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Supervisory Board and Committees

Responsibilities / Structure

The Supervisory Board, supervises the conduct of management by the Management Board and the general course of affairs of the company and supports the Management Board by providing advice. The Supervisory Board acts in the interest of the company as well as that of its stakeholders as a whole in performing its duties. More details about the Supervisory Board's responsibilities, duties and powers can be read in the Supervisory Board Rules.

The Supervisory Board consists of at least three members. The Supervisory Board has prepared a profile of its size and composition.

The members are appointed by the General Meeting. A Supervisory Board member is appointed for a period of four years and may then be reappointed for another four-year period. The Supervisory Board member may then be reappointed again for a period of two years, which appointment may be extended by at most two years.

The members retire periodically in accordance with the Supervisory Board Rotation Plan.

The remuneration of the Supervisory Board members is determined by the General Meeting. The members of the Supervisory Board are not authorised to receive any payments under the company's pension or bonus schemes or under the option plan or share plans.

The Supervisory Board has established an Audit Committee, a Remuneration Committee and a Selection & Appointment Committee. Each of these committees are staffed by members of the Supervisory Board. At least one of the members of the Audit Committee is a financial expert.