We operate under a strict dual Board structure, as mandated
by Swiss banking law. The functions of Chairman of the
Board of Directors (Chairman) and Chief Executive Officer
(CEO) are conferred on two different people, thus providing
separation of powers. No member of one board may be a
member of the other. This structure establishes checks and
balances and creates an institutional independence of the
Board of Directors from the day-to-day management of the
firm, for which responsibility is conferred on the Group
Executive Board (GEB).