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

¹ The board of dir­ect­ors shall have the fol­low­ing non-trans­fer­able and in­ali­en­able du­ties:

1.

the over­all man­age­ment of the com­pany and is­su­ing the re­quired dir­ect­ives;

2.

de­term­in­ing the com­pany’s or­gan­isa­tion;

3.

or­gan­ising the ac­count­ing, fin­an­cial con­trol and fin­an­cial plan­ning sys­tems as re­quired for man­age­ment of the com­pany;

4.

ap­point­ing and dis­miss­ing per­sons en­trus­ted with man­aging and rep­res­ent­ing the com­pany;

5.

over­all su­per­vi­sion of the per­sons en­trus­ted with man­aging the com­pany, in par­tic­u­lar with re­gard to com­pli­ance with the law, art­icles of as­so­ci­ation, op­er­a­tion­al reg­u­la­tions and dir­ect­ives;

6.

com­pil­ing the an­nu­al re­port⁵⁸⁰, pre­par­ing for the gen­er­al meet­ing and im­ple­ment­ing its res­ol­u­tions;

7.⁵⁸¹

filing an application for a debt restructuring moratorium andno­ti­fy­ing the court in the event that the com­pany is over­indebted;

8.⁵⁸²

in the case of com­pan­ies whose shares are lis­ted on a stock ex­change: pre­par­ing the re­mu­ner­a­tion re­port.

² The board of dir­ect­ors may as­sign re­spons­ib­il­ity for pre­par­ing and im­ple­ment­ing its res­ol­u­tions or mon­it­or­ing trans­ac­tions to com­mit­tees or in­di­vidu­al mem­bers. It must en­sure ap­pro­pri­ate re­port­ing to its mem­bers.