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Finance and governance

Despite a boost in activities as COVID-19 infections dropped worldwide, a much slower recovery from the pandemic was evident in Asia Pacific, namely China. Nevertheless, travel ramped up after restrictions were lifted internationally; hence many on-site events and offerings could take place.

Compared to 2021, the AO’s number of educational events increased significantly, with more than 870 training sessions offered—almost at pre-pandemic levels.

The outlook of several downside risks, such as geopolitical tensions, rising costs, inflation, and interest rates, had not only a negative impact on the net result but shocked and rocked global financial markets into perhaps the most turbulent year investors have ever seen, producing the worst financial performances in AO history. The asset management result realized in the current year was a loss of CHF -219.6 million.

Compared to the previous year, third-party income increased by +44% to CHF 29.3 million but remains -30% below the budget due to a slower recovery of global economies breaking out of the pandemic, mainly impacting the educational events activities (-27% versus budget). Total operating expenses increased by +25% in the current year with the biggest driver being educational expenses, which increased by +58% compared to the prior year. The operating result for the year was CHF -46.2 million.

Operating income

107 million



Financial result

-226 million



Foundation equity

1,347 million



Financial overview and income statement

The financial result of CHF -226.2 million was the result of one of the roughest years in global financial markets’ history. As a result, the AO Foundation’s equity decreased to CHF 1,347 million by the end of 2022.

Find the financial overview and the income statement 2022 in comparison to budget and previous year here:

Asset management

The asset management result of CHF -219.6 million reflects an actual return of -14% on the underlying financial assets amounting to CHF 1,304 million by the end of 2022.


The number of full-time equivalents (FTEs) by December 31, 2022 is 402.8. The percentages of their distribution across the AO is represented below.

FTE overview by area

505.0 FTEs

  • AO Research Institute (ARI)

    108.0 FTEs/21%

  • AO Education Institute (AO EI)

    47.8 FTEs/10%

  • AO Innovation Translation Center (AO ITC)

    45.8 FTEs/9%

  • Education Events

    70.7 FTEs/14%

  • Community & Governance

    26.6 FTEs/5%

  • Support Units

    95.1 FTEs/19%

  • Others

    2 FTEs/0%

  • Asia Pacific

    50.9 FTEs/10%

  • Latin America

    24 FTEs/5%

  • North America

    34.2 FTEs/7%


According to its Transparency Policy, the AO Foundation annually publishes the total remuneration of the AO Foundation Board (AO FB), international boards of the clinical divisions, and the AO Executive Management, in addition to disclosing all scientific grants to third parties.

Remunerations per board

The total remunerations summarized for all governance activities of the International Funding Boards in 2022 were CHF 1,421,000 (2021: CHF 1,363,450) which is 0.9% (2021: 1.1%) of the total Operating Expenses of the AO Foundation and its institutions. The table below shows the total remuneration of each individual International Board in absolute amounts CHF and as a percent of the total amount of individual Operational Expenses, as well as the absolute amount of the highest individual remuneration amount within each board in 2022:

Remuneration of the AO Executive Committee and the relative ratio between the highest and the lowest paid individual compensation of all permanent employees.

The total annual compensation of the six members of the AO Executive Committee 2022 was CHF 1,894,525 (2021: CHF 1,871,850). The highest individual compensation was CHF 334’087 resulting in a 1/7,49 relative ratio between the highest and the lowest paid individual compensation (permanent employees).

Assignment of scientific and other grants to third party organizations

In 2022, the AO Foundation funded research projects with scientific and other grants in a total of CHF 2,849,906 in 72 different third-party organizations (2021: CHF 2,524,152).