summary of swiss amcham political imperativessummary of swiss amcham political imperatives: •...

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Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, May 2020 / No. 398 2019/20 Events (more pictures on pages 4/5) Great news and bad news with a New Normal and old problems Dear members and friends Before Covid-19 changed the world, the business relationship between Switzerland and the USA was thriving. With strong positive winds from the pharma sector, but also supported by a large selection of other business segments, trade in goods between Switzerland and the USA were flourishing. In 2019, Swiss exports to the USA grew 9.1% (after 12.4% in 2018 and 7.3% in 2017). Switzerland exported more to the USA than to France, Italy, Austria and the UK combined! And nearly 2.5x as much as to the BRIC countries (Brazil, Russia, India, China), again combined! In 2019, imports from the USA to Switzerland also saw a big plus of 9.3%. 2020 promised to become a record breaking year. In Q1, 2020, for the first time in history, Swiss exports to the USA were larger than to Germany (CHF 11.7bn vs. CHF 10.8bh, or 20.2% of total exports vs. 18.7%). With the COVID crisis, the future is uncertain, but the above numbers are a great base for the future of the Swiss-US business relationship. Time “after” Covid (whenever this might be) looks quite uncertain. Border measures, cargo capacity, value chains, the develop- ment of the Swiss and the USA economy, unemployment level und much more is unclear and no economist is able to give a forecast worth the paper. And with upcoming political storms (see text on right), timing of the economic comeback is unclear. But let us never forget the strong and valuable basis of our bilateral Swiss-American business relationship. In the New Normal, we will again meet old problems: our relationship with the EU (Mul- tilateral Recognition Agreements, Erasmus, Horizon, Data Equivalency, Framework Agreement), some economically averse initiatives (Limitation and Responsibility Initiatives) and old populist demands from the political right and left wings will create interesting challenges for internationally active companies. Let’s address these issues forcefully to en- able a rapid and effective revival. Thank you in advance for your support. Martin Naville CEO Content Business News from the United States ...2 The Chamber & You...........................6/7 Business News from Switzerland ............3 Masthead ..............................................7 Chamber Events ...................................4/5 Chamber Events Plan ..........................8 Summary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative). “The economy” is put as an opposite to “The people”. Make clear that EVERYBODY is the economy, every hair dresser, every baker, every manager and every engineer. • There is clear evidence that government and parliament have totally new powers. It is important that these powers are pared back as quickly as possible. • Allow foreign specialists and top managers back into the country as fast as possible. • Fiscal security will be of utmost importance. Issues are possible tax increases and technical problems deriving from home office work. • Avoid weakening contract law. Discussion of near-expropriation regarding rents or private debts is poison for the economy. • Set up a working group to plan for enablers of home office (digitalization, fiscal rules, working time control etc) • Push for a fast 5G coverage. Decision by Federal Council on April 23 against 5G is incomprehensible! • Special point in health care: after prohibiting non-essential treatment in hospital it is now time to actively encourage important (non-Covid) treatment and surgery. Hospital and suppliers need it, as do the patients. We would be very interested to hear about your key points. Pls. contact martin.naville@ amcham.ch Zurich, Mar. 10: Grégoire Poux-Guillaume, CEO, Sulzer Swiss Amcham’s favorite carrier AGM 2020 cancelled; great program planned for H2 According to the regulations of the Federal Council, we unfortunately have to cancel per- sonal participation in the AGM 2020. This is very sad as with Federal Councilor Guy Parmelin we would have had the perfect Guest of Honor for a memorable AGM. In the coming days, you will receive all necessary information and voting members receive a voting ballot to be returned by mail or e-mail scan. Please stay tuned: For H2, 2020, we are preparing a great program featuring among others Daniel Grieder, CEO of Tommy Hilfiger, Ambassador Dennis Shea, Deputy US Trade Representative & Chief of Mission at the WTO, Erik Fyrwald, CEO Syngenta, Tej Tadi, CEO of unicorn Mind Maze, Peter Voser, Chairman ABB, the Election Breakfast and much more. We hope these events will be possible and we are looking forward to welcoming you again soon.

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Page 1: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

Talacker 41, 8001 Zurich, Switzerland, Phone: +41 43 443 72 00, Fax: +41 43 497 22 70, [email protected], www.amcham.ch, May 2020 / No. 398

2019/20 Events (more pictures on pages 4/5)Great news and bad news with a New Normal and old problems

Dear members and friends

Before Covid-19 changed the world, the business relationship between Switzerland and the USA was thriving. With strong positive winds from the pharma sector, but also supported by a large selection of other business segments, trade in goods between Switzerland and the USA were flourishing. In 2019, Swiss exports to the USA grew 9.1% (after 12.4% in 2018 and 7.3% in 2017). Switzerland exported more to the USA than to France, Italy, Austria and the UK combined! And nearly 2.5x as much as to the BRIC countries (Brazil, Russia, India, China), again combined! In 2019, imports from the USA to Switzerland also saw a big plus of 9.3%.

2020 promised to become a record breaking year. In Q1, 2020, for the first time in history, Swiss exports to the USA were larger than to Germany (CHF 11.7bn vs. CHF 10.8bh, or 20.2% of total exports vs. 18.7%). With the COVID crisis, the future is uncertain, but the above numbers are a great base for the future of the Swiss-US business relationship.

Time “after” Covid (whenever this might be) looks quite uncertain. Border measures, cargo capacity, value chains, the develop-ment of the Swiss and the USA economy, unemployment level und much more is unclear and no economist is able to give a forecast worth the paper. And with upcoming political storms (see text on right), timing of the economic comeback is unclear. But let us never forget the strong and valuable basis of our bilateral Swiss-American business relationship.

In the New Normal, we will again meet old problems: our relationship with the EU (Mul-tilateral Recognition Agreements, Erasmus, Horizon, Data Equivalency, Framework Agreement), some economically averse initiatives (Limitation and Responsibility Initiatives) and old populist demands from the political right and left wings will create interesting challenges for internationally active companies.

Let’s address these issues forcefully to en-able a rapid and effective revival. Thank you in advance for your support.

Martin NavilleCEO

ContentBusiness News from the United States ...2 The Chamber & You...........................6/7Business News from Switzerland ............3 Masthead ..............................................7Chamber Events ...................................4/5 Chamber Events Plan ..........................8

Summary of Swiss Amcham political imperatives:• There is a negative rhetoric in declarations from politics (executive and legislative). “The economy” is put as an opposite to “The people”. Make clear that EVERYBODY is the economy, every hair dresser, every baker, every manager and every engineer. • There is clear evidence that government and parliament have totally new powers. It is important that these powers are pared back as quickly as possible. • Allow foreign specialists and top managers back into the country as fast as possible. • Fiscal security will be of utmost importance. Issues are possible tax increases and technical problems deriving from home office work. • Avoid weakening contract law. Discussion of near-expropriation regarding rents or private debts is poison for the economy.• Set up a working group to plan for enablers of home office (digitalization, fiscal rules, working time control etc)• Push for a fast 5G coverage. Decision by Federal Council on April 23 against 5G is incomprehensible! • Special point in health care: after prohibiting non-essential treatment in hospital it is now time to actively encourage important (non-Covid) treatment and surgery. Hospital and suppliers need it, as do the patients. We would be very interested to hear about your key points. Pls. contact [email protected]

Zurich, Mar. 10: Grégoire Poux-Guillaume, CEO, Sulzer

Swiss Amcham’s favorite carrier

AGM 2020 cancelled; great program planned for H2According to the regulations of the Federal Council, we unfortunately have to cancel per-sonal participation in the AGM 2020. This is very sad as with Federal Councilor Guy Parmelin we would have had the perfect Guest of Honor for a memorable AGM. In the coming days, you will receive all necessary information and voting members receive a voting ballot to be returned by mail or e-mail scan. Please stay tuned: For H2, 2020, we are preparing a great program featuring among others Daniel Grieder, CEO of Tommy Hilfiger, Ambassador Dennis Shea, Deputy US Trade Representative & Chief of Mission at the WTO, Erik Fyrwald, CEO Syngenta, Tej Tadi, CEO of unicorn Mind Maze, Peter Voser, Chairman ABB, the Election Breakfast and much more. We hope these events will be possible and we are looking forward to welcoming you again soon.

Page 2: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

U.S. economy faces historic shock, with 16% joblessness possibleThe shuttering of the U.S. economy due to the coronavirus pandemic is a shock of historic proportions that will likely push the national unemployment rate to 16% or higher and require more stimulus to ensure a strong rebound, according to a statement in late April of President Donald Trump’s adviser, Kevin Hassett. Lockdowns across the United States to curtail the spread of the novel coronavirus have hammered the economy, shuttering businesses and sending unemployment skyrocketing.The non-partisan Congressional Budget Office predicts U.S. gross domestic product will contract at nearly a 40% annual rate in the second quarter, with unemployment crest-ing at 16% in the third quarter. But even next year, the CBO sees the jobless rate still averaging above 10 percent. Before the pandemic struck, the U.S. jobless rate had been hovering at a 50-year low of 3.5 percent.

Bankruptcy looms over U.S. energy industry, from oil fields to pipelinesU.S. shale producers, refiners and pipeline companies are scrambling for cash and face likely restructuring as they struggle under heavy dept loads while engulfed in the worst crisis the oil industry has faced. Fuel demand has tumbled roughly 30% worldwide as the coronavirus pandemic destroys demand for transport, provoking a massive glut of oil that has hammered global prices and left energy companies with no choice but to pump hundreds of millions of barrels into storage. Shale producers came into the crisis with already high debt levels, namely from big investments to increase production across the United States in a bet on higher prices. In turning the United States into the world’s largest oil producer, the companies became the victims of their own success when the quick rise in sup-ply meant returns were thin. Investors lost patience, thightened credit and pushed

shale producers to stop expanding and pay them back. With coronavirus, oil prices have crashed 75% this year. About half of the top 60 independent U.S. oil producers are in danger of restructuring and will need to find ways to boost their cash pile.

U.S. health insurers benefit as elective care cuts offset coronavirus costs As Americans delay elective surgeries and avoid doctors and hospitals during the coronavirus pandemic, healthcare spending declines have more than offset the added costs of Covid-19 care, boosting U.S. health insurer profits, according to insurance ex-ecutives and experts. Those gains, however, could be short term, depending on how quickly the coronavirus outbreak subsides and healthcare business begins to return to something close to normal.

U.S. new home sales tumble in MarchSales of new U.S. single-family homes dropped by the most in more than 6.5 years in March and further declines are likely as the novel coronavirus outbreak batters the economy and throws millions of Americans out of work. The Commerce Department said in late April, new home sales fell 15.4% to a seasonally adjusted annual rate of 627,000 units in March. The percentage decline was the largest since July 2013. New home sales are drawn from permits and tend to be volatile on a month-to-month basis because of small samples. Sales declined 9.5% from a year ago in March. While extraordinary steps by the Federal Reserve to cushion the economy’s free fall, including aggressively cutting interest rates to near zero, will keep mortgage rates low, that is unlikely to boost the housing market because of historic unemployment and faltering consumer confidence. A report in late April showed sales of previously owned homes falling by the most in nearly 4.5 years in March. Homebuilding collapsed in March at a speed not seen in 36 years.

Some life insurers hit pause on older Americans during coronavirus crisis Some U.S. life insurers are deciding not to gamble on older Americans during the coronavirus crisis by temporarily suspend-ing applications from certain age groups or imposing tougher requirements. Some insurers are also suspending applications for people in their 60s who previously may have been eligible for coverage despite common health problems such as diabetes or asthma.

Business groups welcome limited delays in U.S. tariffs In the second half of April, U.S. retailers and other business groups welcomed a move by the Trump administration to allow importers to defer for three months any tariff payments they owe the government, but said they needed more tariff relief to deal with the pandemic. On April 26, President Donald Trump signed an executive order allowing deferral of payments of some tariffs. But the move does not extend to importers of goods caught up in several trade conflicts, such as solar panels, steel, aluminum and a range of Chinese products, the U.S. Treasury Department said.

Key U.S. lawmaker pushes for a ban on mergers until pandemic endsThe chair of the House Judiciary Commit-tee’s antitrust panel called for a moratorium on mergers in the next coronavirus stimulus package and a ban on deals that are not directly related to companies about to fail. Democratic U.S. Representative David Cicilline’s proposal attempts to ensure that large companies do not wipe out competition from smaller rivals already hit hard by the pandemic. Mega-mergers and corporate takeovers that were permitted during the last economic crisis led to the firing of millions of workers, the slowing of investment and innovation, and huge increases in executive compensation, according to Cicilline.

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Page 3: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

Switzerland urges neighboring countries to coordinate lockdown exit Swiss Foreign Minister Ignazio Cassis has called on neighboring countries to coordi-nate their exit from coronavirus lockdown to avert a post-pandemic economic and social crisis. Cassis was speaking to minis-terial counterparts from Germany, Austria, Liechtenstein and Luxembourg by video conference. In particular, Cassis recom-mended that social distancing restrictions should be relaxed as quickly as possible in a coordinated manner. The right balance must be struck between avoiding a new wave of infections whilst aspiring to achieve a phased return to normality for citizens. Cassis did not elaborate on how exactly different countries could coordinate their lockdown exits. But he pointed to coopera-tion during the pandemic, such as treating patients from other countries.

Pandemic takes heavy toll on consumer confidenceSwitzerland’s consumer confidence index plummeted to a historically low level in April, according to a statement from the Secretariat for Economic Affairs in mid-April. The index fell to -40 points, compared to -9 points in January. That marks the lowest results since the early 1990s. Seco noted, that these results are provisional and are published exceptionally. Household expec-tations regarding the development of the economic situation have deteriorated sig-nificantly since the onset of the coronavirus pandemic. The corresponding sub-index plummeted to -84 points. Respondents are also pessimistic about their own budgetary situation. The indicator relating to future financial situation also dropped to a historic low (-24 points). Survey participants indi-cated that it is not the right time to make big acquisitions (-48 points). Seco stated, that these responses reflect both the im-pact of the closure of many businesses in the context of the extraordinary situation as well as the very great uncertainty that currently prevails.

Swiss banks bow to pressure to delay half of dividend paymentsSwitzerland’s two largest banks, UBS and Credit Suisse, have asked shareholders to accept a delay of several months for half of their dividend payments this year. The move follows a request from the financial regulator to hold on to more cash during the coronavirus pandemic. Both banks now want to split the distribution of dividends, each worth hundreds of millions of francs, into two tranches - the first batch to be paid out in a few weeks and the second in fall. Shareholders will vote on the proposals at their respective annual general meetings during the month of April. A release of the second batch of payments would be subject to another vote at planned extraordinary general meetings to be held later this year. The Swiss Financial Market Supervisory Authority (Finma) welcomed the news “fitting into a united and internationally coordinated effort by all concerned to meet the chal-lenges of the Covid-19 crisis”. Finma wants the banks to hold on to cash reserves both as an enhanced buffer against possible losses and to have a greater stock of loans to is-sue to businesses struggling to keep afloat during the coronavirus-enforced shut-down.

Switzerland set to fine cross-border shoppers undeterred by coronavirus Despite entry bans introduced in mid-March to help contain the spread of the virus, shop-pers have continued to visit neighboring countries, according to the Federal Customs Administration. Now those who cross the border exclusively for the purpose of shop-ping will be fined CHF 100, the government announced in mid-April. The act of shopping itself was not being sanctioned, it pointed out, but rather the burden on resources that shopping trips create for customs agents.Travellers who are not entitled to enter Switzerland according to the Covid-19 Ordinance are not subject to a fine, the government added.

Business News from Switzerland

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Swiss passport printer meets digital ID challenge head onA 500-year-old company that has a mono-poly on producing Swiss money, passports and driving licenses is betting big on the future of digital ID. Orell Füssli has taken a stake in a firm that specialises in electronic ID systems as part of a broader plan to establish a Swiss hub for digital identity services. This fall, a popular vote will de-cide on a motion to throw out Switzerland’s strategy of allowing private companies to design and run eID systems. Come what may in that vote, Orell Füssli CEO Daniel Link is convinced that digital identity will play an increasingly important role in society.

Job market shows first signs of Covid-19 pandemic The Swiss labor market in March felt the first effects of coronavirus. The State Sec-retariat for Economic Affairs (Seco) put the unemployment rate at 2.9%, up from 2.5% in February. Adjusted for seasonal factors, the rate was 2.8% according to Seco in early April. The unemployment rate among foreigners rose in March to 5.2% (up from 4.6%) and among Swiss nationals to 2.1% (1.8%).

Swiss space telescope declared fit to observe distant planetsThe CHEOPS space telescope has passed a three-month testing phase whilst orbiting Earth. The Swiss planet-spotting technol-ogy has now been declared fully functional and fit to undertake the three-year mission to study exoplanets. During this mission, the CHEOPS satellite will study 100 of the more than 4000 exoplanets -planets which exist outside the solar system- discovered so far. Astronomers are keen to find out more about their composition, information that may help them to better understand the origins of planet Earth and conditions for extraterrestrial life.

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Page 4: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

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Chamber Events

Swiss Amcham outgoing Chairman Sergio P. Ermotti (UBS) and New Chairman Silvio Napoli (Schindler) (1)

Matthias Rebellius (Siemens) (2)

Edward T. McMullen, Jr., U.S. Ambassador to Switzerland and Liechtenstein (3)

Daniel Kessler (BCG), Hanspeter Fässler (ANYbotics), Roland Siegwart (Wyss Zurich / ETH Zurich), Dominique Schär (Güdel Group), Jürg Niederbacher (PwC) (4)

A look back at Amcham’s

2019/20 events

Christian Vitta (Presidente del Consiglio di Stato e Direttore del Dipartimento delle finanze e dell’economia), U.S. Ambassador Edward T. McMullen, Jr., Franco Polloni (EFG Bank / Chairman, Ticino Chapter) (5)

Silvio Napoli (Schindler), Vasant Narasimhan (Novartis) (6)

Martin Naville (Swiss Amcham), Jamil Anderlini (Financial Times), Alessandro Curioni (IBM), Eric Durand (Swiss Re) [© Asia Society Switzerland] (7)

Page 5: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

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Chamber Events

Michael Buscher (CITTTIC), Armin Meier (Boyden Global Exec.Search) (11)

Georg Kofler (Johannes Kepler Universität, Linz), H. David Rosenbloom (Caplin & Drysdale), Joseph J. Czajkowski (former Exxon Mobil Corp.), Robert Stack (Deloitte Tax), Andreas Risi (UBS), Vikram Chand (University of Lausanne), René Matteotti (University of Zurich), Peter R. Altenburger (Altenburger Legal+Tax), Stewart Brant (OECD), Barbara Angus (Ernst & Young), Pia Dorfmueller (P+P Pöllath + Partners), Markus F. Huber (Biogen), Peter Dormann (Johnson & Johnson - Cilag), Adrian Hug (Swiss Federal Tax Administration FTA) (8)

Thomas Bühler (PwC), Urs Riedener (Emmi Management), Thomas Landolt (IBM), Dirk Hoffmann (Metall Zug), Lukas Winkler (Inficon Holding) (9)

1. Zurich, Jun. 24: Annual General Meeting 2019 2. Zurich, Jul. 1: Matthias Rebellius, COO Siemens Smart Infrastructure & CEO, Siemens Schweiz 3. Geneva, Sept. 26: U.S. Ambassador Edward T. McMullen, Jr. 4. Zurich, Oct. 21: Hidden Swiss Champions - Schweizer Robotics-Szene an der Weltspitze 5. Lugano, Oct. 23: Ticino Annual Dinner 6. Zurich, Nov. 7: Fireside Chat with Vasant Narasimhan, CEO, Novartis, and Silvio Napoli, Chairman, Schindler 7. Zurich, Nov. 19: The Quest for Technology Supremacy: Are the U.S. and China Headed for a Great Tech Divide? 8. Zurich, Nov. 26: Corporte Tax Symposium 2019 9. Zurich, Dec. 3: Wie Smart Produzieren die Swiss Hidden Champions?10. Zurich, Jan. 14: Fireside Chat with Toto Wolff, Team Principal & CEO, Mercedes - AMG Petronas Motorsport11. Zurich, Mar. 10: Grégoire Poux-Guillaume, CEO, Sulzer

Markus U. Diethelm (UBS), Toto Wolff (Mercedes-AMG Petronas Motorsport) (10)

Björn Johansson (Dr. Björn Johansson Ass.), Grégoire Poux-Guillaume (Sulzer) (11)

Page 6: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

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The Chamber & You

New MembersAmericaneagle.com EUROPE GmbH, ZurichWeb design and development

Aviation Transaction Advisors, P.A., Miami, FLLegal services

Baloise Group, BaselInsurance company

Cybera Global Inc. c/o Corstange Law Group, New York, NYProviding process improvement, cost reduction and loss mitigation services to financial institutions, insurances and governments affected by financially motivated cybercrime

Greensphere Productions / Gamma-sphere, Los Angeles, CAIndependent film production / photography

Jean-Pierre Mittaz, Needham, MAInvestment management

Kirsten Kay, Los Angeles, CAManagement & marketing

Lago Holding, SAGL, LuganoHolding company with participations in financial sector / asset manage-ment

Offit Kurman, New York, NYLegal services

Schneider Electric (Schweiz) AG c/o Feller AG, HorgenEnergy & Automatisation Solutions for Efficiency & Sustainability

The Law Smith / RechtsSchmid, ZurichSpecializing in Swiss employment law and criminal law

University of California - San Francisco, Hillsborough, CAMedical research/academic

Chamber Members in the NewsAutoneumAll proposals submitted by the Board of Directors were approved at the Annual General Meeting of Autoneum Holding on March 25. In consideration of the Covid-19 ordinance of the Federal Council, no share-holders were admitted to physically attend the meeting on site. Chairman Hans-Peter Schwald and the other members of the Board of Directors, Rainer Schmückle, Norbert Indlekofer, Michael Pieper, This E. Schneider, Peter Spuhler and Ferdinand Stutz, were confirmed in office.

Belimo The Annual General Meeting of March 30 was held at the headquarters of Be-limo Holding in Hinwil excluding personal attendance of all shareholders. Via inde-pendent proxy, the shareholders approved all motions by the Board of Directors. All incumbent members of the Board were re-elected for a further term of office of one year. The shareholders elected Stefan Ranstrand as a new member. Patrick Burkhalter was confirmed as Chairman of the Board and Dr. Martin Zwyssig as the Deputy Chairman.

ChubbDawn Miller has been appointed as the insurer’s new Country President for Swit-zerland as of March 1. She is taking over from Florian Eisele, who has been appointed Senior Vice President Director Accident & Health for Continental Europe.

ConzzetaThe Annual General Meeting of Conzzeta on April 22 approved all motions of the Board of Directors. The shareholders, represented by the independent proxy, confirmed Ernst Bärtschi as Chairman of the Board and

the members of the Board of Directors and the Human Resources Committee who were proposed for re-election.

Geberit The Board of Directors of Geberit has ap-pointed Clemens Rapp as the new Head of Sales Europe and a member of the Group Executive Board. He has taken up his role on April 1, replacing Karl Spachmann, who is leaving the company at his own request.

+GF+The Annual Shareholders’ Meeting of Georg Fischer on April 15 approved all pro- posals of the Board of Directors. Due to the Covid-19 ordinance of the Federal Council, the meeting took place without the personal attendance of shareholders. Yves Serra was elected as the new Chairman of the Board, succeeding Andreas Koopmann, who, after eight years as Chairman, had decided to not stand for re-election again.

InficonThe Annual General Meeting approved all the proposals made by the Board of Direc-tors. Due to Covid-19, shareholders could not attend in person, but cast their votes electronically or by giving instructions to the independent proxy holder. The Meeting re-elected all members of the Board and also re-elected Dr. Beat Lüthi as Chairman for a one-year term of office as proposed.

Landis+GyrThe Board of Landis+Gyr has unanimously appointed Werner Lieberherr as new Chief Executive Officer. He is joining Landis+Gyr and succeeding CEO Richard Mora effective as of April 1. Lieberherr is a highly accom-plished executive with a proven track record of leading global companies in the USA, Europe and Asia, serving both industrial and utility businesses.

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Unlocking the potential of those who advance the world

Page 7: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

The Chamber & You

7

Switzerland Talacker 41, 8001 Zurich Phone 043 443 72 00, Fax 043 497 22 70 www.amcham.chCEO: Martin Naville Editor Business News: Bettina AsafE-mail: [email protected]: Ileana GarrigaE-mail: [email protected]

Boston Chapter420 BroadwayCambridge, MA 02138E-mail: [email protected]

California - Los Angeles Chapter 10824 Burbank Boulevard, North Hollywood, CA 91601Phone 818/646-4926E-mail: [email protected]

California - San Francisco Chapter 601 Montgomery Street, STE 1400 San Francisco, CA 94111 Phone 415/433-6679 E-mail: [email protected]

New York Chapter 500 Fifth Avenue, Room 1800 New York, NY 10110 Phone 212/246-7789, Fax 212/246-1366 E-mail: [email protected]

Southeast USA Chapter E-mail: [email protected]

Carolina Division E-mail: [email protected]

Florida Division E-mail: [email protected]

Opinions expressed do not necessarily reflect those of the Chamber‘s Board of Directors. 5 issues p.a.; membership publication

Partners GroupPartners Group announced changes and nominations to the composition of its Board of Directors, which will be proposed at the AGM of shareholders on May 13. Lisa A. Hook will be nominated for election as a new independent member of the Board and as a member of the Risk & Audit Committee. Two current independent Board members will retire from the Board: Patrick Ward and Michelle Felman.

RocheRoche announced that their shareholders - via independent proxy - have approved all proposals of the Board of Directors at its ordinary Annual General Meeting on March 17. Andreas Oeri is stepping down from the Board of Directors after 24 years as the representative of the current shareholder pool. He is succeeded by Jörg Duschmalé. Patrick Frost was also elected to the Board alongside Jörg Duschmalé, succeeding Sir John Bell. Christoph Franz is confirmed as Chairman of the Board, and so were all other Board members standing for re-election.

SIGDue to the Covid-19 ordinance, SIG share-holders were not admitted to the AGM on April 7 in person, but were able to exer-cise their voting rights by either providing instructions to the independent proxy or by submitting questions in advance and to follow the event by webcast or telephone. The AGM voted in favor of all the Board of Directors’ proposals and re-elected all members of the Board of Directors and the Compensation Committee and Andreas Umbach as Chairman of the Board for another year.

Straumann GroupAt the Shareholder’s Annual General meet-ing on April 7, all the proposals put forward

by the Board of Direcotrs were approved via independent proxy. Re-elected were Gilbert Achermann as Member and Chairman of the Board, as well as Monique Bourquin, Sebastian Burckhardt, Juan-José Gonza-lez, Beat Lüthi, Thomas Straumann and Regula Wallimann - each for a term of one year. Marco Gadola was elected as a new Board member, replacing Ulrich Looser, who had decided to not stand for re-election.

Swiss International Air LinesBoard of Directors members Harry Hohmeister and Ulrik Svensson stepped down from their positions at the begin-ning of April. While Ulrik Svensson has stepped down from his position as CFO of the Lufthansa Group and thus from the Swiss Board of Directors for health rea-sons, Harry Hohmeister has relinquished his Swiss Board duties to fully focus on managing the present crisis situation for the Lufthansa Group. Their successors on the Swiss Board of Directors are Christina Foerster and Detlef Kayser of the Lufthansa Group Executive Board.

Swiss ReSwiss Re Shareholders approved all pro-posals put forward by the Board of Directors at the AGM, either by independent proxy, electronically or in writing. While Sergio P. Ermotti, Joachim Oechslin and Deanna Ong were elected as new members to the Board, all proposed Board members were re-elected and so was Walter B. Kielholz as Chairman.

ZurichShareholders of Zurich Insurance Group approved all proposals put forward by the Board of Directors at the AGM on April 1, either by independent proxy, electronically or in writing. All members of the Board of Directors were re-elected, Michel M. Liès was confirmed as Chairman of the Board.

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Page 8: Summary of Swiss Amcham political imperativesSummary of Swiss Amcham political imperatives: • There is a negative rhetoric in declarations from politics (executive and legislative)

Chamber Events Plan

8

GenevaOct. 28, Wednesday, 11:30 am - 2:00 pmBoris Collardi, Managing Partner, Banque Pictet & Cie

LuganoSept. 17, Thursday, 7:15 pm - 10:00 pmTicino Annual Dinner. Guest of Honor: Silvio Napoli, Chairman, Schindler Holding

ZurichAug. 25, Tuesday, 11:30 am - 2:00 pmDaniel Grieder, CEO, Tommy HilfigerSept. 18, Friday, 11:30 am - 2:00 pmFireside Chat with Ambassador Dennis Shea, Deputy U.S. Trade Representative & Chief of Mission to the WTOIn cooperation with Swiss Advisory Council of the American Swiss Foundation and ASF Young Leaders Alumni Foundation

Sept. 29, Tuesday, 11:30 am - 2:00 pmJ. Erik Fyrwald, CEO, Syngenta Crop ProtectionOct. 20, Tuesday, 11:30 pm - 2:00 pmTej Tadi, Founder & CEO, MindMazeOct. 29, Thursday, 5:30 pm - 7:30 pmHR Personnel Forum, UBS Compensation Survey Outlook 2021 and Panel Discus-sionDr. Daniel Kalt, Chief Economist Switzer-land, UBSNov. 4, Wednesday, 6:00 am - 9:00 amU.S. Presidencial Election BreakfastJoin us to watch CNN coverage on big screen TVs and to discuss the outcome of the U.S. Presidential Election 2020Nov. 26, Thursday, 11:30 am - 2:00 pmPeter Voser, Chairman & CEO, ABB

See www.amcham.ch for more event details

Los Angeles Jun. 25, ThursdaySwiss Fest 20204 days of Swiss music and culture - June 25-28QuarterlyOrange County Swiss Business Mixer

Today your customers are front of your mind. Tomorrow you’ll be front of their mind.

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