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30 Corporate Governancecompliance function reports to the General Counsel and comprises compliance professionals who develop compliance policies, monitor reports regarding compliance matters, and conduct investigations into compliance matters.4. Executive CommitteeThe Executive Committee (Gesch%u00e4ftsleitung) is composed of the following members: The CEO, the CFO, the Business Unit Heads, and the Function Heads (Head Corporate Affairs & Strategic Investments, , Chief Human Resources Officer, Chief Information Officer, and General Counsel & Head CEO Office).Other Activities and FunctionsAny activities of members of the Executive Committee in governing and supervisory bodies of important Swiss and foreign organizations, institutions, and foundations as well as permanent management and consultancy functions for important Swiss and foreign interest groups, and official functions, and political posts, that are material are stated in each of the managers%u2019 biographies.External MandatesPursuant to %u00a7 30 of the Articles of Association, the members of the Executive Committee may hold a maximum of five additional mandates in the supreme governing or administrative bodies of legal entities, which are required to be registered in the commercial register or in a comparable foreign register, and which are not controlled by the Company or which do not control the Company, whereby no member may hold more than two such mandates in other listed companies. Mandates in different legal entities, which are under common control, are deemed as one mandate. In the event that the maximum number of mandates is exceeded, the respective member of the Executive Committee must restore the lawful status within six months.Management ContractsThe Company has not entered into any management contract with any third party.5. Compensation For details regarding the compensation and shareholdings of the members of the Board of Directors and of the Executive Committee, please refer to the Compensation Report.6. Shareholders%u2019 Participation RightsVoting Right Restrictions and RepresentationThe voting right may be exercised only if the shareholder (as owner, usufructuary or nominee) is recorded on a specific day (record date) as a voting shareholder in the share register of the Company. Any shareholder with voting rights may be represented by their legal representative, the independent proxy, or, if authorized in writing, by a third party who does not have to be a shareholder. The Company recognizes only one representative per share. The Board of Directors determines the requirements concerning powers of attorney and instructions in accordance with the legal provisions and can issue regulations to this effect. There are no preferential rights for individual shareholders and no voting restrictions. Treasury shares held by the Company do not entitle the holder to vote.There are no voting right restrictions. Therefore, there are no procedures or conditions for canceling restrictions and no rules on making exceptions to them. Consequently, no such exceptions were made in 2023, provided, however, that for the discharge of the members of the Board of Directors and of the Executive Committee, shareholders who take part in the Company%u2019s management in any manner do not have voting rights.There are no statutory group clauses other than in relation to the rules applicable to nominees. For limitations of transferability and nominee registrations, see section Limitations of Transferability and Nominee Registrations.Independent Shareholder RepresentativeThe General Meeting elects the Independent Shareholder Representative. Natural or legal persons or partnerships may be elected. The term of office of the Independent Shareholder Representative ends with the closure of the next Ordinary General Meeting. Re-election is possible.If the Company does not have an Independent Shareholder Representative, or if the Independent Shareholder Representative is not able to perform his/her duties, the Board of Directors may appoint one for the next or current General Meeting. Unless a shareholder expressly issues an instruction to the contrary, the proxies and voting instructions retain their validity for the new Independent Shareholder Representative.The Independent Shareholder Representative may be represented at the General Meeting by auxiliary people. They remain entirely responsible for performing their duties. The Independent Shareholder Representative is obliged to exercise the voting rights assigned to him/her by the shareholders in accordance with their instructions. If he/she does not receive any instructions, he/she abstains from voting.The Board of Directors determines the procedure and the conditions for the assignment of proxies and instructions to