The foundation of one of Switzerland’s richest dynasties has reached a tipping point after years of dispute, according to a newspaper's investigation.
The Sandoz Family Foundation could emerge with a new governance structure in the coming weeks. The change is likely to impact hundreds of beneficiaries of its donations, «Le Temps» (behind paywall, in French) writes Wednesday.
The family, which owes its fortune to the origins of the pharmaceutical company Novartis, holds about 3.6 percent of the capital of the pharmaceutical group Novartis as well as holdings in hotels (Beau-Rivage in Lausanne, pictured above) and industrial companies as well as its own watchmaking brand.
A key person for the institution’s transformation is family-outsider and controversial figure Monika Matti, who manages important parts of the Sandoz Family Foundation and represents the foundation on several company boards.
Staff Resentment
Matti, who joined the office with the mission of «coaching the new generation,» has risen through the foundation’s ranks over the past seven years and is criticized by some for bringing about a radical change which has caused resentment among some employees and led to the departure of several long-serving staff members, the report says.
Changes in the way the family's wealth is managed could affect its philanthropic beneficiaries, including hundreds of cultural entities, which receive millions of Swiss francs each year in donations as well as thousands of people employed directly or indirectly by the foundation, «Le Temps» reports.
