Committees

The Audit Committee presently consists of Hans Caspar von der Crone (Chairman), Melk M. Lehner and Leo Steiner. Furthermore, the CEO, CFO and the external auditors participate in the meetings of the Audit Committee.

The Audit Committee receives the audit reports of the statutory auditor and reports on them to the Board of Directors. In particular, it ensures that not only the Group itself but also its member companies are audited regularly. At least twice a year, the committee also commissions a report on audits undertaken and planned and on any proposals to improve the auditing function.

The Remuneration Committee presently consists of Leo Steiner (Chairman), Max Koch and Daniel Hirschi.

The Remuneration Committee determines the salary and the bonus of the CEO and the members of senior management, as well as the compensation of the Board of Directors. At the beginning of the year, it establishes goals which must be met for the bonus to be payable. The committee also sets the terms for the employee share ownership programme.

Both committees meet as necessary, and meetings may be called by any member.