UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
Current
Report
Pursuant To Section 13 or 15 (d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): May 21, 2015
ACE LIMITED
(Exact name
of registrant as specified in its charter)
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Switzerland
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1-11778
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98-0091805
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(State or other jurisdiction
of incorporation) |
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(Commission
File Number) |
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(I.R.S. Employer
Identification No.) |
Baerengasse 32
CH-8001 Zurich, Switzerland
(Address of principal executive offices)
Registrants telephone number, including area code: +41 (0)43 456 76 00
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (see General Instruction A.2. below):
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Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
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Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
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Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
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Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 5.02 |
Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers |
(e) On May 21, 2015, the company entered into executive management non-competition agreements (the Non-Compete Agreements) with the
following executive managers of the company: Evan G. Greenberg, Chairman, President and CEO; Philip V. Bancroft, Chief Financial Officer; John W. Keogh, Vice Chairman and Chief Operating Officer, and Chairman, ACE Overseas General; John J.
Lupica, Vice Chairman, and Chairman, InsuranceNorth America; and Joseph F. Wayland, General Counsel and Secretary.
The Non-Compete
Agreements generally prohibit executives from engaging in, or soliciting clients, customers and employees of the company in connection with, any business competitive with the company for a period of 24 months following termination of employment. The
Non-Compete Agreements restrictions take effect if the company terminates such managers employment. If the termination is for reasons other than disability, gross negligence or willful misconduct, in exchange for complying with the
agreements restrictions, the executive will receive a payment equal to the sum of (i) two times annual base salary, (ii) two times the average of the bonuses paid to the executive for the prior three years, (iii) a pro rata
annual bonus for the year of termination, and (iv) an amount equal to 24 months of the companys portion of the health and dental premium payments, and the executive will receive 24 months of continued vesting of certain equity awards
granted before the date of the Non-Compete Agreement. In addition, in such circumstances, unvested restricted stock awards will continue to vest and unvested stock options shall continue to vest and become exercisable, in each case as if the
executive remained employed for two years (unless the change in control provisions of the award apply).The executives forfeit their rights to the payment and continued vesting, and they must repay amounts already paid in cash or the value of shares
received through equity awards, if applicable, if they violate any provision of a Non-Compete Agreement. The Non-Compete Agreements also require the executive to sign a waiver and release to receive payment and continued vesting.
Each Non-Compete Agreement is substantially in the form attached here to as Exhibit 10.1. The foregoing description of the Non-Compete
Agreements does not purport to be complete and is qualified in its entirety by reference to the full text of the form of Non-Compete Agreement, which is attached hereto as Exhibit 10.1 and is incorporated herein by reference.
Item 5.03 |
Amendment to the Articles of Incorporation or Bylaws; Change in Fiscal Year |
At the
companys annual general meeting held on May 21, 2015, the companys shareholders approved amendments to the companys Articles of Association to implement requirements under the Swiss Ordinance Against Excessive Compensation in
Listed Stock Companies (the Minder Ordinance) regarding compensation of the Board of Directors and executive management, elections, related corporate governance and certain other matters (together, the Amendments). The
proposals to adopt the Amendments were previously disclosed in Agenda Item Numbers 9 and 10 in the Companys Definitive Proxy Statement as filed with the Securities and Exchange Commission on April 8, 2015, with the precise amendments
marked to show changes set forth in Annex A and Annex B to such proxy statement. The companys amended Articles of Association containing these amendments will become effective upon registration with the Commercial Register of the Canton of
Zurich, Switzerland (the Swiss Commercial Register). Subject to the subsequent approval by Swiss Federal Commercial Register Office, the effective date of such registration is expected to be on or about May 22, 2015.
The foregoing description of the Amendments is qualified in its entirety by reference to the companys amended and restated Articles of
Association attached hereto as Exhibit 3.1 and incorporated herein by reference.
On May 21, 2015, the Board of the company amended
and restated its Organizational Regulations to make conforming changes to reflect the amendments to the companys Articles of Association as approved by shareholders at the annual general meeting, to clarify the powers and responsibilities of
the Board of Directors, to streamline the sections discussing committees of the Board of Directors, including to incorporate committee charters into the Organizational Regulations, and to make certain editorial and re- numbering changes.
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The foregoing description of the amendments to the Companys Organizational Regulations is
qualified in its entirety by reference to the Companys amended and restated Organizational Regulations attached hereto as Exhibit 3.2 and incorporated herein by reference.
Item 5.07 |
Submission of Matters to a Vote of Security Holders |
The company convened its annual
general meeting of shareholders on May 21, 2015 pursuant to notice duly given. The agenda items submitted at the annual general meeting were passed. The matters voted upon at the meeting and the results of such voting are set forth below.
At the 2015 annual general meeting abstentions and broker non-votes were not considered in the tabulation of the vote (and thus should be
disregarded) to determine approval of each of the items below. Approval of each item below (with the exception of Items 3 and 12) required the affirmative vote of a majority of the votes cast (in person or by proxy), as further described in the
companys proxy statement filed on April 8, 2015, under the headings What is the Effect of Broker Non-Votes and Abstentions? and What Vote is Required to Approve Each Agenda Item?.
1. |
Approval of the annual report, standalone financial statements and consolidated financial statements of ACE Limited for the year ended December 31, 2014 |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
283,128,263 |
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36,057 |
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1,164,042 |
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0 |
2.2 |
Allocation of disposable profit |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
283,897,579 |
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29,474 |
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401,309 |
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0 |
2.3 |
Distribution of a dividend |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
283,898,171 |
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35,635 |
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394,556 |
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0 |
3. |
Discharge of the Board of Directors |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
271,465,313 |
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614,985 |
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1,427,279 |
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10,591,242 |
The voting results for Agenda Item No. 3 exclude shares held by the companys directors and
executive officers, who are not permitted by law to vote their shares on the discharge of the Board of Directors.
4.1 |
Election of PricewaterhouseCoopers AG (Zurich) as the companys statutory auditor until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
282,912,984 |
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1,038,392 |
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376,986 |
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0 |
4.2 |
Ratification of appointment of independent registered public accounting firm PricewaterhouseCoopers LLP (United States) for purposes of United States securities law reporting for the year ending December 31, 2015
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
282,745,313 |
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1,206,547 |
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376,501 |
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0 |
4.3 |
Election of BDO AG (Zurich) as special auditing firm until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
283,844,151 |
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110,519 |
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373,692 |
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0 |
5.1 |
Reelection of Evan G. Greenberg as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
267,978,907 |
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4,620,321 |
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1,137,892 |
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10,591,242 |
5.2 |
Reelection of Robert M. Hernandez as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
268,121,027 |
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5,252,918 |
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363,175 |
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10,591,242 |
5.3 |
Reelection of Michael G. Atieh as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
270,103,066 |
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3,270,118 |
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363,936 |
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10,591,242 |
5.4 |
Reelection of Mary A. Cirillo as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
269,526,430 |
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3,806,739 |
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403,951 |
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10,591,242 |
5.5 |
Reelection of Michael P. Connors as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
269,554,301 |
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3,819,680 |
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363,139 |
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10,591,242 |
5.6 |
Reelection of John Edwardson as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
270,085,095 |
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3,289,050 |
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362,975 |
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10,591,242 |
5.7 |
Reelection of Peter Menikoff as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
269,762,686 |
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3,594,971 |
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379,463 |
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10,591,242 |
5.8 |
Reelection of Leo F. Mullin as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,420,703 |
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952,329 |
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364,088 |
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10,591,242 |
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5.9 |
Reelection of Kimberly Ross as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,360,620 |
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1,016,008 |
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360,492 |
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10,591,242 |
5.10 |
Reelection of Robert Scully as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,334,541 |
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1,038,993 |
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363,586 |
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10,591,242 |
5.11 |
Reelection of Eugene B. Shanks, Jr. as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,642,798 |
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730,697 |
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363,625 |
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10,591,242 |
5.12 |
Reelection of Theodore E. Shasta as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,695,322 |
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677,888 |
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363,910 |
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10,591,242 |
5.13 |
Reelection of David Sidwell as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,686,248 |
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687,418 |
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363,454 |
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10,591,242 |
5.14 |
Reelection of Olivier Steimer as director until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,625,016 |
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749,143 |
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362,961 |
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10,591,242 |
6. |
Election of Evan G. Greenberg as the Chairman of the Board of Directors until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
216,272,291 |
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56,326,975 |
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1,137,854 |
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10,591,242 |
7.1 |
Election of Michael P. Connors as Compensation Committee member until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
271,086,836 |
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2,281,113 |
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369,171 |
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10,591,242 |
7.2 |
Election of Mary A. Cirillo as Compensation Committee member until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
270,950,407 |
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2,419,846 |
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366,867 |
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10,591,242 |
5
7.3 |
Election of John Edwardson as Compensation Committee member until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
271,476,440 |
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1,891,146 |
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369,534 |
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10,591,242 |
7.4 |
Election of Robert M. Hernandez as Compensation Committee member until the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
269,281,810 |
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4,085,914 |
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369,396 |
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10,591,242 |
8. |
Election of Homburger AG as independent proxy until the conclusion of the companys next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
283,854,157 |
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57,163 |
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417,042 |
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0 |
9. |
Amendment of the Articles of Association to implement new requirements under the Minder Ordinance regarding elections, related corporate governance and certain other matters |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,273,679 |
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1,081,848 |
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381,593 |
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10,591,242 |
10. |
Amendments to the Articles of Association to implement new requirements under the Minder Ordinance regarding the compensation of the Board of Directors and Executive Management and related matters |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
198,087,122 |
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75,000,615 |
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649,383 |
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10,591,242 |
11.1 |
Compensation of the Board of Directors until the next annual general meeting |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
272,211,314 |
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443,337 |
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1,082,469 |
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10,591,242 |
11.2 |
Compensation of Executive Management for the next calendar year |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
209,163,151 |
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63,897,136 |
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676,833 |
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10,591,242 |
12. |
Advisory vote to approve executive compensation |
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Shares Voted For |
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Shares Voted Against |
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Shares Abstained |
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Broker Non-Votes |
246,001,640 |
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27,325,999 |
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409,481 |
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10,591,242 |
6
Item 9.01 |
Financial Statements and Exhibits |
(d) Exhibits
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Exhibit Number |
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Description |
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3.1 |
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Articles of Association of the company as amended |
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3.2 |
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Organizational Regulations of the company as amended |
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4.1 |
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Articles of Association of the company as amended (Incorporated by reference to Exhibit 3.1) |
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4.2 |
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Organizational Regulations of the company as amended (Incorporated by reference to Exhibit 3.2) |
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10.1 |
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Form of Executive Management Non-Competition Agreement |
7
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by
the undersigned thereunto duly authorized.
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ACE LIMITED |
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By: |
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/s/ Joseph F. Wayland |
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Joseph F. Wayland |
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General Counsel |
DATE: May 21, 2015
EXHIBIT INDEX
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Exhibit Number |
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Description |
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3.1 |
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Articles of Association of the company as amended |
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3.2 |
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Organizational Regulations of the company as amended |
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4.1 |
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Articles of Association of the company as amended (Incorporated by reference to Exhibit 3.1) |
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4.2 |
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Organizational Regulations of the company as amended (Incorporated by reference to Exhibit 3.2) |
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10.1 |
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Form of Executive Management Non-Competition Agreement |
Exhibit 3.1
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STATUTEN
der
ACE Limited (ACE
AG) (ACE SA)
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ARTICLES OF ASSOCIATION
of
ACE Limited (ACE
AG) (ACE SA) |
I. Firma, Sitz und Zweck der Gesellschaft
Artikel 1 Firma, Sitz und Dauer der Gesellschaft
Unter der Firma
ACE Limited
(ACE AG) (ACE
SA)
besteht eine Aktiengesellschaft gemäss
Artikel 620 ff. OR mit Sitz in Zürich. Die Dauer der Gesellschaft ist unbeschränkt. |
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I. Name, Domicile and Purpose of the Company
Article 1 Corporate Name, Registered Office and
Duration Under the corporate name
ACE Limited
(ACE AG) (ACE
SA)
a Company exists pursuant to art. 620 et
seq. of the Swiss Code of Obligations (hereinafter CO) having its registered office in Zurich. The duration of the Company is unlimited. |
Artikel 2 Zweck
a) Hauptzweck der Gesellschaft ist der Erwerb, das Halten und der
Verkauf von Beteiligungen an Unternehmen, insbesondere, jedoch nicht ausschliesslich, solcher der Direkt- und Rückversicherungsbranche. |
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Article 2 Purpose
a) The main purpose of the Company is to acquire, hold, manage and
to sell equity participations, including in insurance and reinsurance companies as well as in other companies. |
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Die Gesellschaft kann Finanz- und Management-Transaktionen ausführen. Sie kann Zweigniederlassungen und Tochtergesellschaften im In-
und Ausland errichten. |
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The Company may carry out finance and management transactions and set up branches and subsidiaries in Switzerland and
abroad. |
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Die Gesellschaft kann im In- und Ausland Grundstücke erwerben, halten und veräussern. |
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The Company may acquire, hold and sell real estate in Switzerland and abroad. |
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b) Die Gesellschaft kann alle Geschäfte tätigen, die geeignet sind, den
Zweck der Gesellschaft zu fördern und mit dem Zweck im Zusammenhang stehen. |
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b) The Company may engage in all types of transactions and may take all measures
that appear appropriate to promote the purpose of the Company or that are related to the same. |
II. Aktienkapital und Aktien |
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II. Share Capital and Shares |
Artikel 3 Aktienkapital
a) Das Aktienkapital der Gesellschaft beträgt CHF
8279402749.80 und ist eingeteilt in 342832412 auf den Namen lautende Aktien im Nennwert von CHF 24.15 je Aktie. Das Aktienkapital ist vollständig liberiert. |
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Article 3 Share Capital
a) The share capital of the Company amounts to
CHF 8,279,402,749.80 and is divided into 342,832,412 registered shares with a nominal value of CHF 24.15 per share. The share capital is fully paid-in. |
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b) Auf Beschluss der Generalversammlung können jederzeit Namenaktien in
Inhaberaktien und Inhaberaktien in Namenaktien umgewandelt werden. |
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b) Upon resolution of the General Meeting of Shareholders, registered shares may be
converted into bearer shares and bearer shares may be converted into registered shares, at any time. |
Artikel 4 Bedingtes Aktienkapital für
Anleihensobligationen und ähnliche Instrumente der Fremdfinanzierung
a) Das Aktienkapital der Gesellschaft wird im Maximalbetrag von
CHF 796950000.00 durch Ausgabe von höchstens 33000000 vollständig zu liberierenden Namenaktien mit einem Nennwert von CHF 24.15 je Aktie erhöht, bei und im Umfang der Ausübung von Wandel-
und/oder Optionsrechten, welche im Zusammenhang mit von der Gesellschaft oder ihren Tochtergesellschaften emittierten oder noch zu emittierenden Anleihensobligationen, Notes oder ähnlichen Obligationen oder Schuldverpflichtungen eingeräumt
wurden/werden, einschliesslich Wandelanleihen. |
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Article 4 Conditional Share Capital for Bonds and Similar
Debt Instruments
a) The share capital of the Company shall be increased by an amount
not exceeding CHF 796,950,000.00 through the issue of a maximum of 33,000,000 registered shares, payable in full, each with a nominal value of CHF 24.15 through the exercise of conversion and/or option or warrant rights granted in
connection with bonds, notes or similar instruments, issued or to be issued by the Company or by subsidiaries of the Company, including convertible debt instruments. |
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b) Das Bezugsrecht der Aktionäre ist für diese Aktien ausgeschlossen. Das
Vorwegzeichnungsrecht der Aktionäre in Bezug auf neue Anleihensobligationen, Notes oder ähnlichen Obligationen oder Schuldverpflichtungen kann durch Beschluss des Verwaltungsrates zu folgenden Zwecken eingeschränkt oder ausgeschlossen
werden: Finanzierung und Refinanzierung des Erwerbs von Unternehmen, Unternehmensteilen oder Beteiligungen, von durch die Gesellschaft geplanten neuen Investitionen oder bei der Emission von Options- und Wandelanleihen über internationale
Kapitalmärkte sowie im Rahmen von Privatplatzierungen. Der Ausschluss des Vorwegszeichnungsrechts ist ausschliesslich unter folgenden kumulativen Bedingungen zulässig: (1) Die Instrumente müssen zu Marktkonditionen emittiert werden,
(2) die Frist, innerhalb welcher die Options- und Wandelrechte ausgeübt werden können, darf ab Zeitpunkt der Emission des betreffenden Instruments bei Optionsrechten 10 Jahre und bei Wandelrechten 20 Jahre nicht überschreiten und (3)
der Umwandlungs- oder Ausübungspreis für die neuen Aktien hat mindestens dem Marktpreis zum Zeitpunkt der Emission des betreffenden Instruments zu entsprechen. |
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b) Shareholders pre-emptive rights are excluded. Shareholders advance
subscription rights with regard to the new bonds, notes or similar instruments may be restricted or excluded by decision of the Board of Directors in order to finance or re-finance the acquisition of companies, parts of companies or holdings, or new
investments planned by the Company, or in order to issue convertible bonds and warrants on the international capital markets or through private placement. If advance subscription rights are excluded, then (1) the instruments are to be placed at
market conditions, (2) the exercise period is not to exceed ten years from the date of issue for warrants and twenty years for conversion rights and (3) the conversion or exercise price for the new shares is to be set at least in line with the
market conditions prevailing at the date on which the instruments are issued. |
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c) Der Erwerb von Namenaktien durch Ausübung von Wandel- und Optionsrechten
sowie sämtliche weiteren Übertragungen von Namenaktien unterliegen den Übertragungsbeschränkungen gemäss Art. 8 der Statuten. |
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c) The acquisition of registered shares through the exercise of conversion rights or
warrants and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association. |
Artikel 5 Bedingtes Aktienkapital für
Mitarbeiterbeteiligungen
a) Das Aktienkapital der Gesellschaft wird im Maximalbetrag von
CHF 613673935.35 durch Ausgabe von höchstens 25410929 vollständig zu liberierenden Namenaktien mit einem Nennwert von CHF 24.15 je Aktie erhöht bei und im Umfang der Ausübung von Optionen, welche
Mitarbeitern der Gesellschaft oder ihrer Tochtergesellschaften sowie Beratern, Direktoren oder anderen Personen, welche Dienstleistungen für die Gesellschaft oder ihre Tochtergesellschaften erbringen, eingeräumt wurden/werden. |
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Article 5 Conditional Share Capital for Employee Benefit
Plans
a) The share capital of the Company shall be increased by an amount
not exceeding CHF 613,673,935.35 through the issue from time to time of a maximum of 25,410,929 registered shares, payable in full, each with a nominal value of CHF 24.15, in connection with the exercise of option rights granted to any
employee of the Company or a subsidiary, and any consultant, director, or other person providing services to the Company or a subsidiary. |
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b) Bezüglich dieser Aktien ist das Bezugsrecht der Aktionäre
ausgeschlossen. Neue Aktien dieser Art können unter dem aktuellen Marktpreis ausgegeben werden. Der Verwaltungsrat bestimmt bei einer solchen Emission die spezifischen Konditionen, inkl. den Preis der Aktien. |
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b) Shareholders pre-emptive rights shall be excluded with regard to these
shares. These new registered shares may be issued at a price below the current market price. The Board of Directors shall specify the precise conditions of issue including the issue price of the shares. |
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c) Der Erwerb von Namenaktien im Zusammenhang mit Mitarbeiterbeteiligungen sowie
sämtliche weiteren Übertragungen von Namenaktien unterliegen den Übertragungsbeschränkungen gemäss Art. 8 der Statuten. |
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c) The acquisition of registered shares in connection with employee participation
and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association. |
Artikel 6 Genehmigtes Kapital zu allgemeinen
Zwecken
a) Der Verwaltungsrat ist ermächtigt das Aktienkapital
jederzeit bis 15. Mai 2016 im Maximalbetrag von CHF 3381000000.00 durch Ausgabe von höchstens 140000000 vollständig zu liberierenden Namenaktien mit einem Nennwert von CHF 24.15 je Aktie zu
erhöhen. |
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Article 6 Authorized Share Capital for General
Purposes
a) The Board of Directors is authorized to increase the share
capital from time to time until May 15, 2016 by an amount not exceeding CHF 3,381,000,000.00 through the issue of up to 140,000,000 fully paid up registered shares with a nominal value of CHF 24.15 each. |
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b) Erhöhungen auf dem Weg der Festübernahme sowie Erhöhungen in
Teilbeträgen sind gestattet. Der Ausgabebetrag, die Art der Einlage, der Zeitpunkt der Dividendenberechtigung sowie die Zuweisung nicht ausgeübter Bezugsrechte werden durch den Verwaltungsrat bestimmt. |
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b) Increases through firm underwriting or in partial amounts are permitted. The
issue price, the date of dividend entitlement, the type of consideration (including the contribution or underwriting in kind) as well as the allocation of non exercised pre-emptive rights shall be determined by the Board of Directors. |
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c) Der Verwaltungsrat ist ermächtigt, Bezugsrechte der Aktionäre
auszuschliessen und diese Dritten zuzuweisen, wenn die neu auszugebenden Aktien zu folgenden Zwecken verwendet werden: (1) Fusionen, Übernahmen von Unternehmen oder Beteiligungen, Finanzierungen und Refinanzierungen solcher Fusionen und
Übernahmen sowie anderweitige Investitionsvorhaben (unter Einschluss von Privatplatzierungen), (2) Stärkung der regulatorischen Kapitalbasis der Gesellschaft oder ihrer Tochtergesellschaften (unter Einschluss von Privatplatzierungen),
(3) zur Erweiterung des Aktionariats oder (4) zum Zwecke der Mitarbeiterbeteiligung. |
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c) The Board of Directors is authorized to exclude the pre-emptive rights of the
shareholders and to allocate them to third parties in the event of the use of shares for the purpose of (1) mergers, acquisitions of enterprises or participations, financing and/or refinancing of such mergers and acquisitions and of other investment
projects (including by way of private placements), (2) to improve the regulatory capital position of the company or its subsidiaries (including by way of private placements), (3) broadening the shareholder constituency or (4) for the purpose of the
participation of employees. |
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d) Die Zeichnung sowie der Erwerb von Namenaktien aus genehmigtem Kapital zu
allgemeinen Zwecken sowie sämtliche weiteren Übertragungen von Namenaktien unterliegen den Übertragungsbeschränkungen gemäss Art. 8 der Statuten. |
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d) The subscription and acquisition of registered shares out of authorized share
capital for general purposes and any further transfers of registered shares shall be subject to the restrictions specified in Article 8 of the Articles of Association. |
Artikel 7 Aktienzertifikate
a) Die Gesellschaft kann auf Druck und Auslieferung der
Aktienzertifikate verzichten sowie bereits gedruckte Zertifikate annullieren. Letzteres setzt die Einlieferung der Zertifikate bei der Gesellschaft sowie das Einverständnis der Aktionäre voraus. Der Aktionär kann jedoch von der
Gesellschaft jederzeit kostenlos Druck und Auslieferung der Aktienzertifikate verlangen. Die Gesellschaft kann die Namenaktien ihrerseits jederzeit drucken. |
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Article 7 Share Certificates
a) The Company may forego the printing and delivery of registered
shares and may cancel without replacement already printed shares. Registered shares already issued can only be cancelled when they are returned to the Company and the shareholder agrees. The shareholder may request at any time, without cost, the
printing and delivery of his registered shares. The Company may for its part print out the registered shares at any time. |
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b) Nicht verurkundete Namenaktien einschliesslich der daraus entspringenden Rechte
können nur durch Zession übertragen werden. Die Zession bedarf zur Gültigkeit der Anzeige an die Gesellschaft. Die Berechtigung an den Zertifikaten der übertragenen Aktien wird durch rechtsgültige Zession übertragen und
bedarf keiner Zustimmung seitens der Gesellschaft. Die Bank, welche abgetretene Namenaktien für die Aktionäre verwaltet, kann von der Gesellschaft über die erfolgte Zession benachrichtigt werden. |
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b) Registered shares not physically represented by certificates and the rights
arising therefrom can only be transferred by assignment. Such assignment shall not be valid unless notice is given to the Company. Title to the certificate of the transferred share is passed on to the transferee through legal and valid assignment
and does not need the explicit consent of the Company. The bank which handles the book entries of the assigned registered shares on behalf of the shareholders may be notified by the Company of the assignment. |
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c) Nicht verurkundete Namenaktien sowie die daraus entspringenden
Vermögensrechte können ausschliesslich zugunsten der Bank, welche die Aktien im Auftrag des betreffenden Aktionärs verwaltet, verpfändet werden. Die Verpfändung bedarf eines schriftlichen Pfandvertrags. Eine Benachrichtigung
der Gesellschaft ist nicht erforderlich. |
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c) Registered shares not physically represented by certificates and the financial
rights arising from these shares may only be pledged to the bank handling the book entries of such shares for the shareholder. The pledge must be made by means of a written pledge agreement. Notice to the Company is not required. |
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Artikel 8 Aktienregister;
Beschränkungen der Übertragbarkeit
a) Für die Namenaktien wird ein Aktienbuch geführt. Darin
werden die Eigentümer und Nutzniesser mit Namen und Vornamen, Wohnort, Adresse und Staatsangehörigkeit (bei juristischen Personen mit Sitz) eingetragen. |
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Article 8 Shareholders Register,
Transfer Restrictions
a) Registered shares are issued in the name of the owner or the
usufructuary. This person shall be entered in the share register with his name, address, domicile and citizenship (domicile in case of legal entities). |
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b) Zur Eintragung ins Aktienbuch als Aktionär mit Stimmrecht ist die Zustimmung
des Verwaltungsrats notwendig. Die Eintragung als Aktionär mit Stimmrecht kann in den in Art. 8 lit. c), d), e) und f) der Statuten festgehaltenen Fällen abgelehnt werden. Lehnt der Verwaltungsrat die Eintragung des Erwerbers als
Aktionär mit Stimmrecht ab, benachrichtig er diesen innerhalb von 20 Tagen seit dem Eingang des Eintragungsgesuchs. Nicht anerkannte Erwerber werden als Aktionäre ohne Stimmrecht ins Aktienbuch eingetragen. Die entsprechenden Aktien gelten
in der Generalversammlung als nicht vertreten. |
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b) Entry in the share register of registered shares with voting rights is subject to
the approval of the Board of Directors. Entry of registered shares with voting rights may be refused based on the grounds set out in Article 8(c), (d), (e) and (f). If the Board of Directors refuses to register the acquirer as shareholder with
voting rights it shall notify the acquirer of such refusal within 20 days upon receipt of the application. Non-recognized acquirers shall be entered in the share register as shareholders without voting rights. The corresponding shares shall be
considered as not represented in the General Meeting of Shareholders. |
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c) Eine natürliche oder juristische Person wird in dem Umfang nicht als
Aktionärin mit Stimmrecht im Aktienbuch eingetragen, in welchem die von ihr direkt oder indirekt im Sinne von Art. 14 der Statuten gehaltene oder sonstwie kontrollierte Beteiligung 10% oder mehr des im Handelsregister eingetragenen
Aktienkapitals beträgt. Dabei gelten Personen, die durch Absprache, Kapital, Stimmkraft, Leitung, Syndikat oder auf andere Weise miteinander verbunden sind, als eine Person. Im Umfang, in welchem eine derartige Beteiligung 10% oder mehr des
Aktienkapitals beträgt, werden die entsprechenden Aktien ohne Stimmrecht ins Aktienbuch eingetragen. |
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c) No individual or legal entity may, directly or indirectly, formally,
constructively or beneficially own (as defined in Article 14 below) or otherwise control voting rights with respect to 10% or more of the registered share capital recorded in the Commercial Register. Those associated through capital, voting power,
joint management or in any other way, or joining for the acquisition of shares, shall be regarded as one person. The registered shares exceeding the limit of 10% shall be entered in the share register as shares without voting rights. |
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d) Die oben erwähnte 10% Limite gilt auch bei der Zeichnung oder Erwerb von
Aktien, welche mittels Ausübung von Options- oder Wandelrechten aus Namen- oder Inhaberpapieren oder sonstigen von der Gesellschaft oder Dritten ausgestellten Wertpapieren oder welche mittels Ausübung von erworbenen Bezugsrechten aus
Namen- oder Inhaberaktien gezeichnet oder erworben werden. Im Umfang, in welchem eine daraus resultierende |
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d) The limit of 10% of the registered share capital also applies to the subscription
for, or acquisition of, registered shares by exercising option or convertible rights arising from registered or bearer securities or any other securities issued by the Company or third parties, as well as by means of exercising purchased pre-emptive
rights arising from either registered |
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Beteiligung 10% oder mehr des Aktienkapitals beträgt, werden die entsprechenden Aktien ohne Stimmrecht ins Aktienbuch
eingetragen. |
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or bearer shares. The registered shares exceeding the limit of 10% shall be entered in the share register as shares without voting
rights. |
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e) Der Verwaltungsrat verweigert die Eintragung ins Aktienbuch als Aktionär mit
Stimmrecht oder entscheidet über die Löschung eines bereits eingetragenen Aktionärs mit Stimmrecht aus dem Aktienbuch, wenn der Erwerber auf sein Verlangen hin nicht ausdrücklich erklärt, dass er die Aktien im eigenen Namen
und auf eigene Rechnung erworben hat. |
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e) The Board of Directors shall reject entry of registered shares with voting
rights in the share register or shall decide on their cancellation when the acquirer or shareholder upon request does not expressly state that she/he has acquired or holds the shares in her/his own name and for her/his own account. |
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f) Der Verwaltungsrat verweigert die Eintragung natürlicher und juristischer
Personen, welche Namenaktien für Dritte halten und dies schriftlich gegenüber der Gesellschaft erklären werden, als Treuhänder/Nominees mit unbeschränktem Stimmrecht ins Aktienbuch oder entscheidet über die
Löschung aus dem Aktienbuch , wenn sie sich nicht dazu verpflichten, gegenüber der Gesellschaft auf deren schriftliches Verlangen hin jederzeit die Namen, Adressen und Beteiligungsquote derjenigen Personen offenzulegen, für welche sie
die Namenaktien halten. |
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f) The Board of Directors shall reject entry of individuals and legal entities,
who hold registered shares for third parties and state this in writing to the Company, as nominees in the share register with voting rights without limitation or shall decide on their cancellation when the nominee does not undertake the obligation
to disclose at any time to the Company at its written request the names, addresses and share holdings of each person for whom such nominee is holding shares. |
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g) Der Verwaltungsrat kann in besonderen Fällen Ausnahmen von den obgenannten
Beschränkungen (Art. 8 lit. c), d), e) and f) der Statuten) genehmigen. Sodann kann der Verwaltungsrat nach Anhörung der betroffenen Personen deren Eintragungen im Aktienbuch als Aktionäre rückwirkend streichen, wenn diese durch
falsche Angaben zustande gekommen sind oder wenn die betroffene Person die Auskunft gemäss Art. 8 lit. f) verweigert. |
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g) The Board of Directors may in special cases approve exceptions to the above
regulations (Article 8(c), (d), (e) and (f)). The Board of Directors is in addition authorized, after due consultation with the person concerned, to delete with retroactive effect entries in the share register which were effected on the basis of
false information and/or to delete entries in case the respective person refuses to make the disclosers according to Article 8(f). |
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h) Solange ein Erwerber nicht Aktionär mit Stimmrecht im Sinne von Art. 8 der
Statuten geworden ist, kann er weder die entsprechenden Stimmrechte noch die weiteren mit diesen in Zusammenhang stehenden Rechte wahrnehmen. |
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h) Until an acquirer becomes a shareholder with voting rights for the shares in
accordance with this Article 8, she/he may neither exercise the voting rights connected with the shares nor other rights associated with the voting rights. |
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III. Organisation |
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III. Organization |
A. Die Generalversammlung |
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A. The General Meeting
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Artikel 9 Befugnisse
Die Generalversammlung ist das oberste Organ der
Gesellschaft. Sie hat die folgenden unübertragbaren Befugnisse: |
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Article 9 Authorities
The General Meeting is the supreme corporate body of the
Company. It has the following non-transferable powers: |
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1. die Festsetzung und Änderung der Statuten; |
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1. to adopt and amend the Articles of Association; |
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2. die Wahl und Abwahl der Mitglieder des Verwaltungsrats, des Präsidenten des
Verwaltungsrats, der Mitglieder des Vergütungsausschusses, der Revisionsstelle und des unabhängigen Stimmrechtsvertreters; |
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2. to elect and remove the members of the Board of Directors, the Chairman of the
Board of Directors, the members of the Compensation Committee, the Auditors and the independent proxy; |
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3. die Genehmigung des Lageberichts, der Jahresrechnung und der Konzernrechnung
sowie die Beschlussfassung über die Verwendung des Bilanzgewinns, insbesondere die Festsetzung der Dividende; |
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3. to approve the statutorily required management report, the annual accounts and
the consolidated financial statements as well as to pass resolutions regarding the allocation of profits as shown on the balance sheet, in particular to determine the dividends; |
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4. die Entlastung der Mitglieder des Verwaltungsrats; |
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4. to grant discharge to the members of the Board of Directors; |
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5. die Genehmigung der Vergütungen des Verwaltungsrats und der
Geschäftsleitung gemäss Art. 25 der Statuten; und |
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5. to approve the compensation of the Board of Directors and the Executive
Management in accordance with Article 25; and |
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6. die Beschlussfassung über die Gegenstände, die der Generalversammlung
durch das Gesetz oder die Statuten vorbehalten sind oder welche ihr vom Verwaltungsrat vorgelegt werden. |
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6. to pass resolutions regarding items which are reserved to the General Meeting by
law or by the Articles of Association or which are presented to it by the Board of Directors. |
Artikel 10 Generalversammlungen sowie deren Einberufung
a) Die ordentliche Generalversammlung findet alljährlich
innerhalb von |
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Article 10 Meetings and Convening the Meeting
a) The ordinary General Meeting shall be held annually
within |
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sechs Monaten nach Abschluss des Geschäftsjahres statt. Zeitpunkt und Ort, welcher im In- oder Ausland sein kann, werden durch den
Verwaltungsrat bestimmt. |
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six months after the close of the business year at such time and at such location, which may be within or outside Switzerland, as determined
by the Board of Directors. |
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b) Ausserordentliche Generalversammlungen finden satt, wenn es die
Generalversammlung, die Revisionsstelle oder der Verwaltungsrat für notwendig erachten. Ausserdem müssen ausserordentliche Generalversammlungen einberufen werden, wenn stimmberechtigte Aktionäre, welche zusammen mindestens 10% des
Aktienkapitals vertreten, es verlangen. |
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b) Extraordinary General Meetings may be called by resolution of the General
Meeting, the Auditors or the Board of Directors, or by shareholders with voting powers, provided they represent at least 10% of the share capital. |
Artikel 11 Einberufung
Die Generalversammlung wird durch den Verwaltungsrat,
nötigenfalls durch die Revisionsstelle oder die Liquidatoren, einberufen. Die Einladung erfolgt mindestens 20 Tage vor der Versammlung durch Publikation im Schweizerischen Handelsamtsblatt. |
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Article 11 Notice
The General Meeting is summoned by the Board of Directors or
if necessary by the Auditors or the liquidators. Notice of the General Meeting shall be given by publication in the Schweizerisches Handelsamtsblatt at least 20 days before the date of the meeting. |
Artikel 12 Traktanden
a) Der Verwaltungsrat nimmt die Traktandierung der
Verhandlungsgegenstände vor. |
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Article 12 Agenda
a) The Board of Directors shall state the matters on the
agenda. |
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b) Ein oder mehrere mit Stimmrecht eingetragene Aktionäre können,
gemäss den gesetzlichen Bestimmungen, vom Verwaltungsrat die Traktandierung eines Verhandlungsgegenstandes verlangen. Das Begehren um Traktandierung ist schriftlich unter Angabe der Verhandlungsgegenstände und der Anträge an den
Präsidenten des Verwaltungsrates mindestens 45 Tage vor der Generalversammlung einzureichen. |
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b) One or more registered Shareholders may in compliance with the legal requirements
demand that matters be included in the agenda. Such demands shall be in writing and shall specify the items and the proposals and has to be submitted to the Chairman up to 45 days before the date of the meeting. |
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c) Über Anträge zu nicht gehörig angekündigten
Verhandlungsgegenständen, welche auch nicht im Zusammenhang mit einem gehörig traktandierten Verhandlungsgegenstand stehen, können keine Beschlüsse gefasst werden, ausser in den gesetzlich vorgesehenen Fällen. |
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c) No resolution shall be passed on matters proposed only at the General Meeting and
which have no bearing on any of the proposed items of the agenda, apart from those exceptions permitted by law. |
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d) In der Einberufung der Versammlung werden die Traktanden und die |
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d) The notice of the meeting shall state the matters on the |
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Anträge des Verwaltungsrates sowie derjenigen Aktionäre bekanntgegeben, welche die Traktandierung oder die Durchführung einer
Generalversammlung verlangt haben. |
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agenda and the proposals of the Board of Directors and of those shareholders who have demanded that a meeting be called or that matters be
included in the agenda. |
Artikel 13 Vorsitz und Protokoll
a) Den Vorsitz in der Generalversammlung führt der
Präsident des Verwaltungsrates, bei dessen Verhinderung ein anderes vom Verwaltungsrat bezeichnetes Mitglied des Verwaltungsrates oder ein anderer von der Generalversammlung für den betreffenden Tag bezeichneter Vorsitzender. |
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Article 13 Chair, Minutes
a) The General Meeting shall be chaired by the Chairman, or, in his
absence, by another member of the Board of Directors, or by another Chairman elected for that day by the General Meeting. |
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b) Der Vorsitzende bezeichnet einen Protokollführer sowie die
Stimmenzähler, welche keine Aktionäre sein müssen. |
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b) The Chairman designates a Secretary for the minutes as well as the scrutinizers
who need not be shareholders. |
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c) Der Verwaltungsrat ist verantwortlich für die Protokollführung. Das
Protokoll wird vom Vorsitzenden und vom Protokollführer unterzeichnet. |
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c) The Board of Directors is responsible for the keeping of the minutes, which are
to be signed by the Chairman and by the Secretary. |
Artikel 14 Stimmrecht und Vertreter
a) Jede Aktie berechtigt, unter Vorbehalt der Einschränkungen
gemäss Art. 8 und Art. 14 lit. b) der Statuten, zu einer Stimme. Jeder stimmberechtigte Aktionär kann seine Aktien durch eine andere von ihm schriftlich bevollmächtigte Person vertreten lassen, welche kein Aktionär sein
muss. |
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Article 14 Voting Rights and Shareholders Proxies
a) Each share is entitled to one vote subject to the provisions of
Article 8 and Article 14(b) below. Each shareholder may be represented at the General Meeting by another person who is authorized by a written proxy and who does not need to be a shareholder. |
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b) Ungeachtet lit. a) vorstehend, gilt Folgendes: Sobald und solange eine
natürliche oder juristische Person 10% oder mehr des im Handelsregister eingetragenen Aktienkapitals der Gesellschaft kontrolliert, ist diese bei ordentlichen oder ausserordentlichen Generalversammlungen maximal zu den gemäss nachfolgender
Formel zu eruierenden Stimmen (abgerundet auf die nächst tiefere, runde Zahl) berechtigt: |
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b) Notwithstanding para. a) above, if and so long as the Controlled Shares of any
individual or legal entity constitute ten percent (10%) or more of the registered share capital recorded in the Commercial Register, such individual or legal entity shall be entitled to cast votes at any General Meeting or Extraordinary General
Meeting in the aggregate equal to the number (rounded down to the nearest whole number) obtained from following formula: |
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(T ÷ 10) - 1 |
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(T ÷ 10) - 1 |
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Wobei gilt: T ist gleich der Gesamtanzahl der Stimmrechte,
welche auf dem im Handelsregister eingetragenen gesamten Aktienkapital der Gesellschaft verliehen werden. |
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Where: T is the aggregate number of votes conferred by
all the registered share capital recorded in the Commercial Register. |
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c) Als kontrolliert im Sinne dieses Artikels gelten folgende
Aktien: |
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c) For purposes of this Article 14,Controlled Shares in reference to any
individual or entity means: |
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(aa) alle Aktien der Gesellschaft, welche direkt oder indirekt von einer natürlichen oder juristischen
Person gehalten werden, wobei: |
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(aa) all shares of the Company directly, indirectly or constructively owned by such individual or entity;
provided that |
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(i) Aktien, welche direkt oder indirekt von einer Personengesellschaft
(Partnership), von einem Trust oder einer anderweitigen Vermögensmasse (z.B. Nachlass) gehalten werden, anteilsmässig auf die hinter diesen Strukturen stehenden Partner oder wirtschaftlich Berechtigten angerechnet werden;
und |
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(i) shares owned, directly or indirectly, by or for a partnership, or trust or estate will
be considered as being owned proportionately by its partners, or beneficiaries; and |
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(ii) Aktien, welche direkt oder indirekt von einer körperschaftlich organisierten
Gesellschaft gehalten werden als anteilsmässig von den Aktionären solcher Gesellschaften, welche ihrerseits mehr als 50% der ausgegebenen stimmberechtigten Aktien ebensolcher halten, gehalten gelten; und |
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(ii) shares owned, directly or indirectly, by or for a corporation will be considered as being
owned proportionately by any shareholder owning 50% or more of the outstanding voting shares of such corporation; and |
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(iii) Aktien, welche durch die Ausübung von Wandel-, Options- oder ähnlichen Rechten entstehen
können, als vom Inhaber des entsprechenden Rechts gehalten gelten; und |
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(iii) shares subject to options, warrants or other similar rights shall be deemed to be owned;
and |
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(bb) alle Aktien der Gesellschaft, welche direkt oder indirekt von einer natürlichen oder juristischen
Person als wirtschaftlich Berechtigte gehalten werden, wobei als solche jede Person gilt, die: |
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(bb) all Shares of the Company directly, indirectly beneficially owned by such individual or entity;
provided that |
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(i) direkt oder indirekt, durch jede Art von Vertrag, |
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(i) a beneficial owner of a security includes any |
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Vereinbarung, anderweitige Rechtsbeziehung oder sonstwie alleine oder zusammen mit anderen derartigen Personen über Folgendes
verfügt: |
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person who, directly or indirectly, through any contract, arrangement, understanding, relationship, or otherwise has or
shares: |
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(1) Einfluss auf das Stimmrecht der betreffenden Aktien, sei dies direkt oder indirekt;
und/oder |
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(1) voting power which includes the power to vote, or to direct the voting of, such security;
and/or |
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(2) Einfluss auf die Verfügungsberechtigung an den betreffenden Aktien, sei dies direkt
oder indirekt; |
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(2) investment power which includes the power to dispose, or to direct the disposition of,
such security. |
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(ii) direkt oder indirekt Trusts, Vollmachten, übrige Vertretungsberechtigungen oder
sonstige vertragliche Abreden errichtet oder benutzt in der Absicht, ihre wirtschaftliche Berechtigung an den Aktien zu überdecken, um die einschlägigen Bestimmungen dieser Statuten über die als kontrolliert geltenden Aktien zu
umgehen; |
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(ii) Any person who, directly or indirectly, creates or uses a trust, proxy, power of
attorney, pooling arrangement or any other contract, arrangement, or device with the purpose or effect of divesting such person of beneficial ownership of shares of the Company or preventing the vesting of such beneficial ownership as part of a plan
or scheme to evade the provisions of these articles of association shall be deemed to be the beneficial owner of such shares. |
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(iii) die das Recht hat innerhalb von 60 Tagen die wirtschaftliche Berechtigung an Aktien zu erwerben,
insbesondere, jedoch nicht abschliessend, durch: (A) Ausübung von Wandel-, Options- oder sonstigen Rechten; (B) durch die Umwandlung eines Wertpapiers; (C) durch die automatische Aufhebung eines Trusts, eines
Vermögensverwaltungskontos oder einer ähnlichen Vereinbarung; oder (D) durch Ablauf der Dauer eines Trusts, eines Vermögensverwaltungskontos oder einer ähnlichen Vereinbarung. |
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(iii) A person shall be deemed to be the beneficial owner of shares if that person has the right to
acquire beneficial ownership of such shares within 60 days, including but not limited to any right to acquired: (A) through the exercise of any option, warrant or right; (B) through the conversion of a security; (C) pursuant to the power to revoke a
trust, discretionary account, or similar arrangement; or (D) pursuant to the automatic termination of a trust, discretionary account or similar arrangement. |
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d) Der Verwaltungsrat hat das Recht die Bestimmungen des Artikels 14 der Statuten
auszulegen und die Berechtigung von natürlichen und juristischen Personen an Aktien der Gesellschaft zur Sicherstellung der Umsetzung dieser Bestimmungen festzulegen. Bei der Auslegung kann der Verwaltungsrat Gesetze, Reglemente und übrige
Bestimmungen sowie Rechtsprechung aus dem In- und Ausland beiziehen, welche Art. 14 der Statuten ähnlich sind. |
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d) The Board of Directors shall have the authority to interpret the provisions of
this Article 14 and to determine the ownership of shares by any individual or entity so as to fully implement the provisions of this Article 14. In so interpreting this Article 14, the Board of Directors may look to laws, rules, regulations and
court decisions (including of countries outside of Switzerland) having language substantially similar to this Article 14. |
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e) Der Verwaltungsrat kann in besonderen Fällen Ausnahmen von den
vorerwähnten Stimmrechtsbeschränkungen gewähren. |
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e) The Board of Directors may in special cases allow exceptions from this limitation
on voting rights. |
Artikel 15 Unabhängiger Stimmrechtsvertreter und weitere
Vertretungsregeln
a) Die Generalversammlung wählt einen unabhängigen
Stimmrechtsvertreter. Die Amtszeit endet jeweils mit Abschluss der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. |
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Article 15 Independent Proxy and Additional Rules on Proxies
a) The General Meeting shall elect an Independent Proxy. The term
of office ends in each case at the end of the next ordinary General Meeting. Re-election is permitted. |
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b) Jeder stimmberechtigte Aktionär kann seine Aktien durch den von ihm
schriftlich oder elektronisch bevollmächtigten unabhängigen Stimmrechtsvertreter oder durch eine andere Person in Übereinstimmung mit Art. 14 lit. a) vertreten lassen. Die Mitglieder des Verwaltungsrates und der
Geschäftsleitung dürfen Aktionäre vertreten, sofern es sich nicht um eine institutionalisierte Vertretung handelt. Verwahrungsstellen dürfen Aktionäre vertreten und gelten nicht als Depotvertreter (im Sinne von Art. 689d
OR), sofern sie aufgrund einer schriftlichen Vollmacht und nach Massgabe von konkreten oder allgemeinen Weisungen des betreffenden Aktionärs handeln. |
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b) Each shareholder may be represented at the General Meeting by the Independent
Proxy by way of a written or electronic proxy or by another person in accordance with Article 14(a). The members of the Board of Directors and the Executive Management are allowed to represent shareholders provided that this does not constitute an
institutionalized representation of shareholders. Custodians may represent shareholders and shall not be deemed depositary representatives (in the sense of Art. 689d of the Swiss Code of Obligations), provided that they act based on a written proxy
and in accordance with specific or general instructions of the relevant shareholder. |
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c) Der unabhängige Stimmrechtsvertreter ist verpflichtet, die von ihm
vertretenen Stimmrechte weisungsgemäss auszuüben. Hat er keine Weisungen erhalten, so enthält er sich der Stimme. Eine allgemeine oder konkludente Weisung, bei in der Einberufung bekanntgegebenen und/oder |
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c) The Independent Proxy is obliged to exercise the represented voting rights in
accordance with instructions. If no instructions were obtained, it shall abstain from voting. A general or implied instruction to vote according to the proposal of |
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nicht bekanntgegebenen Anträgen jeweils im Sinne des Antrages des Verwaltungsrates zu stimmen, gilt als gültige Weisung zur
Stimmrechtsausübung. |
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the Board of Directors in respect of proposals announced and/or not announced in the invitation shall be considered a valid instruction to
exercise voting rights. |
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d) Der unabhängige Stimmrechtsvertreter kann sich an der Generalversammlung
durch einen Vertreter oder eine untergeordnete Person vertreten lassen. Der unabhängige Stimmrechtsvertreter bleibt für die Erfüllung seiner Pflichten vollumfänglich verantwortlich. |
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d) The Independent Proxy may be represented at the General Meeting by a
representative or a subordinate person. The Independent Proxy remains fully responsible for fulfilling its duties. |
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e) Fällt der unabhängige Stimmrechtsvertreter aus, stellt der
Verwaltungsrat ihn nach den gesetzlichen Vorschriften in seiner Funktion ein, oder hat die Gesellschaft aus anderen Gründen keinen handlungsfähigen unabhängigen Stimmrechtsvertreter, so ernennt der Verwaltungsrat einen neuen
unabhängigen Stimmrechtsvertreter für die nächste Generalversammlung. Bisher abgegebene Vollmachten und Stimmrechtsinstruktionen behalten ihre Gültigkeit für den neuen unabhängigen Stimmrechtsvertreter, solange ein
Aktionär nicht ausdrücklich etwas anderes anordnet. |
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e) If the Independent Proxy is not available anymore to hold office, if the Board of
Directors lawfully suspends him from its office, or if the Company does not have an Independent Proxy capable of acting for other reasons, then the Board of Directors shall appoint a new Independent Proxy for the next General Meeting. Proxies and
voting instructions that were already issued remain valid for the new Independent Proxy as long as a shareholder does not explicitly determine otherwise. |
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f) Der Verwaltungsrat kann Verfahrensvorschriften im Zusammenhang mit der Teilnahme
und Vertretung von Aktionären an der Generalversammlung erlassen und insbesondere die Erteilung von Weisungen an den unabhängigen Stimmrechtsvertreter näher regeln. Er sorgt dafür, dass die Aktionäre dem unabhängigen
Stimmrechtsvertreter auch elektronische Vollmachten und Weisungen erteilen können, wobei er ermächtigt ist, vom Erfordernis einer qualifizierten elektronischen Signatur ganz oder teilweise abzusehen. |
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f) The Board of Directors may pass procedural provisions in connection with the
participation in and the representation at the General Meeting and in particular regulate in more detail the issuing of instructions to the Independent Proxy. It shall make sure that the shareholders are able to grant powers of attorneys and can
issue instructions to the Independent Proxy by electronic means. In doing so, it is entitled to waive entirely or in part the requirement of a qualified electronic signature. |
Artikel 16 Beschlüsse
a) Die Generalversammlung ist beschlussfähig ohne
Rücksicht auf die Zahl der anwesenden Aktionäre oder der vertretenen Aktien. |
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Article 16 Resolutions
a) The General Meeting may pass resolutions without regard to the
number of shareholders present or shares represented. |
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b) Die Generalversammlung fasst ihre Beschlüsse und vollzieht ihre Wahlen,
soweit das Gesetz oder diese Statuten nichts anderes vorsehen, mit der |
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b) Unless otherwise required by law or the Articles of Association, the General
Meeting shall pass its resolutions and carry |
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einfachen Mehrheit der abgegebenen Stimmen (wobei Enthaltungen, sog. Broker Nonvotes, leere oder ungültige Stimmen für die
Bestimmung des Mehr nicht berücksichtigt werden). |
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out its elections with the simple majority of the votes cast (whereby abstentions, broker non-votes, blank or invalid ballots shall be
disregarded for purposes of establishing the majority). |
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c) Der Vorsitzende bestimmt das Abstimmungsverfahren. Erfolgen die Wahlen nicht
elektronisch haben sie mittels Stimmzettel zu erfolgen, wenn mindestens 50 anwesende Aktionäre dies per Handzeichen verlangen. Die Weisungserteilung via Internet oder Telefon kann durch den Vorsitzenden gestattet werden. |
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c) The Chairman of the General Meeting shall determine the voting procedure.
Provided that the voting is not done electronically, voting shall be by ballot if more than 50 of the shareholders present so demand by a show of hands. The accord of instructions by using the internet or the telephone can be permitted by the
Chairman. |
Artikel 17 Quorum
Ein Beschluss der Generalversammlung, der mindestens zwei
Drittel der vertretenen Stimmen und die absolute Mehrheit der vertretenen Aktiennennwerte auf sich vereinigt, ist erforderlich für: |
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Article 17 Quorums
A resolution of the General Meeting passed by at least two
thirds of the represented share votes and the absolute majority of the represented shares par value is required for: |
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1. die in Art. 704 Abs. 1 OR aufgeführten Geschäfte, d.h.
für: |
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1. the cases listed in art. 704 para. 1 CO, i.e.: |
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(a) die Änderung des Gesellschaftszwecks; |
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(a) the change of the company purpose; |
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(b) die Einführung von Stimmrechtsaktien; |
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(b) the creation of shares with privileged voting rights; |
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(c) die Beschränkung der Übertragbarkeit von Namenaktien; |
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(c) the restriction of the transferability of registered shares; |
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(d) eine genehmigte oder bedingte Kapitalerhöhung; |
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(d) an increase of capital, authorized or subject to a condition; |
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(e) die Kapitalerhöhung aus Eigenkapital, gegen Sacheinlage oder zwecks Sachübernahme
und die Gewährung von besonderen Vorteilen; |
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(e) an increase of capital out of equity, against contribution in kind, or for the purpose of
acquisition of assets and the granting of special benefits; |
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(f) die Einschränkung oder Aufhebung des Bezugsrechts; |
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(f) the limitation or withdrawal of pre-emptive rights; |
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(g) die Verlegung des Sitzes der Gesellschaft; |
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(g) the change of the domicile of the Company; |
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2. Fusion, Spaltung und Umwandlung der Gesellschaft (zwingende gesetzliche
Bestimmungen vorbehalten); |
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2. the merger, de-merger or conversion of the Company (subject to mandatory
law); |
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3. die Lockerung und die Aufhebung von Übertragungsbeschränkungen der
Namenaktien; |
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3. the alleviating or withdrawal of restrictions upon the transfer of registered
shares; |
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4. die Umwandlung von Namenaktien in Inhaberaktien und umgekehrt; |
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4. the conversion of registered shares into bearer shares and vice
versa; |
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5. für die Auflösung der Gesellschaft mit Liquidation; |
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5. the dissolution of the Company followed by liquidation; |
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6. die Abberufung von Mitgliedern des Verwaltungsrates im Sinne von Art. 705 Abs. 1
OR; und |
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6. the dismissal of the members of the Board of Directors according to art. 705
para. 1 CO; and |
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7. die Änderung oder Aufhebung der Art. 8, 14, 15 und 16 der Statuten. |
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7. the amendment or elimination of the provisions
of Article 8, Article 14 and Article 15 of the Articles of Association as well as those contained in this Article 16. |
B. Der Verwaltungsrat |
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B. The Board of Directors |
Artikel 18 Wahl und Konstituierung
a) Der Verwaltungsrat besteht aus wenigstens 3 und höchstens
20 Mitgliedern. Die Amtsdauer beträgt ein Jahr, zu verstehen als Periode ab Wahl bis zum Ende der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. |
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Article 18 Election and Constitution
a) The Board of Directors shall consist of 3 to 20 members. The
term of office shall be one year, understood to be the period from the election until the end of the next ordinary General Meeting. Re-election is possible. |
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b) Die Generalversammlung wählt aus den Mitgliedern des Verwaltungsrates den
Präsidenten des Verwaltungsrates. Die Amtsdauer beträgt ein Jahr, zu verstehen als Periode ab Wahl bis zum Ende der nächsten ordentlichen Generalversammlung. Wiederwahl ist möglich. Der Präsident hat bei Stimmengleichheit
keinen Stichentscheid. |
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b) The General Meeting shall elect from the members of the Board of Directors the
Chairman. The term of office shall be one year, understood to be the period from the election until the end of the next ordinary General Meeting. Re-election is possible. The Chairman shall have no casting vote. |
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c) Der Verwaltungsrat konstituiert sich selber, sofern das Gesetz oder die Statuten
nichts anderes bestimmen. Er bezeichnet einen Sekretär; dieser braucht nicht dem Verwaltungsrat anzugehören. |
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c) The Board of Directors shall constitute itself unless provided otherwise by
law or the Articles of Association. It appoints a Secretary who does not need to be a member of the Board of Directors. |
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d) Fällt der Präsident aus oder hat die Gesellschaft aus anderen
Gründen keinen handlungs- und funktionsfähigen Präsidenten, so ernennt der Verwaltungsrat eines seiner Mitglieder zum Präsidenten bis zur nächsten ordentlichen Generalversammlung; die Einberufung einer Generalversammlung
nach Art. 726 Abs. 2 OR bleibt vorbehalten. |
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d) If the Chairman is not available to continue to hold office or if the Company
does not have a Chairman capable of acting and of holding office for other reasons, then the Board of Directors shall appoint one of its members as Chairman until the next ordinary General Meeting; the calling of a General Meeting in accordance with
Art. 726 para. 2 CO is reserved. |
Artikel 19 Zuständigkeit und Delegation
a) Der Verwaltungsrat hat die Oberleitung der Gesellschaft sowie
die Aufsicht über die Geschäftsleitung. Er vertritt die Gesellschaft gegenüber Dritten und kann in allen Angelegenheiten Beschluss fassen, welche nicht gemäss Gesetz, Statuten oder Organisationsreglement einem anderen Organ
zugewiesen sind. |
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Article 19 Ultimate Direction, Delegation
a) The Board of Directors is entrusted with the ultimate direction
of the Company as well as the supervision of the management. It represents the Company towards third parties and attends to all matters which are not delegated to or reserved for another corporate body of the Company by law, the Articles of
Association or the regulations. |
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b) Der Verwaltungsrat kann aus seiner Mitte Ausschüssen bestellen oder einzelne
Mitglieder bestimmen, welche mit der Vorbereitung und/oder Ausführung seiner Beschlüsse oder der Überwachung bestimmter Geschäfte betraut sind. Der Verwaltungsrat erlässt hierzu die notwendigen organisatorischen Weisungen.
Mit Ausnahme der unübertragbaren Befugnisse kann der Verwaltungsrat die Geschäftsführung ganz oder teilweise an ein Mitglied oder mehrere Mitglieder des Verwaltungsrats oder an andere natürliche Personen, welche keine
Aktionäre zu sein brauchen, übertragen. Der Verwaltungsrat erlässt hierzu die notwendigen Organisationsreglemente und erstellt die erforderlichen Vertragsdokumente. |
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b) The Board of Directors may delegate preparation and/or implementation of its
decisions and supervision of the business to committees or to individual members of the Board of Directors. The organizational regulations will be defined by the Board of Directors. While reserving its non-transferable powers, the Board of Directors
may further delegate the management of the business or parts thereof to one or more members of the Board of Directors or other natural persons who need not be shareholders. The Board of Directors shall record all such arrangements in a set of
regulations for the Company and set up the necessary contractual framework. |
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Artikel 20 Einzelne Befugnisse
Der Verwaltungsrat hat folgende unübertragbare und
unentziehbare Befugnisse: |
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Article 20 Duties
The Board of Directors has the following non-transferable and
inalienable duties: |
1. die Oberleitung der Gesellschaft und die
Erteilung der nötigen Weisungen; |
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1. to ultimately oversee the Company and issue
the necessary directives; |
2. die Festlegung der Organisation;
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2. to determine the organization;
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3. die Ausgestaltung des Rechnungswesens, der
Finanzkontrolle sowie der Finanzplanung, sofern diese für die Führung der Gesellschaft notwendig ist; |
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3. to organize the accounting, the financial
control, as well as the financial planning; |
4. die Ernennung und Abberufung der mit der
Geschäftsführung und der Vertretung betrauten Personen, sowie die Erteilung der Zeichnungsberechtigungen; |
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4. to appoint and remove the persons entrusted
with the management and representation of the Company and to grant signatory power; |
5. die Oberaufsicht über die mit der
Geschäftsführung und der Vertretung betrauten Personen, namentlich im Hinblick auf die Befolgung der Gesetze, Statuten, Reglemente und Weisungen; |
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5. to ultimately supervise the persons entrusted
with the management, in particular with respect to compliance with the law and with the Articles of Association, regulations and directives; |
6. die Erstellung des Geschäftsberichtes,
des Vergütungsberichtes sowie die Vorbereitung der Generalversammlung und die Ausführung ihrer Beschlüsse; |
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6. to prepare the business report, the
compensation report as well as the General Meeting and to implement the latters resolutions; |
7. die Benachrichtigung des Richters im Falle der
Überschuldung; |
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7. to inform the judge in the event of
overindebtedness; |
8. die Beschlussfassung über die
nachträgliche Liberierung von nicht vollständig liberierten Aktien; |
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8. to pass resolutions regarding the subsequent
payment of capital with respect to non-fully paid-in shares; |
9. die Beschlussfassung über die Feststellung von Kapitalerhöhungen und
die entsprechenden Statutenänderungen; |
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9. to pass resolutions confirming increases in share capital and regarding the
amendments to the Articles of Association entailed thereby; |
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10. Überwachung der Fachkenntnisse der Spezialrevisionsstelle in den Fällen, in denen
das Gesetz den Einsatz einer solchen vorsieht. |
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10. to examine the professional qualifications of the specially qualified Auditors in the cases
in which the law foresees the use of such Auditors. |
Artikel 21 Vergütungsausschuss
a) Der Vergütungsausschuss besteht aus mindestens 3
Mitgliedern. Die Generalversammlung wählt aus den Mitgliedern des Verwaltungsrats die Mitglieder des Vergütungsausschusses. Die Amtsdauer beträgt ein Jahr, zu verstehen als Periode ab Wahl bis zum Ende der nächsten ordentlichen
Generalversammlung. Wiederwahl ist möglich. |
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Article 21 Compensation Committee
a) The Compensation Committee shall consist of at least 3 members.
The General Meeting shall elect from the members of the Board of Directors the members of the Compensation Committee. The term of office is one year, understood to be the period from the election to the end of the next ordinary General Meeting.
Re-election is possible. |
b) Jedes Mitglied des Vergütungsausschusses hat die
anwendbaren Unabhängigkeitsanforderungen der New York Stock Exchange zu erfüllen, wie sie vom Verwaltungsrat nach billigem Ermessen interpretiert werden. Zur Konkretisierung dieser Anforderungen kann der Verwaltungsrat kategorische
Unabhängigkeitsstandards festsetzen. |
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b) Each member of the Compensation Committee shall satisfy the
applicable independence requirements of the New York Stock Exchange, as such requirements are interpreted by the Board of Directors in its reasonable judgment. The Board of Directors may adopt categorical independence standards in order to specify
these requirements. |
c) Der Vergütungsausschuss hat folgende Befugnisse und
Zuständigkeiten: |
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c) The Compensation Committee shall have the following powers and
responsibilities: |
1. die Festlegung und Überwachung der Vergütungspolitik
der Gesellschaft für Führungskräfte; |
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1. to establish and oversee the Companys executive
compensation policies; |
2. die periodische Beurteilung der Vergütungsstruktur der
Gesellschaft für die Mitglieder der Geschäftsleitung und, wo der Vergütungsausschuss die Aufnahme in die Beurteilung als angemessen erachtet, anderer leitender Mitarbeiter; |
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2. to periodically assess the Companys pay structure for the
members of Executive Management and, where it deems their inclusion in such assessment is appropriate, other senior officers; |
3. die Genehmigung der Vergütung (i) des Chief Executive
Officers und (ii) des Präsidenten des Verwaltungsrats (sofern der Präsident nicht auch der Chief Executive Officer ist), und, sofern angemessen, die Empfehlung an die unabhängigen Mitglieder des Verwaltungsrats, diese
Vergütung zu bestätigen; |
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3. to approve the compensation of (i) the chief executive officer
and (ii) the Chairman of the Board of Directors (if the Chairman is not also the chief executive officer), and, if appropriate, to recommend such compensation to the independent members of the Board for ratification; |
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4. die Überprüfung der Empfehlungen des
Chief Executive Officers betreffend die Vergütung der anderen Mitglieder der Geschäftsleitung sowie gegebenenfalls anderer leitender Mitarbeiter und die Festsetzung der angemessenen Höhe der Vergütung;
5. die Empfehlung der Gesamtvergütungen der Mitglieder der
Geschäftsleitung, die der Generalversammlung gemäss Art. 25 zur Genehmigung vorzulegen sind, zuhanden des Verwaltungsrats;
6. die Überprüfung und Genehmigung von
Arbeitsverträgen des Chief Executive Officers, der anderen Mitglieder der Geschäftsleitung und, wo der Vergütungsausschuss die Aufnahme in die Überprüfung und Genehmigung als angemessen erachtet, anderer leitender
Mitarbeiter der Gesellschaft;
7. die Überprüfung und Empfehlung des Inhalts des
Vergütungsberichts zuhanden des Verwaltungsrates, und die Überprüfung und Genehmigung des Berichts, welcher gemäss den Bestimmungen der U.S. Securities and Exchange Commission im jährlichen Proxy Statement der Gesellschaft
enthalten sein muss;
8. sonstige Aufgaben und Zuständigkeiten, welche ihm die
Statuten oder der Verwaltungsrat im Reglement des Vergütungsausschusses oder anderweitig zuweisen. |
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4. to review the chief executive officers
recommendations regarding the compensation of the other members of Executive Management and other senior officers (if applicable) and to determine appropriate compensation levels;
5. to recommend to the Board of Directors the total aggregated
amounts of compensation for the members of Executive Management to be submitted for approval by the General Meeting pursuant to Article 25;
6. to review and approve employment agreements of the chief
executive officer, the other members of Executive Management and, where the Compensation Committee deems their inclusion in such review and approval is appropriate, other senior officers of the Company;
7. to review and recommend to the Board of Directors the contents
of the compensation report, and to review and approve the report required by the Rules of the U.S. Securities and Exchange Commission to be included in the Companys annual proxy statement;
8. any other duties and responsibilities which are assigned to it
by the Articles of Association or by the Board of Directors in its charter or otherwise. |
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d) Der Vergütungsausschuss hat die Befugnis, Vergütungsberater,
unabhängige Rechtsberater oder andere Berater beizuziehen. |
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d) The Compensation Committee shall have the authority to retain any compensation
consultant, independent legal counsel or other adviser. |
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e) Der Verwaltungsrat bestimmt unter den Mitgliedern des Vergütungsausschusses
dessen Vorsitzenden und erlässt ein Reglement für den Vergütungsausschuss. Er kann ihm zusätzliche Aufgaben zuweisen sowie die statutarischen Aufgaben und Zuständigkeiten spezifizieren. |
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e) The Board of Directors shall appoint among the members of the Compensation
Committee its chairman and adopt regulations for the Compensation Committee. It may assign additional duties and responsibilities to it and specify the duties and responsibilities contained in the Articles of Association. |
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f) Ist der Vergütungsausschuss mit weniger als 3 handlungs- und
funktionsfähigen Mitgliedern besetzt, so ernennt der Verwaltungsrat ad interim unter seinen Mitgliedern im entsprechenden Umfang Mitglieder des Vergütungsausschlusses bis zur nächsten ordentlichen Generalversammlung; die Einberufung
einer Generalversammlung nach Art. 726 Abs. 2 OR bleibt vorbehalten. |
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f) If the Compensation Committee consists of less than 3 members capable of acting
and holding office, then the Board of Directors shall appoint among its members, to the extent required, members of the Compensation Committee until the next ordinary General Meeting; the calling of a General Meeting in accordance with Art. 726
para. 2 CO is reserved. |
C. Revisionsstelle und
Spezialrevisionsstelle |
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C. Auditors and Special Auditor |
Artikel 22 Amtsdauer, Befugnisse und Pflichten
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Article 22 Term, Powers and Duties |
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a) Die Revisionsstelle wird von der
Generalversammlung gewählt. Rechte und Pflichten der Revisionsstelle bestimmen sich nach den gesetzlichen Vorschriften. |
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a) The Auditors shall be elected by the General Meeting and shall have the powers
and duties vested in them by law. |
b) Die Generalversammlung kann eine
Spezialrevisionsstelle ernennen, welche die vom Gesetz für Kapitalerhöhungen mit Sacheinlage oder Verrechnungsliberierung verlangten Prüfungsbestätigungen abgibt.
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b) The General Meeting may appoint a special
auditing firm entrusted with the examinations required by applicable law in connection with share capital increases against contribution in kind or set-off.
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c) Die Amtsdauer der Revisionsstelle und (falls eingesetzt) der
Spezialrevisionsstelle beträgt ein Jahr. Die Amtsdauer beginnt mit dem Tag der Wahl und endet mit der ersten darauffolgenden ordentlichen Generalversammlung. |
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c) The term of office of the Auditors and (if appointed) the special auditors shall
be one year. The term of office shall commence on the day of election, and shall terminate on the first annual ordinary General Meeting following their election. |
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IV. Vergütungen und damit im Zusammenhang stehende Bestimmungen |
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IV. Compensation and Related Provisions |
Artikel 23 Vergütungselemente
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Article 23 Elements of Compensation
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a) Die Mitglieder des Verwaltungsrates erhalten
eine fixe Vergütung. In besonderen Fällen und nach vorgängiger Genehmigung durch die Generalversammlung kann der Verwaltungsrat einen zusätzlichen Ermessensbonus erhalten. Der Verwaltungsrat oder einer seiner Ausschüsse kann
bestimmen, dass die fixe Vergütung aller oder einzelner Mitglieder des Verwaltungsrats teilweise oder ganz in der Form von Aktien ausbezahlt wird, die entweder frei handelbar oder für einen bestimmten Zeitraum für den Handel gesperrt
sind. Solche Aktien sind zu ihrem Fair Value am Zuteilungsdatum zu bewerten, wie vom Verwaltungsrat oder Vergütungsausschuss festgelegt. |
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a) The members of the Board of Directors shall receive fixed compensation. In
exceptional cases the Board of Directors may receive an additional discretionary bonus upon prior approval by the General Meeting. The Board of Directors or a committee thereof may determine that the fixed compensation of all or individual members
of the Board of Directors be paid in part or in full in the form of shares that are either freely tradable or blocked for trading for a specific period. Such shares shall be valued at their fair value at the date of grant as determined by the Board
of Directors or the Compensation Committee. |
b) Die Mitglieder der Geschäftsleitung
erhalten eine fixe Vergütung bestehend aus einer Grundvergütung und gewissen weiteren Zahlungen und Leistungen aus dem Arbeitsverhältnis sowie eine variable Vergütung in bar und/oder Beteiligungsrechte gemäss Art. 24.
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b) The members of the Executive Management shall receive fixed compensation
consisting of a base salary and certain other employment payments and benefits, as well as variable compensation in cash and/or equity pursuant to Article 24. |
c) Rechtseinheiten, die durch die Gesellschaft
direkt oder indirekt kontrolliert werden, dürfen Vergütungen an die Mitglieder des Verwaltungsrates oder der Geschäftsleitung für deren Dienste ausrichten, sofern solche Vergütungen durch einen genehmigten Gesamtbetrag oder
einen Zusatzbetrag nach Art. 25 gedeckt sind. |
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c) Legal entities which are directly or indirectly controlled by the Company may pay
compensation to members of the Board of Directors or of the Executive Management for their services, provided that such compensation is covered by an approved aggregate amount or an additional amount pursuant to Article 25. |
d) Insbesondere die folgenden Leistungen gelten
nicht als Vergütungen, Darlehen oder Kredite und werden nicht zu den Beträgen hinzugezählt, die gemäss Art. 25 der Genehmigung durch die Generalversammlung unterliegen:
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d) In particular, the following items are not
deemed compensation, loans or credits and shall not be added to the amounts subject to approval according to Article 25: |
1. Auslagenersatz und steuerlich abzugsfähige Spesenpauschalen; |
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1. Reimbursement of expenses and tax-deductible lump-sum expenses; |
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2. Prämien für Versicherungen, die nach
Beurteilung des Vergütungsausschusses im Interesse der Gesellschaft liegen; |
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2. premiums for insurance which are in the view
of the Compensation Committee entered into in the interest of the Company; |
3. Geringfügige Sachleistungen, allgemeine
Mitarbeitervergünstigungen und andere ähnliche Fringe Benefits; |
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3. insignificant benefits in kind, general
employee benefits and other similar fringe benefits; |
4. Entschädigungen, Vorschüsse und
Versicherungen gemäss Art. 23 lit. e). |
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4. indemnification, advances and insurances
according to Article 23(e). |
e) Soweit es das Gesetz zulässt, werden die
gegenwärtigen und früheren Mitglieder des Verwaltungsrates sowie der Geschäftsleitung aus dem Gesellschaftsvermögen schadlos gehalten für Forderungen, Kosten, Verluste, Schäden, Bussen, und sonstige Auslagen, welche
ihnen im Zusammenhang mit ihrer Tätigkeit für die Gesellschaft entstanden sind bzw. gegen diese erhoben worden sind oder möglicherweise entstehen bzw. gegen diese erhoben werden, es sei denn, ein rechtskräftiger Entscheid eines
Gerichts oder einer anderen Behörde stelle fest, dass die betreffende Person die obgenannten Auslagen und Verpflichtungen aufgrund einer vorsätzlichen oder grobfahrlässigen Pflichtverletzung verursacht hat.
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e) The Company shall indemnify and hold harmless,
to the fullest extent permitted by law, each of the current and former members of the Board of Directors and officers out of the assets of the Company from and against all actions, costs, charges, losses, damages and expenses which they or any of
them have incurred or sustained or may incur or sustain by or by reason of any act done, concurred in or omitted in or about the execution of their duty, or supposed duty on behalf of the Company; provided that this indemnity shall not extend to any
matter in which any of said persons is found, in a final judgement or decree not subject to appeal, to have committed fraud or dishonesty. |
Unabhängig von vorstehender Bestimmung schiesst die Gesellschaft den Mitgliedern des Verwaltungsrats
sowie der Geschäftsleitung die im Zusammenhang mit oben erwähnten Angelegenheiten entstehenden Gerichts- und Anwaltskosten vor. Ausgenommen sind jene Fälle, in denen die Gesellschaft selbst gegen die betreffenden Personen vorgeht. Die
Gesellschaft kann die aufgewendeten Auslagen zurückfordern, wenn ein Gericht oder eine andere zuständige Behörde rechtskräftig feststellt, dass die betreffende Person gegenüber der Gesellschaft eine Pflichtverletzung
begangen hat. |
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Without limiting the foregoing paragraph, the Company shall advance court costs and attorneys fees
to such current and former members of the Board of Directors and officers, except in cases where the Company itself is plaintiff. The Company may however recover such advanced cost if a court or another competent authority holds that the member of
the Board of Directors or the officer in question has breached its duties to the Company. |
Die Gesellschaft kann Versicherungen gegen jegliche Haftung, die gegen die Mitglieder des Verwaltungsrates und die leitenden Angestellten in
ihrer Eigenschaft als solche geltend gemacht wird, abschliessen und aufrechterhalten. |
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The Company may purchase and maintain insurance against any liability asserted against the members of the Board of Directors and officers in
their capacity as such. |
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f) Im Rahmen dieses Abschnitts IV umfasst der Begriff
Geschäftsleitung auch jedes Mitglied des Verwaltungsrats, welches gleichzeitig ein Mitglied der Geschäftsleitung ist (Delegierte des Verwaltungsrats). |
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f) Within this section IV, the term Executive Management shall also
encompass any member of the board of directors who is a member of the Executive Management at the same time (Managing Director). |
Artikel 24 Anreiz- und Beteiligungspläne
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Article 24 Incentive and Equity Plans
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a) Variable Vergütungen, die Mitgliedern der
Geschäftsleitung im Zusammenhang mit einem bestimmten Jahr bezahlt oder gewährt werden, können aus einem Bonus in bar gemäss Art. 24 lit. c) und aus Zuteilungen von Beteiligungsrechten (aktienbasierten Awards) mit langfristiger
Anreizwirkung gemäss Art. 24 lit. d) bestehen, zuzüglich gegebenenfalls Beiträgen des Arbeitsgebers für die Pensionskasse und Sozialversicherungen. In besonderen Fällen und nach vorgängiger Genehmigung durch die
Generalversammlung können die Mitglieder der Geschäftsleitung einen zusätzlichen Ermessensbonus erhalten. Des Weiteren kann der Verwaltungsrat oder der Vergütungsausschuss bestimmen, dass die Mitglieder der Geschäftsleitung
berechtigt sind, am Mitarbeiterbeteiligungsplan der Gesellschaft teilzunehmen, welcher von der Generalversammlung mittels konsultativem oder bindendem Beschluss, wie nach anwendbarem Recht (inklusive den US-Wertschriftengesetzen) verlangt, genehmigt
wurde. |
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a) Variable compensation paid or granted to the
members of the Executive Management in relation to a certain year may consist of a cash bonus pursuant to Article 24(c) and long-term incentive equity awards pursuant to Article 24(d), plus, if applicable, social security and pension plan
contributions on the part of the employer. In exceptional cases the members of the Executive Management may receive an additional discretionary bonus upon prior approval by the General Meeting. Furthermore, the Board of Directors or the Compensation
Committee may determine that the members of Executive Management are eligible to participate in the Companys employee share purchase plan that has been approved by the General Meeting by a binding or advisory vote as required by applicable law
(including U.S. securities laws). |
b) Variable Vergütungen beruhen auf Performancekriterien, welche die
Performance der ACE Gruppe und/oder von deren Geschäftseinheiten und/oder individuelle Zielen berücksichtigen. Der Verwaltungsrat oder der Vergütungsausschuss setzen Performancekriterien, Zielwerte und deren Erreichung fest (wobei die
Bestimmung von individuellen Zielen und deren Erreichung in Bezug auf jedes andere Mitglied der Geschäftsleitung an den Chief Executive Officer delegiert werden kann). Wenn der Verwaltungsrat oder der Vergütungsausschuss es als
zweckmässig erachtet, kann er auch Zuteilungen mit langfristiger Anreizwirkung gewähren, welche unabhängig von der Erreichung von Zielen in der Vergangenheit an die zukünftige Performance geknüpft sind. |
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b) Variable compensation shall be based on performance criteria that take into
account the performance of the ACE Group and/or operating units thereof, and/or individual targets. The Board of Directors or the Compensation Committee determines performance criteria, target levels, and their achievement (it being understood that
the determination of individual targets and their achievement may be delegated to the chief executive officer in respect to any other member of Executive Management). If deemed appropriate, the Board of Directors or Compensation Committee may also
grant long-term incentive awards that are linked to future performance independently from the achievement of targets in the past. |
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c) Der Bonus in bar wird unter Anwendung der
obengenannten Kriterien und Rahmenbedingungen basierend auf Leistungen ausbezahlt, die grundsätzlich unter Zugrundelegung des einjährigen Zeitraums gemessen werden, auf den sich der Bonus in bar bezieht.
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c) The cash bonus is paid out based on achievements which are generally measured
based on the one-year period to which the cash bonus relates, applying the above criteria and framework. |
d) Der Umfang der Zuteilungen von
Beteiligungsrechten (aktienbasierten Awards) mit langfristiger Anreizwirkung (long-term incentive) wird durch den Verwaltungsrat oder den Vergütungsausschuss festgelegt. Er kann aus Aktienoptionen, Aktien mit Veräusserungssperre,
Performance-Aktien und sonstigen Beteiligungsinstrumenten bestehen, die gemäss einem Beteiligungsplan zulässig sind, welcher von der Generalversammlung mittels konsultativem oder bindendem Beschluss, wie vom anwendbaren Recht (inklusive
den US-Wertschriftengesetzen) verlangt, genehmigt wurde. |
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d) The amount of long-term incentive equity awards granted shall be determined by
the Board of Directors or the Compensation Committee and may consist of stock options, restricted stock, performance shares or any other equity instruments permitted by an equity plan that has been approved by the General Meeting by a binding or
advisory vote as required by applicable law (including U.S. securities laws). |
e) Zuteilungen von Beteiligungsrechten
(aktienbasierte Awards) stellen grundsätzlich Vergütungen im Jahr dar, in der gegebenenfalls die Performance zum Zwecke der Festlegung des Umfangs der Zuteilung gemessen wurde (d.h. wenn eine Zuteilung im Zusammenhang mit der Beurteilung
der Performance im Vorjahr erfolgt, stellt diese Zuteilung Vergütung in Bezug auf dieses Vorjahr dar), oder andernfalls Vergütungen am Tag der Zuteilung dar. Sie sind grundsätzlich zu ihrem Fair Value am Zuteilungsdatum zu bewerten,
wie vom Verwaltungsrat oder Vergütungsausschuss festgelegt. Wenn der Verwaltungsrat oder der Vergütungsausschuss es unter den gegebenen Umständen als angemessen erachtet, kann er bestimmen, dass eine Zuteilung oder ein Teil einer
Zuteilung eine Vergütung in einem anderen Jahr darstellt und an einem anderen Datum bewertet wird (soweit dies nach anwendbarem Recht, inklusive den US-Wertschriftengesetzen, zulässig ist).
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e) Any equity awards generally constitute compensation for the year during which
performance was measured in order to determine the size of the award, if applicable (i.e., if an award is granted in connection with review of prior-year performance, then such award shall constitute compensation with respect to such prior year),
and otherwise at the date of grant. They shall be generally valued at their fair value at the date of grant as determined by the Board of Directors or the Compensation Committee. If the Board of Directors or the Compensation Committee deems it
reasonable under the circumstances, it may determine that all or part of an award shall constitute variable compensation in a different year and be valued at a different date (to extent permitted by applicable law, including U.S. securities
laws). |
f) Der Verwaltungsrat oder der Vergütungsausschuss ist autorisiert, die
näheren Vorschriften und Bedingungen von variablen Vergütungen zu spezifizieren, sei dies in Bonus- und Beteiligungsplänen, Arbeits- oder Zuteilungsverträgen oder anderweitig. Sie bestimmen die Bedingungen |
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f) The Board of Directors or the Compensation Committee is authorized to specify any
further terms and conditions of variable compensation, be it in bonus and equity incentive plans, employment or award agreements or otherwise. They |
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der Gewährung, der Unverfallbarkeit (Vesting), der Sperrung, der Ausübung und des Verfalls von
aktienbasierten Awards und können Mechanismen zur Anpassung oder Rückforderung von variablen Vergütungen vorsehen. Sie können insbesondere vorsehen, dass gewisse variable Vergütungen oder deren Äquivalent in bar
während einer Freistellung ausbezahlt oder gewährt werden (wobei in diesem Fall die Ausrichtung auf dem im letzten Jahr bzw. in den letzten Jahren ausgerichteten durchschnittlichen Bonus bzw. Incentive oder dem Zielbonus bzw. -incentive
basieren kann) und dass aktienbasierte Awards (i) im Falle eines Kontrollwechsels betreffend die Gesellschaft und (ii) im Falle der Beendigung der Anstellung eines Mitgliedes der Geschäftsleitung unverfallbar werden (vesten) und Sperrfristen
aufgehoben werden. |
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shall determine grant, vesting, blocking, exercise and forfeiture conditions of any equity awards and may provide for mechanisms for
adjustment or clawback of variable compensation. In particular, they may provide that certain variable compensation or their cash equivalent is paid or granted during garden leave (in which case the payout may be based on the average bonus or
incentive paid in the last year(s) or on the target bonus or incentive), and that equity awards will vest and any blocking periods will be waived (i) in the event of a change in control regarding the Company and (ii) in the event of termination of
employment of a member of the Executive Management. |
g) Der Verwaltungsrat oder der
Vergütungsausschuss ist dafür verantwortlich, für jedes Mitglied der Geschäftsleitung das proportionale Verhältnis der jährlichen Grundvergütung und der Komponenten der variablen Vergütung zu bestimmen. Dies
erfolgt unter Berücksichtigung der vorstehend umschriebenen Performancekriterien und individuellen Ziele und des proportionalen Verhältnisses der Vergütungsstruktur in vergleichbaren Unternehmen, welche den Aktionären auf
jährlicher Basis mitgeteilt und veröffentlicht werden (wobei der Verwaltungsrat oder der Vergütungsausschuss jedoch von der Norm oder den Praktiken anderer Gesellschaften abweichen kann, wenn er es für Zwecke des Geschäfts,
der Rekrutierung oder der Mitarbeiterbindung für angemessen hält). In Übereinstimmung mit, und unter Vorbehalt von, Art. 25 der Statuten darf die gesamte Vergütung (einschließlich der festen und variablen
Vergütung), welche allen Mitgliedern der Geschäftsleitung in Bezug auf ein Kalenderjahr ausgerichtet wird, in keinem Fall den Gesamtbetrag übersteigen, welcher vorgängig durch die Generalversammlung für die Vergütung
der Geschäftsleitung für dieses Kalenderjahr genehmigt wurde. |
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g) The Board of Directors or the Compensation Committee shall be responsible for
determining for each member of Executive Management the proportional balance of base annual salary and the components of variable compensation, following consideration of the performance criteria and individual targets described above, and the
proportional balance of compensation structures at peer group companies that shall be published and disclosed to shareholders on an annual basis (provided the Board of Directors or Compensation Committee may deviate from the norm or other
companies practices if it deems appropriate for business, recruitment or retention purposes). In accordance with, and subject to, Article 25 below, in no event shall the aggregate compensation (including fixed and variable compensation) paid
with respect to any calendar year to all members of Executive Management exceed the total aggregate amount previously approved by the General Meeting for the compensation of the Executive Management for such calendar year. |
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Artikel 25 Genehmigung von Vergütungen
a) Die ordentliche Generalversammlung genehmigt jedes Jahr je den
maximalen Gesamtbetrag: |
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Article 25 Approval of Compensation
a) Each year the ordinary General Meeting shall approve separately
the maximum aggregate amount each of: |
1. der Vergütungen für den
Verwaltungsrat bis zur nächsten ordentlichen Generalversammlung; und |
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1. the compensation of the Board of Directors
until the next ordinary general meeting; and |
2. der Vergütungen für die
Geschäftsleitung für das nächste Kalenderjahr. |
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2. the compensation of the Executive Management
for the next calendar year. |
b) Genehmigt die Generalversammlung einen
Gesamtbetrag nach Art. 25 lit. a) nicht, so berücksichtigt der Verwaltungsrat die Ergebnisse der Abstimmung, andere Aktionärsrückmeldungen sowie weitere Aspekte nach eigenem Ermessen und er kann anschliessend an einer nachfolgenden
(ordentlichen oder ausserordentlichen) Generalversammlung einen neuen Antrag für einen solchen Gesamtbetrag stellen, und die Gesellschaft darf Vergütungen unter Vorbehalt der nachträglichen Genehmigung durch die Generalversammlung
ausrichten. Der Verwaltungsrat darf auch Genehmigungsanträge aufteilen, indem er Anträge in Bezug auf einzelne Vergütungselemente, kürzere Zeitperioden oder einen engeren Personenkreis stellt.
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b) If the General Meeting does not approve an aggregate amount pursuant to Article
25(a), the Board of Directors shall consider the results of the vote, other shareholder feedback and other matters in its discretion and it may thereafter submit a new proposal for such aggregate amount at a subsequent (extraordinary or ordinary)
General Meeting, and the Company may pay compensation subject to the subsequent approval. The Board of Directors may also split proposals for approval by submitting proposals in respect to particular elements of compensation, shorter periods of
time, or a more limited group of persons. |
c) Die Generalversammlung kann jederzeit eine
nachträgliche Erhöhung eines genehmigten Gesamtbetrags oder zusätzliche Beträge für gewisse Vergütungselemente genehmigen. Sie kann insbesondere einen möglichen ausserordentlichen Bonus genehmigen, der auszurichten
ist: (i) an den Verwaltungsrat in bar oder Aktien für in einer vorangehenden Periode geleistete ausserordentliche und zusätzliche Arbeit, oder (ii) an die Geschäftsleitung für die Leistung im vorherigen Kalenderjahr
ausserhalb und zusätzlich zu einem Bonus, der im Rahmen von Art. 25 lit. a) Ziff. 2 der Statuten ausgerichtet wurde. |
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c) The General Meeting may at any time approve a subsequent increase of an approved
aggregate amount or approve additional amounts for certain elements of compensation. In particular, it may approve a possible extraordinary bonus payable (i) to the Board of Directors in cash or shares for extraordinary and additional work performed
in a preceding period or (ii) to the Executive Management for the performance in the prior calendar year outside of and in addition to any bonus paid within the scope of Article 25(a)(2) above. |
d) Die Gesellschaft ist berechtigt, eine Vergütung (einschließlich
Entschädigung für den Verlust von Vergütung oder für finanzielle Nachteile im Zusammenhang mit dem Arbeitswechsel) an solche Mitglieder der Geschäftsleitung zu bezahlen, die nach dem relevanten Genehmigungsbeschluss der
Generalversammlung (i) in die Geschäftsleitung eintreten oder (ii) innerhalb der Geschäftsleitung zum |
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d) The Company is authorized to pay compensation (including indemnification for loss
of compensation or for financial disadvantages in connection with the change of employment) to such members of the Executive Management who after the relevant approval resolution by the General Meeting (i) join the Executive Management or (ii) are
promoted |
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Chief Executive Officer befördert werden; dies selbst dann, wenn der durch die Generalversammlung
bereits genehmigte Betrag nicht ausreichend ist. Diese Zusatzbeträge müssen nicht durch die Generalversammlung genehmigt werden, sofern ihre Summe in jeder einzelnen relevanten Zeitspanne 40% des genehmigten maximalen Gesamtbetrags
(vollständig, nicht pro rata temporis) der Vergütung für die Mitglieder der Geschäftsleitung für diesselbe Zeitspanne nicht überschreitet, für welche die Genehmigung durch die Generalversammlung bereits erteilt
wurde. |
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within the Executive Management to Chief Executive Officer, even if the total amount already approved by
the General Meeting is not sufficient. These supplementary amounts do not need to be approved by the General Meeting, provided that their sum in each single relevant period of time does not exceed 40% of the approved maximum aggregate amount (in
full not pro rata temporis) of the compensation of the members of the Executive Management for the same period of time for which approval by the General Meeting has already be obtained.
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e) Eine Überschreitung der genehmigten maximalen Gesamtbeträge aufgrund
von Wechselkursschwankungen ist unbeachtlich. |
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e) Any excess of the approved maximum aggregate amounts due to exchange rate
fluctuations shall be disregarded. |
Artikel 26 Zulässige zusätzliche Tätigkeiten
a) Ein Mitglied des Verwaltungsrats darf nicht mehr als die
folgende Anzahl zusätzlicher Mandate (wie nachstehend definiert) halten: |
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Article 26 Permitted Additional Activities
a) Any member of the Board of Directors shall hold no more than the
following numbers of additional mandates (as defined below): |
1. bis zu 4 Mandate in börsenkotierten
Unternehmen; |
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1. up to 4 mandates in publicly-traded
companies; |
2. bis zu 10 Mandate in nichtkotierten
Unternehmen; |
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2. up to 10 mandates in privately-held companies;
and |
3. bis zu 10 Mandate in Stiftungen, Vereinen,
wohltätigen Organisationen und anderen Rechtseinheiten. |
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3. up to 10 mandates in foundations, associations, charitable organizations and
other entities. |
b) Die Begrenzungen in Art. 26 lit. a) der
Statuten gelangen auch für Mitglieder der Geschäftsleitung zur Anwendung, wobei die maximale Anzahl zusätzlicher Mandate in börsenkotierten Unternehmen (Ziff. 1 vorstehend) jedoch bei 2 liegt.
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b) The limitations set forth in Article 26(a)
above shall also apply to members of the Executive Management provided, however, that the maximum number of additional mandates in publicly-traded companies (no. 1 above) shall be 2.
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c) Mandate, die in verschiedenen Rechtseinheiten ein und desselben Konzerns oder auf
Anordnung der Gesellschaft oder einer anderen Rechtseinheit gemäss Art. 26 lit. a) der Statuten gehalten werden (einschliesslich in Vorsorgeeinrichtungen und Gemeinschaftsunternehmen), zählen nicht als separate Mandate. Eine kurzfristige
Überschreitung der in diesem Artikel geregelten Begrenzungen ist zulässig. |
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c) Mandates held in different legal entities of the same group or by order of the
Company or of another legal entity pursuant to Article 26(a) above (including in pension funds and joint ventures) shall not count as separate mandates. It is admissible to exceed the limitations set forth in this Article for a short period of
time. |
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d) Ein Mandat im Sinne dieses Artikels ist ein Mandat
in den obersten Leitungs- oder Verwaltungsorganen von Rechtseinheiten, die verpflichtet sind, sich ins Handelsregister oder in ein entsprechendes ausländisches Register eintragen zu lassen, mit Ausnahme der Gesellschaft und Rechtseinheiten, die
durch die Gesellschaft kontrolliert werden oder diese kontrollieren. |
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d) A mandate within the meaning of this Article shall
mean a mandate in superior governing or administrative bodies of legal entities that are obliged to register themselves in the commercial registry or any comparable foreign register except for the Company and any entity controlled by, or
controlling, the Company. |
Artikel 27 Vereinbarungen mit der Geschäftsleitung und dem
Verwaltungsrat |
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Article 27 Agreements with Executive Management and the Board of
Directors |
a) Arbeits- und Dienstleistungsverträge mit Mitgliedern der
Geschäftsleitung und, falls anwendbar, mit Mitgliedern des Verwaltungsrates sind in der Regel unbefristet und können eine Kündigungsfrist von bis zu 12 Monaten vorsehen. Falls der Verwaltungsrat oder einer seiner Ausschüsse zum
Schluss gelangt, dass eine befristete Vertragsdauer angemessen ist, so übersteigt diese nicht 12 Monate.
b) Die Gesellschaft kann mit Mitgliedern der Geschäftsleitung
entschädigte Konkurrenzverbote für eine Dauer von bis zu 2 Jahren nach der Beendigung des Arbeitsverhältnisses vereinbaren. Die Entschädigung, die pro Jahr des Konkurrenzverbots zu entrichten ist, beträgt maximal die Summe
(i) der letzten jährlichen Grundvergütung des Mitglieds, (ii) des Durchschnitts der letzten drei tatsächlichen Jahresboni des Mitglieds, und (iii) der Prämienzahlungen für Kranken- und/oder Zahnversicherung
basierend auf der Wahl des Mitglieds zur Zeit der Beendigung des Arbeitsverhältnisses. Zudem kann die Gesellschaft die Ausrichtung bestimmter Vergütungselemente, die mit in der Vergangenheit erbrachten Leistungen eines Mitglieds im
Zusammenhang stehen, vom Abschluss und der Einhaltung eines Konkurrenzverbots abhängig machen, so insbesondere (i) die Ausrichtung eines pro rata Bonusbetrags für das Jahr, in welchem das Arbeitsverhältnis mit dem Mitglied
beendet wurde, |
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a) Any employment or service agreements of the members of the
Executive Management and, if applicable, with members of the Board of Directors are as a general rule without fixed term and may provide for notice periods of up to 12 months. If the Board of Directors or any of its Committees comes to the
conclusion that a fixed term is appropriate, the fixed term shall not exceed 12 months.
b) The Company may enter into compensated non-competition
agreements with members of the Executive Management with a duration of up to 2 years after termination of the employment. The compensation payable for each year of the non-compete obligation shall not exceed the sum of (i) the last annual base
salary of the member, (ii) the average of the members last three actual annual bonuses, and (iii) health and/or dental premium payments based upon the members elections in effect as of the termination. Furthermore, the Company may
condition the payment of certain compensation items related to a members past services on the entering into and compliance with a non-competition agreement, including without limitation the payment of (i) a pro rata bonus amount for the year
in which the member is terminated |
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basierend auf der Arbeitsdauer in diesem Jahr und dem Durchschnitt der letzten drei tatsächlichen Jahresboni des Mitglieds, und (ii)
das fortgesetzte Vesting von aktienbasierten Awards, die ab dem Zeitpunkt der Beendigung des Arbeitsverhältnisses nicht gevestet (unverfallbar) sind, sowie, falls anwendbar, die fortgesetzte Möglichkeit, bestimmte aktienbasierte Awards
(wie Optionen) auszuüben, beides gleich wie während dem Arbeitsverhältnis. Wenn jedoch bis zur Beendigung gemäss Art. 27 lit. a) eine Freistellung gewährt wurde, wird der maximale Zeitraum von 2 Jahren (oder die maximale
Entschädigung, die gestützt auf diesen Zeitraum berechnet wird) für ein entschädigtes Konkurrenzverbot entsprechend reduziert. |
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based upon time worked during such year and the average of the members last 3 actual annual bonuses and (ii) continued vesting of the
members equity awards that are unvested as of the date of termination and, if applicable, continued ability to exercise the members equity awards (such as options), each as during employment. If, however, any garden leave was granted
until termination under Article 27(a), then the maximum period of 2 years (or the maximum compensation that is calculated based on such period) for any compensated non-compete agreement shall be reduced accordingly. |
Artikel 28 Vorsorgeleistungen |
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Article 28 Retirement Benefits |
a) Die Gesellschaft kann eine oder mehrere unabhängige
Vorsorgeeinrichtungen für die berufliche Vorsorge errichten oder sich solchen anschliessen. Arbeitgeberseitige Beiträge an solche Vorsorgeeinrichtungen, nicht aber die von solchen Vorsorgeeinrichtungen ausgerichteten reglementarischen
Leistungen, gelten als Bestandteil der Vergütung. Aufgrund anwendbarer Regelungen (inklusive unter qualifizierten und nichtqualifizierten beitragsorientierten Plänen) für die berufliche Vorsorge direkt vom Arbeitgeber geäufnete
bzw. ausgerichtete Vorsorgeleistungen werden gleich behandelt wie Beiträge an und Leistungen von Vorsorgeeinrichtungen. |
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a) The Company may establish one or more independent pension funds
for occupational pension benefits or may join such funds. Contributions to such pension funds on the part of the employer, but not benefits which are paid out by such pension funds, are deemed part of the compensation. Retirement benefits
accumulated or paid directly by the employer based on applicable regulations on occupational pension benefits (including under qualified and non-qualified defined contribution plans) are treated the same way as contributions to and benefits by
pension funds. |
b) Die Gesellschaft und ihre Tochtergesellschaften können
Mitgliedern der Geschäftsleitung anstelle oder zusätzlich zu den Leistungen nach Art. 28 lit. a) direkt Vorsorgeleistungen (wie Renten, Kauf von Krankenversicherungen und dgl.) ausserhalb der beruflichen Vorsorge in Aussicht stellen und
nach ihrem Ausscheiden ausbezahlen. Solche Renten sollen pro Jahr die letzte an dieses Mitglied ausbezahlte jährliche Grundvergütung nicht übersteigen. Bei Kapitalabfindungen wird der Wert einer Vorsorgeleistung aufgrund anerkannter
versicherungsmathematischer Methoden ermittelt. Die Zahlung von Überbrückungs- bzw. Zwischenleistungen zwischen Frühpensionierung und regulärem Rentenalter ist möglich. Zudem können die Mitglieder der |
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b) Instead or in addition to benefits pursuant to Article 28(a),
the Company and its subsidiaries may directly offer retirement benefits (such as pensions, purchase of health care insurances etc.) outside of the scope of occupational pension benefit regulations to members of the Executive Management and may pay
them out after retirement. Such retirement benefits shall not exceed the last paid out annual base salary of the respective member per year. In the case of lump-sum settlements, the value of a pension shall be determined based on recognized
actuarial methods. The payment of bridge or interim annuities between early retirement and the regular |
30
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Geschäftsleitung an den von der Gesellschaft unterhaltenen
Krankenversicherungsprogrammen teilnehmen. |
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retirement age is possible. In
addition, the members of the Executive Management may participate in the health plans maintained by the Company. |
Artikel 29 Rechtsnatur
Die Bestimmungen dieses Abschnitts sind
gesellschaftsrechtlicher Natur und begründen keine individuellen Leistungsansprüche. |
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Article 29 Legal Nature
The provisions of this section are of a company-law nature
and do not create individual claims for benefits. |
V. Liquidation |
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V. Liquidation |
Artikel 30 Auflösung und Liquidation
a) Die Generalversammlung kann jederzeit in Übereinstimmung
mit den gesetzlichen und statutarischen Bestimmungen die Auflösung und die Liquidation der Gesellschaft beschliessen. |
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Article 30 Dissolution and Liquidation
a) The General Meeting may at any time resolve the dissolution and
liquidation of the Company in accordance with the provisions of the law and of the Articles of Association. |
b) Die Liquidation wird durch den Verwaltungsrat
besorgt, sofern sie nicht durch einen Beschluss der Generalversammlung anderen Personen übertragen wird. |
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b) The liquidation shall be carried out by the
Board of Directors to the extent that the General Meeting has not entrusted the same to other persons. |
c) Die Liquidation ist gemäss Art. 742 ff.
OR durchzuführen. Dabei können die Liquidatoren über das Vermögen der Gesellschaft (einschliesslich Immobilien) durch privaten Rechtsakt verfügen.
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c) The liquidation of the Company shall take
place in accordance with art. 742 et seq. of the Swiss Code of Obligations. The liquidators are authorized to dispose of the assets (including real estate) by way of private contract.
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d) Das Vermögen der aufgelösten Gesellschaft wird nach Tilgung ihrer
Schulden unter die Aktionäre nach Massgabe der einbezahlten Beträge verteilt. |
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d) After all debts have been satisfied, the net proceeds shall be distributed among
the shareholders in proportion to the amounts paid-in. |
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VI. Mitteilungen und Sprache der Statuten |
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VI. Notices and Language of the Articles of Association |
Artikel 31 Mitteilungen und Bekanntmachungen
a) Das Schweizerische Handelsamtsblatt ist das offizielle
Publikationsmittel der Gesellschaft. |
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Article 31 Communications and Announcements
a) The official means of publication of the Company shall be the
Schweizerisches Handelsamtsblatt. |
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b) Mitteilungen der Gesellschaft an die Aktionäre sowie andere Bekanntmachungen
erfolgen durch Publikation im Schweizerisches Handelsamtsblatt. |
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b) Shareholder invitations and communications of the Company shall be published in
the Schweizerisches Handelsamtsblatt. |
Artikel 32 Sprache der Statuten
Im Falle eines Widerspruchs zwischen der deutschen und jeder
anderen Fassung dieser Statuten ist die deutsche Fassung massgeblich. |
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Article 32 Language of the Articles of Association
In the event of deviations between the German version of
these Articles of Association and any version in another language, the German authentic text prevails. |
Zürich, 21. Mai 2015 / Zurich, May 21,
2015 /s/ Olivier
Steimer Olivier
Steimer |
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32
Exhibit 3.2
Organizational Regulations
of
ACE Limited
with registered office in Zurich, Switzerland
Contents
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CONTENTS |
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2 |
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1. |
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BASICS AND SCOPE OF APPLICATION |
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4 |
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1.1 |
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Basics |
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4 |
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1.2 |
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Scope of Application |
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1.3 |
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Executive Bodies of the Company |
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2. |
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BOARD OF DIRECTORS |
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4 |
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2.1 |
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Statutory Powers and Responsibilities |
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2.2 |
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Further Powers and Responsibilities |
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2.3 |
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Delegation of Management to Chief Executive Officer and Executive Management |
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2.4 |
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Constitution |
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2.5 |
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Meetings, Convocation of Meetings, Agenda |
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2.6 |
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Quorum, Passing of Resolutions and Minutes |
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2.7 |
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Right to Request Information and Reporting |
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2.8 |
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Composition and Independence |
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3. |
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THE CHAIRMAN |
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3.1 |
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Powers and Responsibilities |
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3.2 |
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Substitution |
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4. |
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LEAD DIRECTOR |
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11 |
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5. |
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COMMITTEES |
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11 |
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5.1 |
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Purpose, Powers and Responsibilities in General |
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11 |
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5.2 |
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Types of Committees, Charters |
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11 |
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5.3 |
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Composition and Eligibility |
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5.4 |
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Term |
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5.5 |
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Meetings, Convocation of Meetings, Agenda |
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12 |
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5.6 |
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Resolutions and Proposals to the Board of Directors |
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6. |
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DELEGATE |
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13 |
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6.1 |
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Powers and Responsibilities |
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13 |
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6.2 |
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Further Powers and Responsibilities |
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7. |
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EXECUTIVE MANAGEMENT |
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7.1 |
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Powers and Responsibilities |
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7.2 |
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Appointments |
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7.3 |
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Meetings, Convocation of Meetings, Agenda |
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7.4 |
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Quorum and Minutes |
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8. |
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GROUP INTERNAL AUDIT |
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16 |
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8.1 |
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Responsibilities |
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8.2 |
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Organization |
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8.3 |
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Professional Standards |
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8.4 |
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Independence |
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9. |
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GENERAL PROVISIONS |
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9.1 |
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Signatory Powers |
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9.2 |
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Conflict of Interest |
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9.3 |
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Non-Disclosure |
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17 |
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9.4 |
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Returning of Files |
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10. |
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BUSINESS YEAR |
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11. |
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FINAL PROVISIONS |
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11.1 |
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Entering into Force |
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11.2 |
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Review and Amendments |
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12. |
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INDEMNIFICATION |
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3
1. |
BASICS AND SCOPE OF APPLICATION |
The board of directors of ACE Limited, Switzerland, (Company) issues the following organizational
regulations (Organizational Regulations) based on art. 716b CO and art.19 of the articles of association of ACE Limited (Articles of Association).
The Organizational Regulations define the organization and responsibilities of the executive bodies, i.e. the board of
directors and its members (Board Members), its committees and its chairs, the delegate of the board of directors and the chief executive officer as well as the executive management of the Company and its subsidiaries (together
with the Company the Group). They implement and supplement applicable law and the Articles of Association by establishing binding rules regarding the organization of the Group and its overall management.
1.3 |
Executive Bodies of the Company |
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The |
executive bodies of the Company are: |
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(a) |
the board of directors of the Company (Board of Directors); |
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(b) |
the chairman of the Board of Directors (Chairman); |
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(c) |
the committees of the Board of Directors (Committees); |
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(d) |
the delegate of the Board of Directors (Delegate) and the chief executive officer of the Company (Chief Executive
Officer); and |
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(e) |
the executive management (Executive Management). |
2.1 |
Statutory Powers and Responsibilities |
2.1.1 |
The Board of Directors is entrusted with the ultimate management of the Company, the overall supervision of the Group as well as with the
supervision and control of management. |
The Board of Directors is entitled to pass resolutions on all
matters which are not delegated to, or reserved for, the shareholders meeting or another body of the Company by applicable law, the Articles of Association or the Organizational Regulations.
4
2.1.2 |
The Board of Directors has the following (non-transferable) duties and competences with regard to the Company and the Group:
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(a) |
to ultimately manage and direct the Company and the Group and to issue the necessary directives; |
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(b) |
to determine the overall organization and strategy; |
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(c) |
to organize the finances, in particular determine the applicable accounting principles, the structuring of the accounting system, of the financial
controls and of the internal audit as well as the financial planning; |
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(d) |
appointment and removal of a Delegate and his/her deputy; |
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(e) |
appointment and removal of the members of the Executive Management and of the internal audit, and to grant signatory power; |
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to verify the professional qualifications of the specially qualified independent auditors of the Company; |
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(g) |
to ultimately supervise the persons entrusted with the management, in particular with respect to compliance with the law, the Articles of
Association, the Organizational Regulations and other regulations and directives; |
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(h) |
preparation of the business report (including the financial statements), the compensation report, as well as the preparation of the shareholders
meetings and the implementing of their resolutions; |
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(i) |
to pass resolutions regarding increases in share capital, as far as they are within the competence of the Board of Directors (art. 651 para. 4 CO)
as well as the adoption of capital increases and the amendments to the Articles of Association entailed therewith; |
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(j) |
to propose reorganization measures to the shareholders meeting if half the share capital is no longer covered by the Companys net assets;
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(k) |
notification of the judge (filing for bankruptcy) in the case of over-indebtedness; |
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(l) |
to decide on agreements relating to mergers, spin-offs, conversions and/or transfer of assets (Vermögensübertragung) pursuant to
the Swiss Merger Act (Fusionsgesetz). |
5
2.2 |
Further Powers and Responsibilities |
The Board of Directors has the following further powers and responsibilities with regard to the Company and the Group:
2.2.1 |
Regarding the Board of Directors: |
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(a) |
appointment and removal of the Lead Director, the Delegate and the Secretary, who need not be a member of the Board of Directors;
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(b) |
appointment and removal, upon recommendation by the nominating & governance committee (Nominating & Governance
Committee), of the members of the Committees of the Board of Directors, except for the members of the Compensation Committee; |
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(c) |
to the extent allowed by applicable law and the Articles of Association, appointment to and suspension from office of the Chairman and the
Compensation Committee; |
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(d) |
subject to the powers of the shareholders meeting pursuant to the Articles of Association, determine the compensation of (1) the Board
Members, upon recommendation by the Nominating & Governance Committee and (ii) the Chairman, the Delegate and the Executive Management, upon recommendation of the compensation committee of the Board of Directors (the
Compensation Committee); |
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(e) |
consider the reports and recommendations submitted to it by the committees of the Board of Directors (Committees) and resolve on
the proposals of the Committees; |
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(f) |
propose to the shareholders meeting, upon recommendation by the Nominating & Governance Committee candidates for election or re-election to the
Board of Directors; |
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(g) |
propose to the shareholders meeting, upon recommendation by the Nominating & Governance Committee a candidate for election or re-election
as Chairman; |
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(h) |
propose to the shareholders meeting, upon recommendation by the Nominating & Governance candidates for election or re-election to the
Compensation Committee; and |
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(i) |
yearly review of the performance of the Board of Directors, the Committees and the Board Members. |
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2.2.2 |
Regarding operational matters: |
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(a) |
have overall responsibility for corporate governance matters and the authority to delegate responsibilities to its Committees and the Executive
Management, as it deems appropriate; |
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(b) |
appoint and remove the members of the Executive Management; |
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(c) |
determine the strategy of the Group and review the strategy of the Executive Management; |
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(d) |
determine and amend the structure of the Group and designate the business segments; |
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(e) |
approval of the medium and short term business plan of the Group, on the basis of the strategic goals; |
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(f) |
determine the risk tolerance level and monitor the risk development, in conjunction with the risk & finance committee of the Board of
Directors (Risk & Finance Committee); |
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(g) |
resolve on material acquisitions, dispositions, investments, strategic and financing transactions; |
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(h) |
be informed of provisions, write-offs and depreciations outside the ordinary course of business; |
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(i) |
approve capital market transactions for the account of the Group, including buy-backs of Company shares; |
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(j) |
delegate management powers and responsibilities to Committees, Board Members and the Executive Management; |
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(k) |
approve an upper limit for aggregate debt issuances, credit facilities or similar instruments (including repurchase facilities and letter of credit
facilities); |
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(l) |
approve year-end reports of the Company and the Group, subject to the authority of the shareholders meeting; |
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(m) |
review and consider periodic core business status reports as well as reports on major business transactions and events; |
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(n) |
review the Groups adherence to legal, regulatory and compliance standards and the status of significant legal, regulatory or compliance
matters, in conjunction with the Audit Committee; |
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(o) |
assess, on an annual basis, the performance of the Chief Executive Officer and the members of the Executive Management; and |
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(p) |
approve the compensation principles of the Group upon recommendation of the Compensation Committee. |
2.3 |
Delegation of Management to Chief Executive Officer and Executive Management |
The Board of Directors delegates the management of the Company and the Group to the Chief Executive Officer and the other
members of the Executive Management as provided for by these Organizational Regulations.
Board Members will have complete
and open access to the Chief Executive Officer, chief financial officer, general counsel, chief compliance officer and the head of internal audit.
The Board of Directors shall elect a Lead Director (who also acts as vice-chairman) from amongst its members.
The Board of Directors shall appoint a Secretary (a person keeping the minutes and assisting in the preparation of board
meetings) who need not to be a member of the Board of Directors.
2.5 |
Meetings, Convocation of Meetings, Agenda |
2.5.1 |
The Board of Directors shall be convened whenever required by business, a minimum of four times a year. |
2.5.2 |
Meetings shall be convened by the Chairman or, in his/her absence, by another Board Member. Each Board Member shall be entitled to request
an immediate convening of a meeting and shall, in this event, set forth the items to be discussed. |
2.5.3 |
Meetings shall be announced at least 10 (ten) calendar days in advance by letter, facsimile or e-mail. Items on the agenda shall be set
forth in this correspondence. |
In case of urgency shorter notice periods are permitted. If all Board
Members are present and agree, deviations from these formal requirements are permitted; in particular, decisions can be taken that are not mentioned on the agenda.
Furthermore, these formal requirements do not have to be observed, if a meeting is only convened in order to record the
implementation of a capital increase, to pass resolutions regarding the amendments of the Articles of Association entailed therewith and to adopt the report on the capital increase.
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2.5.4 |
The Chairman, or in his/her absence, a vice-chairman or, in their absence, another Board Member, shall chair the meetings.
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2.5.5 |
At board meetings, each Board Member shall be entitled to submit proposals regarding the items on the agenda. This right may also be
executed by way of correspondence. |
2.6 |
Quorum, Passing of Resolutions and Minutes |
2.6.1 |
A board quorum shall be constituted when a majority of the Board Members are present in person or participate using some alternative means
of instant communication. |
A quorum of Board Members shall not be required in order to record the
implementation of a capital increase, to pass resolutions regarding the amendments of the Articles of Association entailed therewith and to adopt the report on the capital increase.
2.6.2 |
The Board of Directors shall pass its resolutions with the majority of the votes cast. In case of a tie of votes, the Chairman shall not
have the casting vote. Board Members may not be represented. |
2.6.3 |
Board resolutions may also be passed by means of written resolutions (circular resolutions), in writing, by facsimile or by a signed copy
sent by e-mail, provided that no Board Member requests, either by phone, facsimile or similar means, deliberation in a meeting, within 5 (five) calendar days after hearing of the proposed resolution. Board resolutions by means of written resolutions
require the affirmative vote of a majority of all of the Board Members. |
2.6.4 |
Board meetings may be held and resolutions may be passed by means of a telephone or video conference or similar means of instant
communication provided that (i) all Board Members can be reached by such means and (ii) no Board Member, when contacted for such conference, requests deliberation in a meeting. |
2.6.5 |
All resolutions shall be recorded. The minutes shall be signed by the Chairman and the person keeping the minutes and must be approved by
the Board of Directors. |
2.7 |
Right to Request Information and Reporting |
2.7.1 |
Each Board Member is entitled to request information from the Chairman on all Company and Group matters. |
2.7.2 |
At every meeting the Delegate shall inform the Board of Directors on the current course of business and on important business developments
of the Company and the Group. The Board of Directors shall be informed promptly of any extraordinary business development. If necessary, members of the Executive Management may be invited to attend board meetings. Board Members shall be informed of
extraordinary occurrences immediately by way of circulating letter, or, if necessary, also by telephone, facsimile or e-mail. |
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2.7.3 |
Each Board Member is also entitled to request information or access to business documents in the intervals between board meetings. Such
requests shall be addressed in writing to the Chairman of the Board of Directors. |
2.7.4 |
To the extent necessary to fulfill his/her duties, each Board Member may request from the Chairman authorization to review books and records
of the Company. If the Chairman rejects the Board Members request for information, for a hearing or for an inspection, then the Board of Directors shall decide on such request. |
2.8 |
Composition and Independence |
The Board of Directors, upon recommendation by the Nominating & Governance Committee, shall submit nominations of new
Board Members for election at the shareholders meeting that ensure an adequate size and well-balanced composition of the Board of Directors and further ensure that a majority of the Board Members are independent within applicable legal and stock
exchange requirements.
3.1 |
Powers and Responsibilities |
3.1.1 |
The Chairman shall convene board meetings and take the chair. Together with the person keeping the minutes, he/she shall sign the minutes
regarding the deliberations and resolutions of the Board of Directors. |
The Chairman shall preside over
the shareholders meeting. Together with the person keeping the minutes, he/she shall sign the minutes of the shareholders meeting.
The Chairman has the right to call in third parties as advisors in meetings of the Board of Directors.
3.1.2 |
In addition, the Chairman shall have the responsibilities delegated to him/her by law, the Articles of Association and the Organizational
Regulations. |
If the Chairman of the Board of Directors is prevented from performing his/her duties, they shall be performed by the Lead
Director.
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The Board of Directors shall appoint a Lead Director, who shall have the following responsibilities, together with such others
as the Board of Directors might from time to time specify:
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(a) |
to participate with the Chairman and the Delegate in establishing the agenda for board meetings, and to circulate to the other Board Members the
proposed agenda so as to receive and incorporate their suggestions as to additional agenda items; |
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(b) |
to preside at executive sessions of the non-management and the independent Board Members; |
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(c) |
to work with the Nominating and Governance Committee in the Board of Directors performance evaluation process; |
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(d) |
to facilitate communication between Board Members and, respectively, the Chairman, the Delegate and the Chief Executive Officer without in any way
becoming the exclusive means of such communication; |
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(e) |
to help assure that all Board Members receive on a timely basis the reports, background materials and resources necessary or desirable to assist
them in carrying out their responsibilities; |
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(f) |
to monitor the Companys mechanism for receiving and responding to communications to the Board of Directors from shareholders;
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(g) |
to respond to shareholder inquiries regarding matters other than audit-related matters; and |
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(h) |
to monitor the Board of Directors activities to ensure sound corporate governance. |
5.1 |
Purpose, Powers and Responsibilities in General |
5.1.1 |
The Board of Directors may allocate the preparation and implementation of its resolutions and the supervision of the business of the Company
and the Group to Committees. The Committees shall timely inform the Board of Directors on its findings and actions. |
5.1.2 |
The Committees have the right, at any time and in their discretion, to make or request inquires in all matters falling into their
responsibilities. By doing so, they shall take into account the industry practice and general principles of best practice. They may, if required, hire independent legal advisors, auditors or other experts, in particular to establish a comparison
with general principles of best practice. The expenses shall be borne by the Company. |
5.2 |
Types of Committees, Charters |
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5.2.1 |
The Board of Directors shall have an Audit Committee, a Compensation Committee, an Executive Committee, a Risk & Finance Committee
and a Nominating & Governance Committee. |
5.2.2 |
The Board of Directors may designate one or more additional Committees at any time. |
5.2.3 |
The Board of Directors shall issue separate charters for each Committee which set out the powers and, as the case may be, the procedures of
any such Committee. These charters, as amended from time to time, are incorporated by reference into these Organizational Regulations. |
5.3 |
Composition and Eligibility |
Subject to the powers of the shareholders meeting in respect to the Compensation Committee and unless otherwise
determined by a Committees charter, each Committee is constituted by a chairman and at least one further member, each appointed by the Board of Directors among its members.
Unless otherwise determined by a Committees charter, the term of a membership in a Committee is one year upon
appointment.
5.5 |
Meetings, Convocation of Meetings, Agenda |
Unless otherwise determined by a Committees charter:
|
(a) |
Meetings of the Committees shall be convened whenever required by business, usually on the day before an ordinary board meeting.
|
|
(b) |
Meetings shall be convened by the chairman of the Committee. Each member of a Committee shall be entitled to request an immediate convening of a
Committee meeting and must, in this event, set forth the items to be discussed. |
|
(c) |
The chairs of the Committees may invite other participants than the members of the Committees and the participants provided for in the
Organizational Regulations. |
|
(d) |
The chairs of the Committees prepare the meetings and invite the participants with advisory functions. The meetings are headed by the chair of the
Committee. |
|
(e) |
The chair of the Committee may exclude members of the Executive Management from meetings or from parts of a meeting. |
5.6 |
Resolutions and Proposals to the Board of Directors |
12
Unless otherwise determined by a Committees charter:
|
(a) |
A Committee quorum shall be constituted when a majority of the members of the Committee are present in person or participate using some alternative
means of instant communication. |
|
(b) |
The Committees shall pass their resolutions and adopt proposals to the Board of Directors with the majority of the votes cast. In case of a tie of
votes, the chair shall not have the casting vote. |
|
(c) |
Committee resolutions and proposals to the Board of Directors may also be passed by means of written resolutions (circular resolutions), in
writing, by facsimile or by a signed copy sent by e-mail, provided that no member requests, either by phone, facsimile or similar means, deliberation in a meeting, within 5 (five) calendar days after hearing of the proposed resolution or proposal.
Committee resolutions and proposals by means of written resolutions require the affirmative vote of a majority of all of the Committee members. |
|
(d) |
All resolutions shall be recorded. The minutes shall be signed by the chair of the Committee and the person keeping the minutes and must be
approved by the next meeting of the Committee. |
6.1 |
Powers and Responsibilities |
6.1.1 |
The Delegate is a member of the Board of Directors (Verwaltungsratsdelegierter) and the Chief Executive Officer of the Executive
Management. The Chairman may also be appointed as the Delegate. |
6.1.2 |
If the Board of Directors appointed a Delegate in accordance with Clause 2.1.2(d), this Delegate shall have the following powers and
responsibilities: |
|
(a) |
head the Executive Management and convene and chair its meetings; |
|
(b) |
liaise between the Board of Directors and the Executive Management in all areas that are not reserved to the Chairman; |
|
(c) |
chair the meetings of the Executive Management; |
|
(d) |
supervise and prepare the implementation of the resolutions of the Board of Directors on the ultimate management of the Company;
|
|
(e) |
supervise the development of the strategies of the Company by the Executive Management; and |
13
|
(f) |
supervise the formation for the top management of the Company. |
6.2 |
Further Powers and Responsibilities |
6.2.1 |
Furthermore, the Delegate has the responsibilities as set forth in the Articles of Association and these Organizational Regulations. In
particular, he or she is responsible and supervises the implementation of the resolutions by the Board of Directors. |
6.2.2 |
The Board of Directors may delegate further powers and responsibilities to the Delegate. |
7.1 |
Powers and Responsibilities |
7.1.1 |
The Executive Management shall manage the operations of the Company and the overall business of the Group and shall control all employees of
the Company. |
7.1.2 |
In particular, the Executive Management shall exercise the following duties and competencies: |
|
(a) |
operational management of the Group, the implementation of the strategic business policy, the implementation of these Organizational Regulations as
well as the drawing up of the necessary additional regulations and directives for approval by the Board of Directors as well as the implementation of the approved regulations and directives; |
|
(b) |
manage and supervise all on-going business and transactions of the Group within the framework of these Organizational Regulations save for
decisions with an extraordinary importance which require prior approval by the Board of Directors; |
|
(c) |
preparation for approval by the Board of Directors and implementation of the accounting, financial control and the financial planning;
|
|
(d) |
prepare and present the annual accounts, the quarterly balance sheet as well as the annual report to the Board of Directors and the subsidiary
boards as well as periodical and legally required reporting to these boards regarding the course of business of the individual subsidiaries. |
7.2.1 |
The members of the Executive Management are appointed and removed by the Board of Directors. |
14
7.2.2 |
The Executive Management is constituted of the Chief Executive Officer, the chief financial officer, the general counsel and such other
members as the Board of Directors may appoint from time to time. |
7.3 |
Meetings, Convocation of Meetings, Agenda |
7.3.1 |
The Executive Management shall be convened whenever required by business, a minimum of once per month. |
7.3.2 |
Meetings shall be convened by the Chief Executive Officer or, in his/her absence, by another member of the Executive Management. Each member
of the Executive Management shall be entitled to request an immediate convening of a meeting and must, in this event, set forth the items to be discussed. |
7.3.3 |
Meetings shall be announced at least one calendar day in advance by letter, facsimile or e-mail. Items on the agenda shall be set forth in
this correspondence. |
In case of urgency shorter notice periods are permitted. If all members of the
Executive Management are present and agree, deviations from these formal requirements are permitted; in particular, decisions can be taken that are not mentioned on the agenda.
7.3.4 |
The Chief Executive Officer, or in his/her absence his/her deputy, shall chair the meetings. |
7.3.5 |
Each member shall be entitled to submit proposals regarding the items on the agenda. This right may also be executed by way of
correspondence. |
7.3.6 |
The Chief Executive Officer shall decide whether individuals not belonging to the Executive Management are to participate in meetings in a
consultant capacity. |
7.4.1 |
A quorum shall be constituted when an absolute majority of the members of the Executive Management are present in person or participate
using some alternative means of instant communication. |
7.4.2 |
The substance of the meeting and any decisions taken by the Executive Management shall be recorded. The minutes shall be signed by the Chief
Executive Officer and the person keeping the minutes. Each member of the Executive Management shall receive a copy of the minutes. They shall be considered approved if no remarks to the contrary are made before the end of the next meeting. The
minutes shall be accessible for the Board Members at any time. |
15
The internal audit group of the Company (Group Internal Audit) shall examine and evaluate the adequacy and
effectiveness of the Groups internal control environment, and the quality of performance in carrying out assigned responsibilities to achieve the Groups goals and objectives.
In fulfilling its responsibilities, Group Internal Audit shall:
|
(a) |
submit audit services plans to the Audit Committee for approval; |
|
(b) |
periodically report to the Audit Committee; |
|
(c) |
inform the Audit Committee about significant findings during the year; and |
|
(d) |
provide any additional information requested by the Audit Committee. |
The organizational structure of Group Internal Audit and resource requirements necessary for Group Internal Audit to perform
its activities shall be defined by the head of Group Internal Audit and submitted to the Audit Committee for approval. The head of Group Internal Audit shall review and approve all new hires and terminations of staff.
8.3 |
Professional Standards |
Group Internal Audit shall adhere to the Groups guidelines and procedures and Group Internal Audits organization
and processes manuals and guidelines or to such other standards as required by applicable law or regulation.
8.4.1 |
Group Internal Audit performs its internal audit activities with independence and objectivity. It shall have no direct operational
responsibility or authority over any of the activities they review. |
8.4.2 |
Group Internal Audit shall coordinate its activities with other assurance functions in the Group and the external auditor.
|
9.1.1 |
Signatory powers for the Company may be sole (Einzelunterschrift). |
16
9.2.1 |
Members of the Board of Directors and of the Executive Management shall avoid any action, position or interest that conflict with the
interests of the Company or the Group or give the appearance of a conflict of interest within the Companys code of conduct or under applicable law. |
9.2.2 |
When a conflict of interest is believed to exist, the relevant member of the Board of Directors and of the Executive Management is obliged
to refrain from all discussions of, and abstain from voting upon, all matters touching his/her personal interests or the interests of any individual or legal person, or partnership with whom he/she is closely associated and to inform the Chairman
accordingly. |
The Board Members as well as all other executive bodies and employees are obliged to maintain secrecy towards third parties
regarding all facts they obtain knowledge of during the performance of their duties. These duties of non-disclosure survive the termination of the relationship of the respective individual with the Company.
Upon termination of the relationship with the Company, all business files must be returned with the exception of documents
used by a Board Member to follow-up his/her own actions.
The business year of the Company starts on 1 January and ends on 31 December.
These Organizational Regulations shall enter into force on the date of adoption by the Board of Directors; be it in a meeting
or by circular resolution.
11.2 |
Review and Amendments |
These Organizational Regulations shall be reviewed and if necessary amended on a regular basis by the Board of Directors.
The Company shall indemnify, in accordance with and to the full extent now or hereafter permitted by law, any member of the
Board of Directors or officer of the Company who
17
was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit or proceeding (including, without limitation, an action by or in the right of the
Company), by reason of his acting as a director or officer of the Company, against any liability or expense actually and reasonably incurred by such person in respect thereof. The Company shall advance the expenses of defending any such act, suit or
proceeding in accordance with and to the full extent now or hereafter permitted by law. Such indemnification and advancement of expenses are not exclusive of any other right to indemnification or advancement of expenses provided by law or otherwise.
The Board of Directors may authorize the Company to purchase and maintain insurance on behalf of any person who is or was
a director, officer, employee or agent of the Company, or is or was serving at the request of the Company as a director, officer, employee or agent of another company, partnership, joint venture, trust or other enterprise, or in a fiduciary or other
capacity with respect to any employee benefit plan maintained by the Company, against any liability asserted against him and incurred by him in any such capacity, or arising out of his status as such, whether or not the Company would have the power
to indemnify him against such liability under the provisions of this Clause 12.
18
May 21, 2015
|
/s/ Evan G. Greenberg |
Evan G. Greenberg
Chairman |
/s/ Joseph F. Wayland |
Joseph F. Wayland |
Secretary |
19
Exhibit 10.1
[LETTERHEAD OF ACE LIMITED]
[Executive
Management]
[Executive Address]
, 2015
Dear ,
This letter confirms our agreement with you regarding your obligation to not compete with ACE Limited and its subsidiaries (the Company) following
the termination of your employment as explained in more detail below.
If the Company terminates your employment, you agree for a period of two years
following such termination of employment, that you shall not at any time, directly or indirectly, whether on behalf of yourself or any other person or entity, (a) engage in a Competitive Activity (as defined below), (b) solicit any client
and/or customer of the Company or any affiliate with respect to a Competitive Activity or (c) solicit or employ any employee of the Company or any affiliate for the purpose of causing such employee to terminate his or her employment with the
Company or such affiliate. For purposes of this letter, Competitive Activity shall mean your engagement in an activity whether as an employee, consultant, principal, member, agent, officer, director, partner or shareholder (except as a less
than 1% shareholder of a publicly traded company) that is competitive with any business of the Company or any of its affiliates. In addition, you are obligated to keep confidential all Company trade secrets, proprietary and confidential
information.
In exchange for the above non-compete restrictions, if the Company terminates your employment for reasons other than due to your disability
or other than due to willful misconduct or gross negligence by you in the performance of your duties, within sixty days of the date of your termination, the Company agrees to pay you the following: (i) an amount equal to two times your annual
salary as in effect as of the date of such termination, (ii) an amount equal to two times the average of your last 3 annual bonuses, (iii) a pro rata bonus amount for the year in which you terminate which is based on time worked during the
year and the average of your last 3 annual bonuses, and (iv) an amount equal to 24 months of the Companys portion of the health and/or dental premium payments based on your elections as in effect as of the termination (collectively the
Non-Competition Payment). Your right to continue medical and dental coverage under the benefit plans of the Company on and after your termination will be determined in accordance with applicable law. You shall receive separate
notification of your rights to continue coverage on or after your termination.
Additionally, in exchange for the above non-compete restrictions, if the
Company terminates your employment for reasons other than due to your disability or other than due to willful misconduct or gross negligence by you in the performance of your duties, with respect to any equity awards granted to you prior to the date
of this letter pursuant to the ACE Limited 2004 Long-Term Incentive Plan (the Equity Awards), the Company agrees to the following: (i) any Equity Awards that are unvested shares of restricted stock or restricted stock units
(excluding any premium awards as part of any performance-based stock award) held by you as of the date of termination shall continue to vest as if you remained employed for a period of two years following your date of termination, and (ii) any
Equity Awards that are unvested stock options shall continue to vest and become exercisable as if you remained employed for a period of two years following your date of termination and any options held by you on the date of your termination shall
remain exercisable until the earlier of the third anniversary of your date of termination or the options original expiration date.
1
Notwithstanding the foregoing terms of this paragraph, if the Company terminates your employment for reasons other than due to your disability or other than due to willful misconduct or gross
negligence by you in the performance of your duties and such termination constitutes a Change in Control Date of Termination as defined in the applicable Equity Award, you shall become vested in any Equity Awards pursuant to the terms of such Equity
Award.
As a condition for receiving the Non-Competition Payment and the continued vesting of the Equity Awards, you must also execute a release of claims
against the Company and its affiliates and not revoke it such that the release of claims becomes effective no later than the sixty-day anniversary of your date of termination.
If you violate any provision of this letter, you shall immediately forfeit your right to the Non-Competition Payment to the extent that such payment has not
yet been paid and you shall be required to repay to the Company a cash payment equal to the Non-Competition Payment to the extent that you have already received such payment. Additionally, if you violate any provision of this letter, you shall
immediately forfeit your right to continued vesting of the Equity Awards (or your right to exercise any vested but unexercised stock options) to the extent that you have not yet received a distribution of vested shares or a cash payment in relation
to such Equity Awards and you shall be required to repay to the Company a cash payment equal to the value received (including any gain on any exercised options equal to the amount included in your income on the date of exercise) to the extent that
you have already received a distribution of vested shares or cash payment in relation to such Equity Awards.
This letter shall be governed by and
construed in accordance with the laws of New York without reference to principles of conflict of laws and you and the Company agree that venue is proper in New York. Both the Company and you agree that the parties intend for the non-compete
restrictions stated above to be enforced to the maximum extent permitted by law. This Agreement concerns your activities after you are no longer employed by the Company and is not an employment agreement. All amounts otherwise payable under this
letter shall be subject to customary withholding and other employment taxes, and shall be subject to such other withholding as may be required in accordance with the terms of this letter. Nothing in this letter shall be deemed to waive or modify any
other agreement between you and the Company.
If you have any questions about the content of this letter, please contact the undersigned at
( )
- .
Very truly yours,
[NAME]
[TITLE]
ACCEPTED:
2
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