About BCVS Corporate governance

Shareholding structure

BCVs shares

In accordance with the Law on Banque Cantonale du Valais, the Bank’s share capital is divided into registered shares.

In year 2017, BCVs’ share capital totals 158 million Swiss francs, comprising 15,800,000 registered shares (10.- each).

Banque Cantonale du Valais’ shares are listed on the Swiss Stock Exchange (SIX).

    • Données boursières
      Stock exchange listingSIX
      Par value of the share ACHF 10.-
      Securities No.30595120 
      ISIN No.CH0305951201
      Ticker symbolsTelekurs: WKBN
      Bloomberg: WKBN
      Reuters: WKBN
      20112012201320142015
      Number of shares400'000 400'000 400'000 400'000 400'000
      Share price at end of year798.00 874.00 753.00 715.00 816.50
      Share price: High during year810.00 900.00 875.00 761.00 828.00
      Share price: Low during year680.00 797.00 734.00 698.00 688.00
      Dividend per share23.502527.0027.0027.00
      Dividend yield (as a %)2.9 %2.9 %3.6 %3.8 %3.3 %
      Stock exchange listingSIX
      Par value of the share CHF 10.-
      Securities No.30595120 
      ISIN No.CH0305951201
      Ticker symbolsTelekurs: WKBN
      Bloomberg: WKBN
      Reuters: WKB.S
      Stock exchange listingSIX
      Par value of the share CHF 10.-
      Securities No.30595120 
      ISIN No.CH0305951201
      Ticker symbolsTelekurs: WKBN
      Bloomberg: WKBN
      Reuters: WKB.S

      Tax data 2017

      • If you own BCVs shares, the tax values to be entered in your tax declaration 2017 are as follows
        Value: CHF 96.20 / share

      A solid performance in 2018

      The BCVs share recorded a solid performance in the financial year 2018. With its increase from CHF 96.20 to CHF 113.00, the share price rose by +17.5%. Taking into account the ordinary dividend of CHF 3.15 per share distributed in May, the performance of the share totalled 20.7% in 2018. Over the past four years, the performance of the BCVs share has been higher than the average of bank shares.   
       

      13,658 shareholders

      As of 31 December 2018, 13,658 shareholders were registered on Banque Cantonale du Valais’ books. The Canton of Valais owns 70.0% of the share capital, individuals (natural persons) 16.6% and legal entities (juristic persons) 1.9%, with the balance being owned by pension funds, institutional investors, other public-law corporations, etc.

      Banque Cantonale du Valais is pursuing a dividend policy geared to the long term, based on its results and offering an attractive return. For the 2018 financial year, the Board of Directors is proposing a dividend payout ratio of 51.85%, resulting in the distribution of a dividend of CHF 3.35 per share.

      A solid performance in 2018

      The BCVs share recorded a solid performance in the financial year 2018. With its increase from CHF 96.20 to CHF 113.00, the share price rose by +17.5%. Taking into account the ordinary dividend of CHF 3.15 per share distributed in May, the performance of the share totalled 20.7% in 2018. Over the past four years, the performance of the BCVs share has been higher than the average of bank shares.   
       

      13,658 shareholders

      As of 31 December 2018, 13,658 shareholders were registered on Banque Cantonale du Valais’ books. The Canton of Valais owns 70.0% of the share capital, individuals (natural persons) 16.6% and legal entities (juristic persons) 1.9%, with the balance being owned by pension funds, institutional investors, other public-law corporations, etc.

      Banque Cantonale du Valais is pursuing a dividend policy geared to the long term, based on its results and offering an attractive return. For the 2018 financial year, the Board of Directors is proposing a dividend payout ratio of 51.85%, resulting in the distribution of a dividend of CHF 3.35 per share.

    • Politique d'information

      Banque Cantonale du Valais pursues a policy of being transparent in its disclosure of information to its shareholders, its clients, the capital markets and the public at large. Its management reports, its annual results press conference and press release for its half-year results are regarded as the principal channels for providing information.
      Moreover, topical news and events are reported in occasional press releases. Moreover, Banque Cantonale du Valais employs a whole array of different media to deliver relevant and specific information to its various business partners and stakeholders: its shareholders, the general public, its staff, the financial community, its clients, etc.
      As a limited company listed on the SIX Swiss Exchange, BCVs is also subject to the SIX Directive on Ad Hoc Publicity (reporting of events).
      This Directive details the obligation of listed companies to disclose potentially price-sensitive facts. The purpose of such ad hoc disclosures is to ensure that the public is provided with true, clear and comprehensive information about key events arising in the course of listed companies’ business operations.
      In compliance with these provisions, BCVs’ information disclosure policy is predicated on the principle of equal and equitable treatment of those to whom the information is being conveyed. It is thus scrupulous in its commitment to disseminating information in keeping with this precept so as to guarantee that all market participants can become aware, on the same conditions, of facts or events liable to influence BCVs’ share price.
      In this respect, the Bank provides on its Website (www.bcvs.ch/www.wkb.ch) the opportunity for anyone interested to sign up to an email list so that they can receive, free of charge and in timely fashion, information that might be price-sensitive for the shares. This email Newsletter also provides the Bank with an opportunity to send out general information about its business and activities.


      PUBLICATIONS

      • Annual Report
      • In its Annual Report, BCVs provides an update reporting on how it has been seeking to fulfil the mission which the legislators have entrusted it with. The Annual Report is available to shareholders from all the Bank’s outlets and at the AGM. It may also, upon request, be posted to those interested. It can also be consulted on the Bank’s Website at www.bcvs.ch/www.wkb.ch.
      • Letters to Shareholders
        At least two letters are sent out to shareholders per financial year: one in April with the publication of annual financial accounts and one in August in conjunction with the reporting of the Bank’s half-year figures. Depending on what happens, further letters may be sent out. As well as making these letters available at its outlets, BCVs sends out personalised letters to shareholders whose shares
        are deposited in a BCVs’ securities account.

       

       SHAREHOLDER EVENTS

      • Shareholders’ General Meetings
        According to Article 17 of the Bank’s Articles of Incorporation, the notice convening and the agenda of the General Meeting are published at least 20 days before the date of the meeting in the Official Gazette for the Canton of Valais and the Swiss Official Gazette of Commerce. The notice convening the meeting is also published in several local Valais daily newspapers and magazines. Moreover, all known shareholders (whose BCVs bearer shares are deposited in a BCVs securities account) are summoned to the meeting by personal mail.
      • Regional meetings with shareholders
        Every autumn, two regional meetings with shareholders are held in the Haut-Valais and French-speaking Valais regions. These
        provide the Bank’s corporate bodies with an opportunity to report on strategic aspects, pass comment on the half-year results and to
        present a statement on the full-year outlook. Shareholders also have a chance to ask questions and obtain further information if they
        so require.
      • INTERNET SITE (www.bcvs.ch/www.wkb.ch)
        The ‘Corporate Governance’ pages on the Bank’s Website provide shareholders with a variety of useful information: press releases, annual and half-year results, events, legislation, articles of incorporation. In addition, shareholders also have the option to order or subscribe to publications from the Bank as well as to the emailed Newsletter.

      Banque Cantonale du Valais pursues a policy of being transparent in its disclosure of information to its shareholders, its clients, the capital markets and the public at large. Its management reports, its annual results press conference and press release for its half-year results are regarded as the principal channels for providing information.
      Moreover, topical news and events are reported in occasional press releases. Moreover, Banque Cantonale du Valais employs a whole array of different media to deliver relevant and specific information to its various business partners and stakeholders: its shareholders, the general public, its staff, the financial community, its clients, etc.
      As a limited company listed on the SIX Swiss Exchange, BCVs is also subject to the SIX Directive on Ad Hoc Publicity (reporting of events).
      This Directive details the obligation of listed companies to disclose potentially price-sensitive facts. The purpose of such ad hoc disclosures is to ensure that the public is provided with true, clear and comprehensive information about key events arising in the course of listed companies’ business operations.
      In compliance with these provisions, BCVs’ information disclosure policy is predicated on the principle of equal and equitable treatment of those to whom the information is being conveyed. It is thus scrupulous in its commitment to disseminating information in keeping with this precept so as to guarantee that all market participants can become aware, on the same conditions, of facts or events liable to influence BCVs’ share price.
      In this respect, the Bank provides on its Website (www.bcvs.ch/www.wkb.ch) the opportunity for anyone interested to sign up to an email list so that they can receive, free of charge and in timely fashion, information that might be price-sensitive for the shares. This email Newsletter also provides the Bank with an opportunity to send out general information about its business and activities.


      PUBLICATIONS

      • Annual Report
      • In its Annual Report, BCVs provides an update reporting on how it has been seeking to fulfil the mission which the legislators have entrusted it with. The Annual Report is available to shareholders from all the Bank’s outlets and at the AGM. It may also, upon request, be posted to those interested. It can also be consulted on the Bank’s Website at www.bcvs.ch/www.wkb.ch.
      • Letters to Shareholders
        At least two letters are sent out to shareholders per financial year: one in April with the publication of annual financial accounts and one in August in conjunction with the reporting of the Bank’s half-year figures. Depending on what happens, further letters may be sent out. As well as making these letters available at its outlets, BCVs sends out personalised letters to shareholders whose shares
        are deposited in a BCVs’ securities account.

       

       SHAREHOLDER EVENTS

      • Shareholders’ General Meetings
        According to Article 17 of the Bank’s Articles of Incorporation, the notice convening and the agenda of the General Meeting are published at least 20 days before the date of the meeting in the Official Gazette for the Canton of Valais and the Swiss Official Gazette of Commerce. The notice convening the meeting is also published in several local Valais daily newspapers and magazines. Moreover, all known shareholders (whose BCVs bearer shares are deposited in a BCVs securities account) are summoned to the meeting by personal mail.
      • Regional meetings with shareholders
        Every autumn, two regional meetings with shareholders are held in the Haut-Valais and French-speaking Valais regions. These
        provide the Bank’s corporate bodies with an opportunity to report on strategic aspects, pass comment on the half-year results and to
        present a statement on the full-year outlook. Shareholders also have a chance to ask questions and obtain further information if they
        so require.
      • INTERNET SITE (www.bcvs.ch/www.wkb.ch)
        The ‘Corporate Governance’ pages on the Bank’s Website provide shareholders with a variety of useful information: press releases, annual and half-year results, events, legislation, articles of incorporation. In addition, shareholders also have the option to order or subscribe to publications from the Bank as well as to the emailed Newsletter.
    • Droit de participation

      SHAREHOLDERS’ PARTICIPATION & OWNERSHIP RIGHTS


      Restrictions on and representation of voting rights

      • Restrictions on voting rights
        There are no restrictions applicable.
      • Regulations laid down in the Articles of Incorporation relating to participation in the General Meeting of Shareholders
        In accordance with Article 19 of the Bank’s Articles of Incorporate, those people who wish to attend the General Meeting of
        Shareholders must provide justification of their status as shareholders or proxy powers.

       

      Quorums as laid down in the Articles of Incorporation
      In accordance with Article 21, para. 1 of the Bank’sArticles of Incorporation, all decisions have to be approved by an outrightmajority on the
      first round of voting, then on the basis of a relative majorityon the second round, including resolutions as envisaged under Article 704 ofthe
      Swiss Code of Obligations.

      Convening a Shareholders’ General Meeting
      The convening of a General Meeting of Shareholders isgoverned, in accordance with the Law on Banque Cantonale du Valais, by thefollowing regulations laid down in the Articles of Incorporation:

      • Article 15: Convening an Ordinary Annual General Meeting (AGM)
      • The Ordinary Annual General Meeting (AGM) of Shareholders is convened by the Board of Directors.
      • The AGM shall be called in the six months following the end of the previous financial year, with the meeting being held at the Bank’s registered head office or at another location in the Canton chosen by the Board of Directors.
      • Article 16: Convening an Extraordinary Annual General Meeting (EGM)
      • An Extraordinary General Meeting (EGM) of Shareholders will be convened if the Board of Directors decides to call one or if one or more shareholders who together represent at least 10% of the Bank’s share capital file a request for an EGM in writing, stipulating the purpose for doing so.
      • In conformity with the Swiss Code of Obligations, the Bank’s auditors may convene an EGM if circumstances call for it.

      Inclusion of items on the agenda

      • Article 17: Agenda
      • At least a fortnight before the General Meeting, shareholders representing shares having a combined par value of one million Swiss
        francs may submit a request, in writing, for a specific item to be included on the meeting agenda, indicating the topics for
        discussion and any proposals; these shall be notified to the shareholders at the outset of the meeting.

      Registration of shares in the Bank’s Share Register
      There are no specific provisionsapplicable.

      SHAREHOLDERS’ PARTICIPATION & OWNERSHIP RIGHTS


      Restrictions on and representation of voting rights

      • Restrictions on voting rights
        There are no restrictions applicable.
      • Regulations laid down in the Articles of Incorporation relating to participation in the General Meeting of Shareholders
        In accordance with Article 19 of the Bank’s Articles of Incorporate, those people who wish to attend the General Meeting of
        Shareholders must provide justification of their status as shareholders or proxy powers.

       

      Quorums as laid down in the Articles of Incorporation
      In accordance with Article 21, para. 1 of the Bank’sArticles of Incorporation, all decisions have to be approved by an outrightmajority on the
      first round of voting, then on the basis of a relative majorityon the second round, including resolutions as envisaged under Article 704 ofthe
      Swiss Code of Obligations.

      Convening a Shareholders’ General Meeting
      The convening of a General Meeting of Shareholders isgoverned, in accordance with the Law on Banque Cantonale du Valais, by thefollowing regulations laid down in the Articles of Incorporation:

      • Article 15: Convening an Ordinary Annual General Meeting (AGM)
      • The Ordinary Annual General Meeting (AGM) of Shareholders is convened by the Board of Directors.
      • The AGM shall be called in the six months following the end of the previous financial year, with the meeting being held at the Bank’s registered head office or at another location in the Canton chosen by the Board of Directors.
      • Article 16: Convening an Extraordinary Annual General Meeting (EGM)
      • An Extraordinary General Meeting (EGM) of Shareholders will be convened if the Board of Directors decides to call one or if one or more shareholders who together represent at least 10% of the Bank’s share capital file a request for an EGM in writing, stipulating the purpose for doing so.
      • In conformity with the Swiss Code of Obligations, the Bank’s auditors may convene an EGM if circumstances call for it.

      Inclusion of items on the agenda

      • Article 17: Agenda
      • At least a fortnight before the General Meeting, shareholders representing shares having a combined par value of one million Swiss
        francs may submit a request, in writing, for a specific item to be included on the meeting agenda, indicating the topics for
        discussion and any proposals; these shall be notified to the shareholders at the outset of the meeting.

      Registration of shares in the Bank’s Share Register
      There are no specific provisionsapplicable.

      SHAREHOLDERS’ PARTICIPATION & OWNERSHIP RIGHTS


      Limitation and representation of voting rights

      • Limitation of voting rights
        No provision exists on this subject.
      • Statutory rules concerning participation in the General Meeting
        According to article 19 of the articles of association, those people who intend to attend the General Meeting must justify their capacity as shareholders or their representational powers.

      Statutory quorums

      According to article 20 of the articles of association, the General Meeting constitutes a quorum when at least half of all shares are represented. If this is not the case, a new Meeting must be held within thirty days; this may then constitute a quorum irrespective of the number of shares represented.
      According to article 21, paragraph 1 of the articles of association, all decisions require an absolute majority in the first round of voting then a relative majority in the second round of voting, including decisions governed by article 704 of the Swiss Code of Obligations.

      Convening the General Meeting

      In accordance with the Law on the Cantonal Bank of Valais, the General Assembly is convened in accordance with the following statutory rules :

      • Article 15 of the articles of association – Ordinary convening
        1 The Ordinary General Meeting is convened by the Board of Directors.
        2 The Ordinary General Meeting is held within six months of the closure of the financial year at the Bank’s head office or at any other location chosen by the Board of Directors. 
      • Article 16 of the articles of association – Extraordinary convening
        1 An Extraordinary General Meeting is held when the Board of Directors so decides or when one or more shareholders representing, together, at least ten percent of the capital stock so request in writing, indicating the intended purpose.
        2 In accordance with the Swiss Code of Obligations, the reviser can convene an Extraordinary General Meeting if the circumstances so require.

      Entry of items on the agenda

      • Article 17 of the articles of association – Agenda
        3 At least fifteen days before the General Meeting, shareholders representing shares with a total nominal value of one million francs can request, in writing, the entry of an item on the agenda, indicating the matters to be discussed and the proposals; the latter will be communicated to the shareholders at the beginning of the session.

      Entries in the share register
      Est considéré comme actionnaire ou usufruitier à l’égard de la société celui qui est inscrit au registre des actions.

    Newsletter - Always stay uptodate !

    Subscribe to our newsletter now !