Shareholder-elected board members

Shareholder-elected board members are elected by the shareholders at the shareholders’ meetings. Such board members are nominated by either the Board of Directors or a shareholder.

According to the Articles of Association the Board of Directors comprises 4 to 8 shareholder-elected board members. Shareholder-elected board members serve a one-year term and can be re-elected at the shareholders’ meeting. Board members must retire at the first shareholder meeting after reaching the age of 70.