Speaking to the Swissinfo news service following a recent reinterpretation of the rules, sparked by the conclusion of negotiations on the first set of bilateral treaties with the EU, chairman of the British-Swiss Chamber of Commerce (BSCC), Howard Rosen observed that:

'There is certainly no sense in having people on the board of a company just because they happen to hold a Swiss passport,' continuing: 'And if you pack your board with people who are not fully au fait with what's going on, it's rather dangerous.'

The changes, which took effect last month, allow firms registered in Switzerland to have a boardroom majority comprised of EU or EFTA nationals, as long as they are resident in Switzerland. However, this proviso has caused some concern amongst foreign firms.

Also speaking to Swissinfo, chief executive of the Swiss arm of London's Coutts Bank, Hans Peter Brunner explained that although he welcomed the changes, he would like to have chairman Lord Hume, and chief executive Gordon Pell on the Swiss board, but is unable to because they are non-residents.

'The old idea that you have to have a majority of board members resident in Switzerland in today's globalised economy is a nonsense,' he observed.