7 Change in shareholders’ equity

At the 151st Annual General Meeting held on 21 April 2015, the Group’s shareholders authorised the Group Board of Directors to repurchase up to a maximum CHF 1 billion purchase value of the Group’s own shares prior to the 2016 Annual General Meeting through a public share buy-back programme for cancellation purposes. The buy-back programme was completed on 2 March 2016. The total number of shares repurchased amounted to 10.6 million, of which 4.4 million and 6.2 million shares were repurchased by 31 December 2015 and between 1 January and 2 March 2016, respectively. On 22 April 2016, the 152nd Annual General Meeting resolved the cancellation of the repurchased 10.6 million shares by way of share capital reduction. The shares were cancelled on 18 July 2016, after completion of the procedure in respect of a share capital reduction as set forth in Article 732 et seqq. of the Swiss Code of Obligation.

At the 152nd Annual General Meeting held on 22 April 2016, the Group’s shareholders authorised the Group Board of Directors to repurchase up to a maximum CHF 1 billion purchase value of the Group’s own shares prior to the 2017 Annual General Meeting through a public share buy-back programme for cancellation purposes.