Federal Act
on the Amendment of the Swiss Civil Code
(Part Five: The Code of Obligations)

¹ Un­less the art­icles of as­so­ci­ation provide oth­er­wise, the board of dir­ect­ors may del­eg­ate the man­age­ment of all or part of the com­pany’s busi­ness in ac­cord­ance with or­gan­isa­tion­al reg­u­la­tions to in­di­vidu­al mem­bers or third parties (ex­ec­ut­ive board).

² In the case of com­pan­ies whose shares are lis­ted on a stock ex­change, the man­age­ment of the com­pany’s busi­ness may be del­eg­ated to in­di­vidu­al mem­bers of the board of dir­ect­ors or to oth­er nat­ur­al per­sons. The man­age­ment of the com­pany’s as­sets may be del­eg­ated to nat­ur­al per­sons or leg­al en­tit­ies.

³ The or­gan­isa­tion­al reg­u­la­tions shall reg­u­late the man­age­ment of the com­pany’s busi­ness, stip­u­late the bod­ies re­quired to carry this out, define their du­ties and, in par­tic­u­lar, reg­u­late the com­pany’s in­tern­al re­port­ing.

⁴ On re­quest, the board of dir­ect­ors shall is­sue in­form­a­tion in writ­ing or elec­tron­ic­ally con­cern­ing the or­gan­isa­tion of the busi­ness man­age­ment to share­hold­ers and com­pany cred­it­ors with a demon­strable in­terest war­rant­ing pro­tec­tion.

⁵ Where man­age­ment of the com­pany’s busi­ness has not been del­eg­ated, it is the re­spons­ib­il­ity of all the mem­bers of the board of dir­ect­ors.