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

¹ Where a leg­al en­tity that is re­quired to file fin­an­cial re­ports con­trols one or more un­der­tak­ings that are re­quired to file fin­an­cial re­ports, the en­tity must pre­pare con­sol­id­ated an­nu­al ac­counts (con­sol­id­ated ac­counts) in the an­nu­al re­port for all the un­der­tak­ings con­trolled.

² A leg­al en­tity con­trols an­oth­er un­der­tak­ing if it:

1.

dir­ectly or in­dir­ectly holds a ma­jor­ity of votes in the highest man­age­ment body;

2.

dir­ectly or in­dir­ectly has the right to ap­point or re­move a ma­jor­ity of the mem­bers of the su­preme man­age­ment or ad­min­is­trat­ive body; or

3.

it is able to ex­er­cise a con­trolling in­flu­ence based on the art­icles of as­so­ci­ation, the found­a­tion deed, a con­tract or com­par­able in­stru­ments.

³ A re­cog­nised stand­ard un­der Art­icle 963b may define the group of un­der­tak­ings.

⁴ As­so­ci­ations, found­a­tions and co­oper­at­ives may del­eg­ate the duty to pre­pare con­sol­id­ated ac­counts to a con­trolled un­der­tak­ing provided the con­trolled un­der­tak­ing con­cerned brings all the oth­er un­der­tak­ings to­geth­er un­der a single man­age­ment by hold­ing a vot­ing ma­jor­ity or in any oth­er way and proves that it ac­tu­ally ex­er­cises con­trol.