The Board of Directors defines FINMA’s strategic goals and decides on matters of substantial importance. It also issues FINMA ordinances and circulars, exercises control over FINMA through the Internal Audit unit and is responsible for FINMA's budget. FINMA’s Board elects the Chief Executive Officer, whose appointment must be confirmed by the Federal Council. It also elects the other members of the Executive Board, with the Chief Executive Officer being granted the right to propose candidates for membership.
FINMA’s Board of Directors comprises seven to nine independent, expert members elected by the Federal Council. The Board of Directors assumes collective responsibility for its actions and decisions. Resolutions are passed by a majority vote of the Board members present.
To prepare its decisions, the Board of Directors has four standing committees:
The Board can also set up ad hoc committees or designate specialist members from among its ranks to act in an advisory capacity to the Board of Directors and the Executive Board. The objective here is to incorporate the Board’s specialist expertise and strategic perspective.
The insurance expert, who held a number of senior management positions at various Swiss insurance companies up to 2013, has been a member of FINMA's Board of Directors since May 2014, assuming the role of vice-chair in January 2016. He is also a member of FINMA's Audit and Risk Committee. Philippe Egger ended his professional career in 2013 as CEO of AXA Winterthur Switzerland.
Marlene Amstad, who has a doctorate in economics, is a professor at the Chinese University of Hong Kong, Shenzhen. She previously worked as an economist, deputy director and regional adviser at KOF/ETH Swiss Economic Institute, Swiss National Bank and Bank for International Settlements in Hong Kong. Marlene Amstad joined FINMA's Board of Directors on 1 January 2016.
Bruno Frick is an independent attorney-at-law and notary in Einsiedeln. He represented the canton of Schwyz in the Council of States between 1991 and 2011. In view of his appointment to the FINMA Board of Directors in 2013, he resigned from all mandates in the financial sector. He chairs the FINMA Takeover Committee.
Yvan Lengwiler, who holds a doctorate in economics, is a full professor at the University of Basel. He previously worked as an economic advisor at the Swiss National Bank. Yvan Lengwiler has been a member of the Board of Directors since 2012 and is also a member of the FINMA Takeover Committee.
Renate Schwob, who is an attorney-at-law and has a doctorate in law, acted as an Executive Board member of the Swiss Bankers Association from 2004 to 2014, a position from which she retired in October 2015. Among other positions she held are the posts of legal consultant at Credit Suisse, of research assistant at the Swiss Attorney General's Office and of head of the Procedural Law section at the Federal Office of Justice. Renate Schwob joined FINMA's Board of Directors on 1 January 2016, and is also a member of its Regulation and Takeover Committees.
Prior to his role at the supervisory authority, Franz Wipfli was a member of the Group Management Board of Zurich Financial Services. He was appointed to the FINMA Board of Directors in 2012 and chairs the FINMA Audit and Risk Committee.