Elections and terms of office

Shareholders elect each member of the BoD individually, as well as the Chairman and the members of the Compensation Committee, every year based on proposals from the BoD. As set out in the Organization Regulations, BoD members are normally expected to serve for a minimum of three years. No BoD member may serve for more than 12 consecutive terms of office. In exceptional circumstances, the BoD may extend this limit. In accordance with the Swiss Code of Best Practice for Corporate Governance, we seek appropriate diversity among the members of the BoD, including gender diversity, as well as appropriate professional backgrounds and experience.