The Swiss National Bank (SNB) has a unique ownership structure that sets it apart from other central banks.
Unlike most European central banks, which are state-owned, the SNB operates as a joint-stock company with a mixed shareholder base. This includes cantons, cantonal banks, and private individuals, including foreign investors.
As of 2023, private shareholders account for approximately 22.7% of the bank's capital, a significant decrease from 45% in the past. This shift reflects a broader trend of increasing public ownership, with cantons holding a majority stake of 58% and cantonal banks contributing an additional 18%.
The SNB's shares are publicly traded, allowing private individuals to buy and sell them on the stock exchange. However, the rights of these shareholders are limited. They are entitled to a maximum dividend of 15 Swiss francs per share, regardless of the bank's profitability.
The largest private shareholder, German businessman Theo Siegert, owns 5.01% of the bank, valued at around 18 million Swiss francs. Despite his significant stake, Siegert, like other private shareholders, has no influence over the SNB's monetary policy. The limited rights of private shareholders in the SNB are designed to protect the independence of the bank and ensure that monetary policy decisions are insulated from private interests.
The SNB's origins date back to the late 19th century when it was established as a joint-stock company in 1905. Over the years, the composition of the SNB's shareholder base has evolved, with the number of private shareholders decreasing and the inclusion of foreign shareholders. However, the influence of private shareholders remains limited, and the SNB's governance framework ensures that its operations prioritize stability and professionalism.