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Version date: 28 October 2021 - onwards

16. Composition of the management body and the appointment and succession of its members

128. Without prejudice to national company law, the management body should have an adequate number of members and an appropriate composition and should be appointed for an appropriate period. Nominations for re-appointment should take place only after considering the assessment result regarding the performance of the member that has been observed during the last term.

129. All members of the management body should be suitable. Without prejudice to members being elected by and representing employees, the management body should identify and select qualified and experienced members and ensure appropriate succession planning for the management body that is consistent with all legal requirements regarding composition, appointment or succession of the management body.

130. Without prejudice to the shareholders' rights to appoint members, when recruiting members of the management body the management body in its supervisory function or, where established, the nomination committee, should

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