Organisational structure of the Board of Directors

The Board of Directors constitutes itself at the first meeting following the Annual General Meeting of share-holders. With the exception of the Chairman and the members of the Compensation Committee, who are elected at the Annual General Meeting of shareholders, the Board of Directors elects among its independent members a Vice Chairman and a Lead Independent Director. The same member may act in both roles. The Board of Directors also elects the Chairpersons and members of the Board Committees as proposed by the Chairman’s and Governance Committee. The Board of Directors may remove the members from any such special function at any time. The Board of Directors also 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 SRL Bylaws, which define the organisational structure of Swiss Re Ltd and the responsibilities and authorities of the Board of Directors, its committees and the Group EC and their members. The SRL Bylaws also provide an overview on periodic reports to be submitted to the Board of Directors and its committees. The Chairman’s and Governance Committee and the entire Board of Directors review at least annually the SRL Bylaws to ensure their continued effectiveness and compliance with the Articles of Association, applicable laws, regulations and best practice.