of pension plans in accordance with the legal require-
ments in the individual countries. Their assets are generally held in autonomous  
pension institutions or in statutory occupational pension plans. The pension plans are 
funded by employee and employer contributions. Pension plans are accounted for in 
accordance with Swiss GAAP FER 16.
Any actual economic impacts of pension plans on the Group are calculated at the bal-
ance sheet date. An economic benefit from a surplus is recognized as an asset provided 
this is admissible and the surplus can be used to decrease the Group’s future contribu-
tions to its pension plans. An economic obligation is recognized if the criteria for recog-
nizing a provision are met. Contributions by Group companies to pension plans are  
recognized in the income statement in the year in which they occur.
Net sales and revenue recognition
Revenue is recognized at fair value and represents the amount receivable for goods 
sold and services provided, net of sales-related taxes and revenue deductions. Revenue 
deductions include all positions that are directly related to the corresponding sales, 
such as discounts, losses on receivables and exchange rate differences. Revenue is 
recognized when the goods and services have been supplied or provided.
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Income taxes
All taxes are accrued irrespective of when such taxes are due. Deferred income taxes 
are recognized according to the “liability method” for temporary differences arising  
between the tax base of assets and liabilities and their carrying values determined in 
accordance with Swiss GAAP FER.
Deferred tax assets on temporary differences are only capitalized if it is probable that 
they can be realized in the future through sufficient taxable profits. Deferred taxes are 
calculated using the expected applicable local tax rates. Bossard does not recognize 
deferred tax assets on tax losses carried forward. The value of such tax assets is rec-
ognized only when realized.
No deferred taxes are recognized for taxes on future distributions of profits of subsidi-
aries, provided that no distribution is intended in the foreseeable future and Bossard is 
able to control its timing.
Related parties
A party is related to the Group if it directly or indirectly controls, is controlled by, or is 
under common control with Bossard, has an interest in Bossard that gives it significant 
influence over the Group, has joint control over the Group (board of directors and 
executive committee) or is an associate or a joint venture of the Group. In addition, 
members of the key management personnel of Bossard as well as pension plans are 
also considered related parties.
Accounting estimates and assumptions
Preparing the financial statements in accordance with Swiss GAAP FER requires the 
board of directors and the executive committee to make estimates and assumptions 
which can have an impact on the recognized assets, liabilities, contingent liabilities and 
contingent assets at the time of preparation as well as income and expenses for the  
reporting period. These estimates are based on the board of directors’ and the executive 
committee’s best knowledge and belief of current and future activities of the Group. 
The actual results may deviate from these estimates.
31. Financial risk management
The goal of the risk management is to identify and evaluate financial risks with a  
potential negative impact on the Group and to mitigate and minimize them accordingly. 
The board of directors bears ultimate responsibility for the risk management and dele-
gates its implementation to the Group finance department. The results are summarized 
in a report to the board of directors and the executive committee.
Due to its international operations, Bossard is exposed to various financial risks arising 
from its business activities, but also from financing activities. The Group’s main finan-
cial risks include foreign exchange and credit risks with regard to the solvency of the 
Group’s counterparties. Any hedging activities must be linked to the Group’s operations. 
The Group has comprehensive insurance coverage to protect itself against other risks.
Foreign currency risk
Given its international operations, the Group is exposed to exchange rate fluctuations 
which have an impact on the Group’s consolidated financial statements presented in 
Swiss francs. The Group continuously monitors its currency risks and, if necessary, 
hedges against them. The Group’s currency risks are mainly limited to the Euro and  
the US dollar. Transactions in the individual Group companies are predominantly con-
ducted in their local currencies, which is why the currency risk from current operating 
activities is considered to be low. In some Group companies, however, foreign currency 
risks exist for payments to suppliers outside their local currency. Where necessary, 
parts of these foreign currency risks are hedged through foreign exchange contracts. 
The net assets of foreign subsidiaries are exposed to exchange rate risks. Such risks 
are partly hedged by financing activities in the respective foreign currency and, where 
necessary, through foreign exchange contracts with a maturity of a maximum of twelve 
months.
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Interest rate risk
The risk of changes in interest rates is monitored and managed centrally by the Group’s 
corporate treasury department. In certain market situations, the Group may make use 
of instruments to hedge interest rate fluctuations, or it can convert part of the loans 
with variable interest rates to fixed interest rates.
Credit risk 
Credit risks arise if, in a transaction, the counterparty is either not willing or not able to 
meet its payment obligations. The credit loss risk for accounts receivable is minimized 
through credit limits, credit worthiness checks and by an efficient system for managing 
receivables. Given the Group’s monthly internal reporting system, continuous monitor-
ing of overdue payments is ensured. Additionally, the risk concentration is limited due 
to the fact that the Group’s customer base consists of numerous customers with a wide 
geographical and industrial distribution.
Liquidity risk
One aspect of judicious risk management is ensuring an appropriate amount of cash 
and cash equivalents and committed credit facilities as well as the possibility of re- 
financing. To ensure that the Group is solvent and financially flexible at all times, it 
maintains a liquidity reserve in the form of cash and cash equivalents as well as credit 
facilities. Optimal liquidity control is achieved through cash pooling.
Capital risk
To minimize its capital risk, the Group ensures that the continuation of its operating 
activities is guaranteed and that an appropriate return can be generated for its share-
holders. To achieve this, the Group may adjust dividend payments, pay back capital to 
shareholders, issue new shares or sell assets. 
The Group monitors its capital structure based on its equity ratio with a target value of 
at least 40 percent.
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Our audit approach
Overview	
Overall Group materiality: CHF 6,780,000
We concluded full scope audit work at eleven reporting units in six 
countries. Our audit scope addressed over 68 % of Group’s revenue.
In addition, specified procedures were performed on a further three 
reporting units in two countries representing a further 4 % of the 
Group’s revenue.
As key audit matter the following area of focus has been identified:
Valuation of inventories
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to 
provide reasonable assurance that the consolidated financial statements are free from material 
misstatement. Misstatements may arise due to fraud or error. They are considered material if, 
individually or in aggregate, they could reasonably be expected to influence the economic decisions 
of users taken on the basis of the consolidated financial statements.
Report of the statutory auditor
to the General Meeting of Bossard Holding AG Zug
Report on the audit of the consolidated financial statements
Opinion
We have audited the consolidated financial statements of Bossard Holding AG and its subsidiaries 
(the Group), which comprise the consolidated balance sheet as at 31 December 2022, and the 
consolidated income statement, the consolidated statement of changes in equity, the consolidated 
cash flow statement for the year then ended, and notes to the consolidated financial statements, 
including a summary of significant accounting policies.
In our opinion, the consolidated financial statements (pages 116 to 142) give a true and fair view 
of the consolidated financial position of the Group as at 31 December 2022 and its consolidated 
financial performance and its consolidated cash flows for the year then ended in accordance with 
Swiss GAAP FER and comply with Swiss law.
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). 
Our responsibilities under those provisions and standards are further described in the ‘Auditor’s 
responsibilities for the audit of the consolidated financial statements’ section of our report. We are 
independent of the Group in accordance with the provisions of Swiss law and the requirements of 
the Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with 
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 
for our opinion.
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Based on our professional judgement, we determined certain quantitative thresholds for materiality, 
including the overall Group materiality for the consolidated financial statements as a whole as 
set out in the table below. These, together with qualitative considerations, helped us to determine 
the scope of our audit and the nature, timing and extent of our audit procedures and to evaluate 
the effect of misstatements, both individually and in aggregate, on the consolidated financial 
statements as a whole.
Overall Group materiality
CHF 6,780,000
Benchmark applied
Profit before tax
Rationale for the materiality 
benchmark applied
We chose profit before tax as the benchmark because, in our 
view, it is the benchmark against which the performance of 
the Group is most commonly measured, and it is a generally 
accepted benchmark.
We agreed with the Audit, Risk & Compliance Committee that we would report to them misstate-
ments above CHF 678,000 identified during our audit as well as any misstatements below that 
amount which, in our view, warranted reporting for qualitative reasons.
Audit scope
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an 
opinion on the consolidated financial statements as a whole, taking into account the structure of 
the Group, the accounting processes and controls, and the industry in which the Group operates.
The audit strategy for the audit of the consolidated financial statements was determined consid-
ering the work performed by the Group auditor and the component auditors in the PwC network. 
All significant subsidiaries of the Group were audited by PwC. Where audits were performed by 
component auditors, we ensured that, as Group auditor, we were sufficiently involved in the audit 
in order to assess whether sufficient appropriate audit evidence was obtained from the work of 
the component auditors to provide a basis for our opinion. The involvement of the Group auditor 
included video call conferences with the component auditors, an investigation of the risk analysis 
and participating in the audit discussions of group companies subject to full scope audits, at 
which the local management, the local auditor and Group representatives took part.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance 
in our audit of the consolidated financial statements of the current period. These matters were 
addressed in the context of our audit of the consolidated financial statements as a whole, and in 
forming our opinion thereon, and we do not provide a separate opinion on these matters.
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Valuation of inventories
Key audit matter
How our audit addressed the key audit matter
Inventories amount to CHF 442.3 million (after deduction of a value 
adjustment of CHF 48.2 million) as of December 31, 2022 and are thus 
the largest asset category, representing around 49 % of total assets.
Inventories are stated at the lower of acquisition cost and net 
realisable value (lower of cost or market principle).
We consider the valuation of inventories as a key audit matter due to 
the amount they represent on the balance sheet and the significant 
scope for judgement involved in determining the write-downs required 
on obsolescent or slow-moving products.
Please refer to page 121 (3 Inventories) and page 138 (30 Accounting 
and valuation principles) in the annual report.
We performed the following audit procedures to assess the appropriateness of the valuation of the inventories:
•	 We gathered an understanding of the process of the valuation of inventories and tested periodically selected internal controls in that process cycle. 
•	 We checked on a sample basis the acquisition costs used for valuation purposes against the latest purchase prices. Additionally, by reference to 
sales prices achieved in the year, we checked on a sample basis compliance with the lower of cost or market principle. 
•	 We noted that the method for determining write-downs of inventories was applied consistently. 
•	 For obsolescent or slow-moving inventories, we discussed with Management the assumptions applied in calculating the required write-downs and 
assessed these assumptions. In doing so, we paid particular attention to changes in write-downs for each category of product or of write-downs 
compared with the prior year. We also considered the experience of significant unforeseen product write-downs or write-offs in previous years. 
•	 We tested on a sample basis the computational accuracy and completeness of the calculation of the writedowns. 
•	 We discussed with Management and the Audit, Risk & Compliance Committee the results of our work and any movements in the write-downs.   
On the basis of the audit procedures performed, we have addressed the risk of an incorrect valuation of the inventories. We have no findings to report.
Other information
The Board of Directors is responsible for the other information. The other information comprises 
the information included in the annual report, but does not include the financial statements, the 
consolidated financial statements, the note 5 in the compensation report and our auditor’s reports 
thereon.
Our opinion on the consolidated financial statements does not cover the other information and 
we do not express any form of assurance conclusion thereon
In connection with our audit of the consolidated financial statements, our responsibility is to 
read the other information and, in doing so, consider whether the other information is materially 
inconsistent with the consolidated financial statements or our knowledge obtained in the audit, 
or otherwise appears to be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of 
this other information, we are required to report that fact. We have nothing to report in this regard. 
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Board of Directors’ responsibilities for the consolidated financial statements
The Board of Directors is responsible for the preparation of the consolidated financial statements, 
which give a true and fair view in accordance with Swiss GAAP FER and the provisions of Swiss 
law, and for such internal control as the Board of Directors determines is necessary to enable the 
preparation of consolidated financial statements that are free from material misstatement, whether 
due to fraud or error.
In preparing the consolidated financial statements, the Board of Directors is responsible for 
assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters 
related to going concern and using the going concern basis of accounting unless the Board of 
Directors either intends to liquidate the Group or to cease operations, or has no realistic alternative 
but to do so.
Auditor’s responsibilities for the audit of the consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the consolidated financial state-
ments as a whole are free from material misstatement, whether due to fraud or error, and to issue 
an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, 
but is not a guarantee that an audit conducted in accordance with Swiss law and SA-CH will always 
detect a material misstatement when it exists. Misstatements can arise from fraud or error and are 
considered material if, individually or in the aggregate, they could reasonably be expected to influ-
ence the economic decisions of users taken on the basis of these consolidated financial statements.
A further description of our responsibilities for the audit of the consolidated financial statements 
is located on EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. 
This description forms an integral part of our report.
Report on other legal and regulatory requirements
In accordance with article 728a paragraph 1 item 3 CO and PS-CH 890, we confirm that an 
internal control system exists which has been designed for the preparation of the consolidated 
financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Thomas Wallmer	 	
	
Remo Waldispühl
Licensed audit expert	
	
Licensed audit expert
Auditor in charge
Zurich, February 24, 2023
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, CH-8050 Zürich, Switzerland
Telefon: +41 58 792 44 00, Telefax: +41 58 792 44 10, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and 
independent legal entity.
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Balance sheet
BOSSARD HOLDING AG
in CHF
Notes
31.12.2022
31.12.2021
Assets
Current assets
Cash and cash equivalents
1,367,289
1,801,600
Other receivables
1
941,899
1,637,867
Prepaid expenses
54,548
44,060
2,363,736
3,483,527
Non-current assets
Financial assets
2
30,866,800
36,342,668
Investments
3
118,023,215
118,023,215
148,890,015
154,365,883
Total assets
151,253,751
157,849,410
in CHF
Notes
31.12.2022
31.12.2021
Liabilities and shareholders’ equity
Current liabilities
Other current liabilities to third parties
130,930
84,114
Accrued expenses
284,761
437,192
415,691
521,306
Total liabilities
415,691
521,306
Shareholders’ equity
Share capital
40,000,000
40,000,000
Legal reserve
Reserves from capital contributions
15,701,654
15,701,654
Other legal reserves
2,049,686
2,049,686
Statutory retained earnings
General statutory retained earnings
16,000,000
16,000,000
Other reserves
34,111,700
34,111,700
Retained earnings
Profit brought forward
14,442,755
24,054,438
Profit for the current year
32,376,142
29,652,462
Treasury shares
4
–3,843,877
–4,241,836
Total shareholders’ equity
150,838,060
157,328,104
Total liabilities and shareholders’ equity
151,253,751
157,849,410
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Income statement
BOSSARD HOLDING AG
in CHF
Notes
2022
2021
Income
Dividend income
35,000,000
30,000,000
Other operating income
300,000
300,000
Expenses
Personnel expenses
8
–1,634,223
–1,577,649
Other operating expenses
–718,694
–531,604
Other financial income
268,101
1,687,948
Financial expenses
–839,042
–69,784
Income before taxes
32,376,142
29,808,911
Taxes
‑
–156,449
Net income
32,376,142
29,652,462
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Notes to the financial statements
BOSSARD HOLDING AG
Accounting principles applied in the preparation of the financial statements
General
The financial statements of Bossard Holding AG, Zug, were prepared in accordance 
with the Swiss Code of Obligations and under the financial reporting law (Title 32 of the 
Swiss Code of Obligations).
Financial assets
Financial assets include non-current loans. Loans in foreign currency are translated 
into Swiss francs at year-end rate. Unrealized translation losses are recognized in the 
income statement, whereas unrealized translation gains remain unrecognized (principle 
of imparity).
Investments
Investments are measured at cost at the time of recognition. Investments are valued 
individually if they are material and are not usually grouped together because of their 
similarity for the valuation.
Treasury shares
Treasury shares are measured at cost at the time of recognition and are disclosed as  
a negative item in the shareholders‘ equity. Gains and losses arising from disposal of 
treasury shares are recognized in the income statement as financial income or finan-
cial expenses.
Foreign currencies
Monetary and non-monetary items in foreign currency are translated into Swiss francs 
at the following exchange rates:
31.12.2022 
Year-end 
exchange rate
31.12.2021 
Year-end 
exchange rate
EUR
0.99
1.04
Information and explanations relating to items in the balance sheet and in the income 
statement
1. Other receivables
in CHF
2022
2021
From subsidiaries
941,899
1,637,867
Total
941,899
1,637,867
2. Financial assets
in CHF
2022
2021
From subsidiaries
30,866,800
36,342,668
Total
30,866,800
36,342,668
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3. Investments
2022
2021
Name, legal form, registered office
Capital
Votes
Capital
Votes
Direct investment
Bossard Finance AG, Zug
100 %
100 %
100 %
100 %
Indirect investments
bigHead Fasteners Ltd, Verwood
42 %
42 %
42 %
42 %
Bossard-KVT Beteiligungs GmbH, Illerrieden
100 %
100 %
100 %
100 %
Boysen Verwaltungs GmbH, Munich  
(merger with Bossard-KVT Beteiligungs GmbH, Illerrieden)
-
-
100 %
100 %
Normscrews Beheer B.V., Almere  
(merger with Jeveka B.V., Almere)
-
-
100 %
100 %
Bossard U.S. Holdings, Inc., Phoenix
100 %
100 %
100 %
100 %
Bossard AG, Zug
100 %
100 %
100 %
100 %
3d-prototyp GmbH in Liquidation, Dietikon 
100 %
100 %
100 %
100 %
Interfast AG, Zug
100 %
100 %
100 %
100 %
KKV AG, Zug
35 %
35 %
35 %
35 %
Bossard Austria Ges.m.b.H., Schwechat
100 %
100 %
100 %
100 %
KVT-Fastening GmbH, Linz
100 %
100 %
100 %
100 %
Bossard CZ s.r.o., Brno
100 %
100 %
100 %
100 %
KVT-Fastening s.r.o., Brno
100 %
100 %
100 %
100 %
Bossard Denmark A/S, Hvidovre
100 %
100 %
100 %
100 %
bigHead Bonding Fasteners Ltd, Verwood
42 %
42 %
42 %
42 %
Bossard France SAS, Souffelweyersheim
100 %
100 %
100 %
100 %
Bossard Deutschland GmbH, Illerrieden
100 %
100 %
100 %
100 %
Bossard Deutschland GmbH, Velbert
100 %
100 %
100 %
100 %
Boysen GmbH, Munich
100 %
100 %
100 %
100 %
KVT-Fastening GmbH, Illerrieden  
(merger with Bossard Deutschland GmbH, Illerrieden)
-
-
100 %
100 %
KVT-Fastening Kft., Budapest
100 %
100 %
100 %
100 %
Arnold Industries Cork DAC, Cork
95 %
95 %
95 %
95 %
Bossard Italia S.r.l., Legnano
100 %
100 %
100 %
100 %
Jeveka B.V., Almere
100 %
100 %
100 %
100 %
­Bossard Norway AS, Oslo
100 %
100 %
100 %
100 %
3. Investments
2022
2021
Name, legal form, registered office
Capital
Votes
Capital
Votes
Bossard Poland Sp. z o.o., Radom
100 %
100 %
100 %
100 %
KVT-Fastening Sp. z o.o., Radom
100 %
100 %
100 %
100 %
KVT-Fastening S.R.L., Bucharest
100 %
100 %
100 %
100 %
KVT-Fastening d.o.o. Beograd, Belgrade
100 %
100 %
100 %
100 %
KVT-Fastening spol. s.r.o., Bratislava
100 %
100 %
100 %
100 %
KVT-Fastening d.o.o., Ljubljana
100 %
100 %
100 %
100 %
Bossard South Africa (Pty) Ltd, Kempton Park
100 %
100 %
100 %
100 %
Bossard Spain SA, Sant Cugat del Vallès
100 %
100 %
100 %
100 %
Bossard Sweden AB, Malmö
100 %
100 %
100 %
100 %
Bossard Canada, Inc., Montreal
100 %
100 %
100 %
100 %
Bossard Ontario Inc., Toronto
100 %
100 %
-
-
Bossard de México, S.A. de C.V., Monterrey
100 %
100 %
100 %
100 %
Aero-Space Southwest Mexico, S. de R.L. de C.V., Guadalajara
100 %
100 %
100 %
100 %
Bossard Aerospace, Inc., Phoenix
100 %
100 %
100 %
100 %
­Bossard, Inc., Cedar Falls
100 %
100 %
100 %
100 %
Bossard, LLC, Stoughton
100 %
100 %
100 %
100 %
Boysen Aerospace U.S., Inc., Irving
100 %
100 %
100 %
100 %
Bossard Australia Pty. Ltd, Melbourne
100 %
100 %
100 %
100 %
­Bossard Industrial Fasteners Int. Trading  
(Shanghai) Co. Ltd, Shanghai
100 %
100 %
100 %
100 %
­Bossard Fastening Solutions (Shanghai) Co. Ltd, Shanghai
100 %
100 %
100 %
100 %
­Bossard Fastening Solutions (Tianjin) Co. Ltd, Tianjin
100 %
100 %
100 %
100 %
LPS ­Bossard Pvt. Ltd, Rohtak
51 %
51 %
51 %
51 %
LPS ­Bossard Information System Pvt., Rohtak
51 %
51 %
51 %
51 %
­Bossard (M) Sdn. Bhd., Penang
100 %
100 %
100 %
100 %
­Bossard Pte. Ltd, Singapore
100 %
100 %
100 %
100 %
­Bossard (Korea) Ltd, Cheonan
100 %
100 %
100 %
100 %
­Bossard (Thailand) Ltd, Bangkok
100 %
100 %
100 %
100 %
­Ecoparts AG, Hinwil
30 %
30 %
30 %
30 %
MultiMaterial-Welding AG, Biel/Bienne
41 %
41 %
41 %
41 %
PDi Digital GmbH, Fernitz-Mellach
30 %
30 %
30 %
30 %
150

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06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
4. Treasury shares, incl. shares held by subsidiaries
2022
2021
in CHF
Number
Value
Number
Value
Balance at January 1
300,904
4,241,836
308,691
3,170,816
Additions
114,577
24,768,347
93,408
24,382,760
Use of treasury stock
-
-
-
1,901,090
Disposals
–111,922
–25,166,306
–101,195
–25,212,830
Balance at December 31
303,559
3,843,877
300,904
4,241,836
Group companies do not hold any registered A shares. In 2022, 8,676 registered A 
shares were used for the share option programs. In 2021, 8,561 registered A shares 
were used for the share option programs, thereof 6,295 treasury stocks.
5. Collateral to third parties
in CHF
2022
2021
Guarantees
530,665,694
423,814,775
Thereof used
294,106,568
197,571,914
The Bossard Group concentrates its main credit facilities in Bossard Holding AG. 
Bossard subsidiaries can draw on the credit lines, for which right Bossard Holding AG 
has undertaken guarantee obligations.
6. Shares and options on shares held by management and related parties
The disclosure of shareholdings of the board of directors and the executive committee 
as per Swiss Code of Obligation article 959c, section 2, paragraph 11 and article 663c 
can be found in the notes to the consolidated financial statements (note 22 page 132).
7. Significant shareholders
Kolin Holding AG, Zug, and Bossard Unternehmensstiftung, Zug, form a shareholder 
group in accordance with article 120seq. of Swiss Federal Act on Financial Market  
Infrastructures and Market Conduct in Securities and Deriva­tives Trading (FMIA). They 
hold 56.3 percent (2021: 56.3 percent) of the voting rights. Kolin Holding AG is wholly 
owned by the Bossard families.
Other information required by law
8. Full-time equivalents/personnel expenses
Bossard Holding AG has no employees. Personnel expenses include the compensation 
of the board of directors.
151

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Appropriation of available earnings
Statement of changes in retained earnings
in CHF
2022
2021
Retained earnings at the beginning of the year
53,706,900
57,920,680
Net income
32,376,142
29,652,462
Appropriation of available profit determined by the annual general 
meeting of shareholders
Dividends for 2021 and 2020 respectively
–39,264,145
–33,866,242
Retained earnings at the end of the year
46,818,897
53,706,900
Statement of changes in capital contribution reserve
in CHF
2022
2021
Capital contribution reserve at the beginning of the year
15,701,654
13,819,386
Deposits on the use of treasury shares
-
1,882,268
Capital contribution reserve at the end of the year 1)
15,701,654
15,701,654
1)	
Subject to adjustments by the Swiss tax authorities
BOSSARD HOLDING AG
The board of directors proposes to the annual general meeting of sharehold-
ers the following appropriation of available retained earnings
in CHF
2022
Available retained earnings before distribution
46,818,897
Dividend of 110 percent on the share capital of
max. CHF 38,482,205 eligible for dividends 2)
–42,330,425
To be carried forward
4,488,472
2)	
The figure is based on the issued share capital as of December 31, 2022 eligible for dividends.  
It may change due to movements on treasury shares after the balance sheet date.
152

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
Report of the statutory auditor
to the General Meeting of Bossard Holding AG Zug
Report on the audit of the financial statements 
Opinion
We have audited the financial statements of Bossard Holding AG (the Company), which comprise 
the balance sheet as at 31 December 2022, and the income statement for the year then ended, 
and notes to the financial statements, including a summary of significant accounting policies.
In our opinion, the financial statements (pages 147 to 151) comply with Swiss law and the 
company’s articles of incorporation. 
Basis for opinion
We conducted our audit in accordance with Swiss law and Swiss Standards on Auditing (SA-CH). 
Our responsibilities under those provisions and standards are further described in the ‘Auditor’s 
responsibilities for the audit of the financial statements’ section of our report. We are independent 
of the Company in accordance with the provisions of Swiss law and the requirements of the 
Swiss audit profession, and we have fulfilled our other ethical responsibilities in accordance with 
these requirements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a 
basis for our opinion.
Our audit approach
Materiality
The scope of our audit was influenced by our application of materiality. Our audit opinion aims to 
provide reasonable assurance that the financial statements are free from material misstatement. 
Misstatements may arise due to fraud or error. They are considered material if, individually or 
in aggregate, they could reasonably be expected to influence the economic decisions of users 
taken on the basis of the financial statements.
Based on our professional judgement, we determined certain quantitative thresholds for materiality, 
including the overall materiality for the financial statements as a whole as set out in the table 
below. These, together with qualitative considerations, helped us to determine the scope of our 
audit and the nature, timing and extent of our audit procedures and to evaluate the effect of 
misstatements, both individually and in aggregate, on the financial statements as a whole.
Overall materiality
CHF 1,500,000
Benchmark applied
Shareholders' equity
Rationale for the materiality 
benchmark applied
We chose shareholders‘ equity as the benchmark because it 
is a relevant and generally accepted benchmark for materiality 
considerations relating to a holding company.
153

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
We agreed with the Audit, Risk & Compliance Committee that we would report to them misstate-
ments above CHF 150,000 identified during our audit as well as any misstatements below that 
amount which, in our view, warranted reporting for qualitative reasons. 
Audit scope
We designed our audit by determining materiality and assessing the risks of material misstatement 
in the financial statements. In particular, we considered where subjective judgements were made; 
for example, in respect of significant accounting estimates that involved making assumptions and 
considering future events that are inherently uncertain. As in all of our audits, we also addressed 
the risk of management override of internal controls, including among other matters consideration 
of whether there was evidence of bias that represented a risk of material misstatement due to fraud.
We tailored the scope of our audit in order to perform sufficient work to enable us to provide an 
opinion on the financial statements as a whole, taking into account the structure of the Company, 
the accounting processes and controls, and the industry in which the Company operates.
Key audit matters
We have determined that there are no key audit matters to communicate in our report.
Other information
The Board of Directors is responsible for the other information. The other information comprises 
the information included in the annual report, but does not include the financial statements, the 
consolidated financial statements, the note 5 in the compensation report and our auditor’s reports 
thereon.
Our opinion on the financial statements does not cover the other information and we do not 
express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other 
information and, in doing so, consider whether the other information is materially inconsistent 
with the financial statements or our knowledge obtained in the audit, or otherwise appears to 
be materially misstated.
If, based on the work we have performed, we conclude that there is a material misstatement of 
this other information, we are required to report that fact. We have nothing to report in this regard. 
Board of Directors’ responsibilities for the financial statements
The Board of Directors is responsible for the preparation of the financial statements in accor-
dance with the provisions of Swiss law and the company’s articles of incorporation, and for such 
internal control as the Board of Directors determines is necessary to enable the preparation of 
financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Board of Directors is responsible for assessing the 
Company’s ability to continue as a going concern, disclosing, as applicable, matters related to 
going concern and using the going concern basis of accounting unless the Board of Directors either 
intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.
Auditor’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a 
whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 
report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a 
guarantee that an audit conducted in accordance with Swiss law and SA-CH will always detect a 
material misstatement when it exists. Misstatements can arise from fraud or error and are consid-
ered material if, individually or in the aggregate, they could reasonably be expected to influence 
the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on 
EXPERTsuisse’s website: http://www.expertsuisse.ch/en/audit-report. 
This description forms an integral part of our report.
154

04  At a glance   
06  Report to the shareholders   
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60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Report on other legal and regulatory requirements
In accordance with article 728a paragraph 1 item 3 CO and PS-CH 890, we confirm that an 
internal control system exists which has been designed for the preparation of the consolidated 
financial statements according to the instructions of the Board of Directors.
We recommend that the consolidated financial statements submitted to you be approved.
PricewaterhouseCoopers AG
Thomas Wallmer	 	
	
Remo Waldispühl
Licensed audit expert	
	
Licensed audit expert
Auditor in charge
Zurich, February 24, 2023
PricewaterhouseCoopers AG, Birchstrasse 160, Postfach, CH-8050 Zürich, Switzerland
Telefon: +41 58 792 44 00, Telefax: +41 58 792 44 10, www.pwc.ch
PricewaterhouseCoopers AG is a member of the global PricewaterhouseCoopers network of firms, each of which is a separate and 
independent legal entity.
155

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06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
INVESTOR INFORMATION
in CHF million
2022
2021
2020
2019
2018
Share capital
Registered A shares at CHF 5 par
Capital stock in CHF 1,000
33,250
33,250
33,250
33,250
33,250
Number of shares issued
6,650,000
6,650,000
6,650,000
6,650,000
6,650,000
Number of shares entitled to dividend
6,346,441
6,349,096
6,341,309
6,345,360
6,272,567
Registered B shares at CHF 1 par
Capital stock in CHF 1,000
6,750
6,750
6,750
6,750
6,750
Number of shares issued
6,750,000
6,750,000
6,750,000
6,750,000
6,750,000
Number of shares entitled to dividend
6,750,000
6,750,000
6,750,000
6,750,000
6,750,000
Registered A shares equivalents, 
entitled to dividend at Dec. 31
7,696,441
7,699,096
7,691,309
7,695,360
7,622,567
Market price
Ticker symbol (BOSN)
Volume traded (daily average)
15,065
13,466
20,805
19,036
17,113
Closing price at Dec. 31 in CHF
199.8
328.5
178.4
174.7
139.8
Registered A share high in CHF
331.5
362.0
179.4
180.8
252.0
Registered A share low in CHF
157.8
172.6
90.0
123.9
132.1
Dividend per share
Registered A share in CHF
5.50 1)
5.10
4.40
2.00
4.50
Registered B share in CHF
1.10 1)
1.02
0.88
0.40
0.90
in % of share capital
110.0
102.0
88.0
40.0
90.0
Dividend yield in %  
(Basis: price at Dec. 31)
2.8
1.6
2.5
1.1
3.2
Earnings per share 2) 5)
Registered A share in CHF
13.38
12.53
8.73
9.73
10.95
Registered B share in CHF
2.68
2.51
1.75
1.95
2.19
in CHF million
2022
2021
2020
2019
2018
Cash flow per share 2) 4)
Registered A share in CHF
16.80
15.68
11.36
12.30
13.32
Registered B share in CHF
3.36
3.14
2.27
2.46
2.66
Price/Earnings ratio (Basis: price at Dec. 31)
14.9
26.2
20.4
18.0
12.8
Net worth per share 3)
Registered A share in CHF
49.3
45.4
41.9
39.6
40.6
Registered B share in CHF
9.9
9.1
8.4
7.9
8.1
Market capitalization  
(Basis: price at Dec. 31)
in CHF million 3)
1,537.7
2,529.2
1,372.1
1,344.4
1,065.6
in % of shareholders’ equity
405.1
723.6
425.7
441.5
344.1
1)	
Proposal to annual general meeting of shareholders
2)	
Basis: Average number of outstanding shares entitled to dividend
3)	
Basis: Number of outstanding shares entitled to dividend at year-end
4)	
Net income + depreciation and amortization
5)	
Share attributable to shareholders of Bossard Holding AG
156

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111  Financial Report
BOSSARD ANNUAL REPORT 2022
in CHF million
2022
2021
2020
2019
2018
Economic value added analysis
Net sales
1,153.8
995.1
812.8
876.2
871.1
Earnings before interest and taxes (EBIT)
141.5
123.3
86.4
95.7
108.8
Effective tax rate in %
22.2
19.2
17.6
18.3
18.1
Net operating profit after tax (NOPAT)
110.1
99.6
71.2
78.2
89.2
Equity
379.6
349.5
322.3
304.5
309.7
Gross financial debt
354.8
251.3
196.4
220.4
162.8
Less cash and cash equivalents
35.8
34.1
40.7
32.7
32.6
Capital employed (year-end)
698.6
566.7
478.0
492.2
439.9
Average annual capital employed (A)
632.7
522.4
485.1
466.1
414.0
Return on average
capital employed in % (ROCE)
17.4
19.1
14.7
16.8
21.5
2022
2021
2020
2019
2018
Cost of financial debt in %
Average cost of financial debt
1.1
1.1
1.1
1.2
1.2
Less effective tax
22.2
19.2
17.6
18.3
18.1
Cost of financial debt after tax
0.9
0.9
0.9
1.0
1.0
Cost of equity in %
Risk free rate  
(Basis: yearly average of yield  
Swiss government bond)
0.8
–0.2
–0.5
–0.5
0.0
Risk premium
5.5
5.5
5.5
5.5
5.5
Cost of equity
6.3
5.3
5.0
5.0
5.5
Equity ratio
41.7
45.2
50.3
46.7
51.3
Weighted average cost of capital in % (WACC)
3.2
2.9
3.0
2.9
3.3
Economic profit in % (ROCE – WACC) (B)
14.2
16.2
11.7
13.9
18.2
Economic profit in CHF million (A) * (B)
89.8
84.6
57.0
65.0
75.3
The articles of association do not include any provisions for opting-out or opting-up.
157

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60  Corporate Governance   
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111  Financial Report
BOSSARD ANNUAL REPORT 2022
in CHF million
2022
2021
2020
2019
2018
Economic book value (EBV)
Market value added (economic profit/WACC)
2,781.9
2,933.8
1,928.9
2,271.8
2,271.9
Capital employed
698.6
566.7
478.0
492.2
439.9
Implied enterprise value (EVA®)
3,480.5
3,500.5
2,406.9
2,764.0
2,711.8
Less gross financial debt
354.8
251.3
196.4
220.4
162.8
Plus cash and cash equivalents
35.8
34.1
40.7
32.7
32.6
Economic book value at Dec. 31
3,161.5
3,283.3
2,251.2
2,576.3
2,581.6
Market valuation and key ratios
Share price at Dec. 31 in CHF
199.8
328.5
178.4
174.7
139.8
Market capitalization
1,537.7
2,529.2
1,372.1
1,344.4
1,065.6
Net financial debt
319.0
217.2
155.7
187.7
130.2
Enterprise value (EV)
1,856.7
2,746.4
1,527.8
1,532.1
1,195.8
EV in % of net sales
160.9
276.0
188.0
174.9
137.3
EV/EBITDA
11.2
18.9
14.4
13.5
9.6
EV/EBIT
13.1
22.4
17.7
16.0
11.0
EV/NOPAT
16.9
27.6
21.5
19.6
13.4
Price/book value per share
4.1
7.2
4.3
4.4
3.4
Return on equity in %
29.0
29.2
21.6
24.7
29.8
EBIT	
Earnings Before Interest and Taxes
NOPAT	
Net Operating Profit After Taxes
ROCE	
Return On Capital Employed
WACC	
Weighted Average Cost of Capital
EV 	
Enterprise Value
EVA	
Economic Value Added
EBITDA	
Earnings Before Interest, Taxes, Depreciation and Amortization
Share price development 2018–2022
Valor: 23862714, ISIN CH0238627142/BOSN
 ­Bossard N
300
400
200
100
0
2018
2019
2020
2021
2022
158

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06  Report to the shareholders   
10  Company   
21  Sustainability   
60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Imprint
Publisher: ­Bossard Holding AG, Zug
Concept and Design: Keim Identity GmbH, Zurich
© ­Bossard Holding AG
This Annual Report 2022 is also available in German. 
The German Annual Report 2022 is binding. 
Dieser Jahresbericht 2022 ist auch in deutscher Sprache erhältlich. 
Der deutsche Jahresbericht 2022 ist massgebend.
IMPRINT & AGENDA 
Meeting for financial analysts & media conference 
March 1, 2023
Publication of Annual Report 2022
March 1, 2023
Annual general meeting of shareholders
April 17, 2023
Publication of sales results, 1st quarter 2023
April 17, 2023
Publication of Semi-Annual Report 2023
July 20, 2023
Publication of sales results, 3rd quarter 2023
October 12, 2023
Publication of sales results 2023
January 12, 2024
159

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06  Report to the shareholders   
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60  Corporate Governance   
91  Compensation Report   
111  Financial Report
BOSSARD ANNUAL REPORT 2022
Proven.
160