Head Custom Snippet 1 goes here

Finance and governance

In the backdrop of a dynamic global landscape marked by shifting geopolitical tensions and economic uncertainties, our operations have demonstrated resilience, achieving a satisfactory operational and financial performance. Despite lingering challenges, our organization experienced a modest uptick in activities.

Although the number of AO educational events offered was lower, the income from these events demonstrated a slight but steady growth compared to the previous year. Concurrently, diligent cost management led to considerable reductions in educational expenses, signaling a promising advancement in our optimization and engagement initiatives.

As we look forward, opportunities and risks coexist in the global landscape. Geopolitical tensions impact market dynamics amid cautious optimism tempered by inflation and potential interest rate hikes. Moving ahead, we remain committed to adapting to evolving market conditions and sustaining our operational optimization trajectory in the face of uncertainty.

Compared to the previous year, third-party income increased by +19% to CHF 34.7 million and is +4.0% (CHF 1.4 million) above the budget, mainly reflecting strong management and successful educational events activities across the globe. At the same time, and thanks to various optimization projects and solid cost control, the total operating expenses remained stable at CHF 153 million in the current year, with the biggest driver being educational expenses, which decreased slightly by -1.0% compared to the prior year. The operating result for the year was CHF -42.0 million.

Operating income

111 million


Financial result

88 million


Foundation equity

1,394 million


Financial overview and income statement

The financial result of CHF 88.0 million reflects the resilience of our asset management segment, contributing to a satisfactory outcome despite the challenging global financial market conditions. As a result, the AO Foundation’s equity increased to CHF 1,394 million by the end of 2023.

Find the financial overview and the income statement 2023 in comparison to budget and previous year

Asset management

The asset management result shows a return on investment of 7.2%. Assets under management at the end of 2023 amounted to CHF 1,342 million.


The number of full-time equivalents (FTEs) by December 31, 2023 is 505.0. 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 publishes annually the total remuneration of the AO Foundation Board (AO FB), international boards of the clinical divisions and units, 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 2023 were CHF 1,399,250 (2022: CHF 1,421,000) which is 0.91% (2022: 0.93%) 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 2023:

Remuneration of the AO Executive Committee (AO EC) 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 EC 2023 was CHF 1,966,496.63 (2022: CHF 1,894,525). The highest individual compensation was CHF 345,600 resulting in a 1/7.91 relative ratio between the highest and the lowest paid individual compensation (permanent employees).

Assignment of scientific and other grants to third party organizations

In 2023, the AO Foundation funded research projects with scientific and other grants totaling CHF 2,990,748 benefiting 73 different third-party organizations (2022: CHF 2,849,906).