The Board of Directors may transfer the management and representation of the Company or individual parts thereof to one or several persons, members of the Board of Directors, or other natural persons who do not have to be shareholders.


The Board of Directors issues the organizational policies and organize the appropriate contractual relationships.

The organizational policies organize the management, determine the bodies responsible for it, describe their duties and regulate in particular the reporting.


The maximum number of mandates of a member of the Group Management as member of the top management or administrative body of other legal enti-ties outside of the Group which require registration in the commercial register or an equivalent foreign register is five; however, no more than two mandates must be held at any listed company.

If mandates are held in several companies of the same group of companies, they count as one mandate; however, they must not exceed ten mandates for any group of companies.

The acceptance of mandates must not adversely affect the performance of duties toward the Company.