Remuneration

The members of the Board of Directors receive a fixed remuneration (fees and expenses) based on a sliding scale for the Chair, the Vice-Chair, the Chairs of the committees and the other Board members. Remuneration for the members of the Executive Board consists of a basic salary (including lump-sum expenses) and a variable salary component that is dependent on achieving company and personal targets. The amount of remuneration for members of the Executive Board is determined by the Staff and Compensation Committee within the framework defined by the Board of Directors. The remuneration paid to the Executive Board and Board of Directors is disclosed in paragraphs 9 and 10 of the notes to the Swiss GAAP FER financial statements and is approved in this form by the General Assembly, as it was in the previous reporting year, without any objections from shareholders.