Board of Directors and Executive Board
FINMA is an independent public law institution with its own legal personality. The Board of Directors is responsible for the strategic management of FINMA, while the Executive Board is responsible for day-to-day operations.
The Board of Directors
Eight regular meetings of the Board of Directors were held in the year under review, one of which was held as a closed session. At its closed session, the Board of Directors focused intensively on the topic of artificial intelligence. Renowned external specialists and FINMA experts provided information on current developments and their potential impact on financial market supervision.
There were two changes to the Board of Directors in the year under review. On 1 January 2025, Aline Darbellay took up office as a member of the Board of Directors after being appointed by the Federal Council on 20 December 2024. René W. Keller resigned from his position with effect from 30 June 2025. In addition, on 19 November 2025, the Federal Council elected Katia Villard as a new member of FINMA’s Board of Directors. She took up her position on 1 January 2026, succeeding Ursula Cassani Bossy, who stepped down at the end of the year under review.
The Board of Directors directs, supervises and oversees FINMA’s Executive Board. It defines the strategic targets, issues ordinances and circulars, is responsible for FINMA's budget and takes decisions on matters of substantial importance. The Board of Directors acts as a collective body. Its decisions are taken by a majority of the votes cast.
To ensure transparency, FINMA maintains a public list of the vested interests of members of the Board of Directors. Information about FINMA’s Code of Conduct is also publicly available. The conditions for holding office as stipulated by the Federal Council also apply to FINMA’s Board of Directors.
Committees of the Board of Directors
The Board of Directors has three committees, formed from among its members: the Audit and Risk Committee, the Appointments Committee and the Takeover and State Liability Committee. The Takeover and State Liability Committee is the complaints body with which appeals against rulings by the Swiss Takeover Board may be filed; it also rules on claims seeking to establish state liability.
The Executive Board
The Executive Board is FINMA’s operational management body. It is charged with supervising banks, insurance companies, exchanges, securities firms and other financial intermediaries in line with statutory regulations and FINMA’s strategy. It prepares decision-making materials for matters which fall within the remit of the Board of Directors and is responsible for implementing the resolutions of the Board and its committees. The Executive Board normally meets weekly.
Members of the Executive Board (31 December 2025)
| Stefan Walter | CEO |
| Patric Eymann | Interim Deputy CEO and Head of Enforcement division |
| Léonard Bôle | Head of Asset Management and Markets division |
| Marianne Bourgoz Gorgé | Head of Integrated Risk Expertise division |
| Simon Brönnimann | Interim Head of Banks division |
| Vera Carspecken | Interim Head of Insurance division |
| Dr Alain Girard | Head of Recovery and Resolution division |
| Alexandra Karg | Head of Operations division |
| Dr Annemarie Nussbaumer | Head of Supervisory Policy and Legal Expertise division |
Changes to the Executive Board
There were two changes to the Executive Board in the year under review. Birgit Rutishauser resigned from her position as Head of the Insurance division and Deputy CEO on 30 April 2025. Patric Eymann, Head of the Enforcement division, has since assumed the role of Interim Deputy CEO. Vera Carspecken took over as Interim Head of the Insurance division. Thomas Hirschi resigned from his position as Head of the Banks division with effect from 31 August 2025. Since then, Simon Brönnimann has been acting as Interim Head of the Banks division. In December, FINMA’s Board of Directors appointed Hedwig Ulmer Busenhart as the new Head of the Insurance division. She took up her post on 1 April 2026.
Enforcement Committee
The Enforcement Committee is a standing committee of the Executive Board and responsible for making decisions on enforcement. It issues enforcement rulings and decides whether to initiate or discontinue proceedings.
Permanent members of the Enforcement Committee (31 December 2025)
- Stefan Walter, Chair
- Patric Eymann
- Dr Annemarie Nussbaumer
Recovery Resolution Planning Committee
The Recovery Resolution Planning Committee is a standing committee of the Executive Board and responsible for decisions in the area of recovery and resolution planning. Among other things, the Committee approves the emergency and recovery plans of systemically important banks, systemically important financial market infrastructures and of insurance groups and conglomerates.
Permanent members of the Recovery Resolution Planning Committee (31 December 2025)
- Stefan Walter, Chair
- Dr Alain Girard
- In addition, at least one other head of a division affected by the business matter in question
Intervention and Escalation Committee
The Executive Board has delegated the authority to initiate and conclude enforcement proceedings to the Intervention and Escalation Committee in addition to the Enforcement Committee. The members of the Intervention and Escalation Committee are the Heads of the Enforcement division and the supervisory division affected by the relevant business matter on a case-by-case basis.
Good corporate governance
FINMA ensures good corporate governance through ordinances, regulations, internal controls and training. The FINMA Personnel Ordinance governs the employment relationships of all FINMA’s staff and lays down principles on secondary employment and public duties, as well as duties of loyalty and conduct. To ensure transparency, FINMA maintains a public list of the vested interests of members of the Board of Directors and has specified the duties of conduct for employees in the publicly available Code of Conduct. The conditions for holding office as stipulated by the Federal Council also apply to FINMA’s Board of Directors.
The Code of Conduct obliges employees to avoid conflicts of interest or – where they cannot be avoided – to disclose them. Compliance trains employees and members of the Board of Directors on the Code of Conduct at introductory events and provides information on request. It also raises employee awareness of certain topics by answering FAQs. Individual checks are carried out for secondary employment and public offices, the holding of securities and for key personnel in the case of bank deposits.
The following responsibilities have been defined for the application of the Code of Conduct: The Board of Directors is responsible for the Chair of the Board of Directors. The Chair of the Board of Directors is responsible for the members of the Board of Directors and the CEO. The CEO is responsible for the members of the Executive Board. The competent body takes the opinion of Compliance into account in each case. Compliance is responsible for applying the Code of Conduct to staff, while the CEO is responsible for applying it to the latter. The Board of Directors is informed annually about the implementation of the Code of Conduct at FINMA.
The Financial Market Supervision Act requires the members of FINMA’s Board of Directors to be independent of the institutions it supervises.
