Organisational structure of the Board of Directors

The Board of Directors constitutes itself and elects among its members the Chairman and Vice Chairmen as well as the chairpersons and members of the Board committees. It appoints its secretaries who do not need to be members of the Board.

The organisation of the Board of Directors is set forth in the Group Bylaws, which define the responsibilities of the Board of Directors, its committees and the Group Executive Committee (Group EC), as well as the respective reporting procedures. The Chairman’s and Governance Committee and the full Board annually review the Group Bylaws to ensure their continued effectiveness and compliance with the Articles of Association, applicable laws, regulations and best practice.