The Board of Directors represents the collective shareholders and acts in the best interests of the Company. Each member, whatever his/her designation, represents the Company’s shareholders. The Board of Directors meetings are held as often as deemed necessary or appropriate at the request of the Chairman. All members, and in particular the independent and non-executive members, are guided by the interests of the Company and its business, such interests including but not limited to the interests of the Company’s shareholders and employees.

The members of the Board of Directors are elected by the general meeting of shareholders for a period not exceeding six years. They are eligible for re-election and may be removed at any time, with or without cause, by a resolution adopted by a simple majority of votes of the general meeting of shareholders. The Directors may be either natural persons or legal entities. A legal entity that is appointed to the Board of Directors designates a natural person as its representative.

As of 4 February 2013 the Board of Directors consists of:

• 2 executive members representing the management of the Company: 

Mr. Jean-François Ott

Mr. Nicolas Tommasini;

• 3 independent members: 

Mr. Guy Wallier

Mr. Bernard Kleiner

Mr. Alexis Juan; and

• 6 non-executive members representing the shareholders: 

The general meeting of shareholders held on 26 April 2010 granted an authorization, in accordance with Article 13 of the Company bylaws, to the Board of Directors to delegate all or part of its powers regarding the daily management of the Company to Mr. Jean-François Ott to be appointed as Managing Director of the Company until the general meeting of shareholders concerning the approval of the annual accounts of the Company relating to the accounting year ending 31 December 2012. Following this authorization, the Board of Directors meeting held on 20 May 2010 resolved to appoint Mr. Jean-Francois Ott as the Managing Director (administrateur delegue) of the Company and the Chairman of the Board of Directors until the ordinary general assembly of the Company concerning the approval of the annual accounts of the Company relating to the accounting year ending 31 December 2012.

Mr. Nicolas Tommasini has been appointed Secretary of the Board of Directors.

The Board of Directors represents the collective shareholders and acts in the best interests of the Company. Each member, whatever his/her designation, represents the Company’s shareholders. The Board of Directors meetings are held as often as deemed necessary or appropriate at the request of the Chairman. All members, and in particular the independent and non-executive members, are guided by the interests of the Company and its business, such interests including but not limited to the interests of the Company’s shareholders and employees.

The members of the Board of Directors are elected by the general meeting of shareholders for a period not exceeding six years. They are eligible for re-election and may be removed at any time, with or without cause, by a resolution adopted by a simple majority of votes of the general meeting of shareholders. The Directors may be either natural persons or legal entities. A legal entity that is appointed to the Board of Directors designates a natural person as its representative.