The Annual General Meeting takes place every year within six months after the close of the financial year. Extraordinary General Meetings are convened whenever the Board of Directors or the Auditors consider it necessary.

The General Meeting has the following powers. It establishes and amends the Articles of Association, elects the members of the Board of Directors, the Statutory Auditors and the Group Auditors. In addition shareholders at the General Meeting approve the annual report, the consolidated financial statements and the annual accounts and they decide on the appropriation of retained earnings.

The AGM gives the members of the Board of Directors and of the Group Executive Board a discharge concerning their administration and takes decisions on all matters reserved to the General Meeting by law or by the Articles of Association, or which are placed before it by the Board of Directors.