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Swissmetal response to SWX investigation The SWX Swiss Exchange has initiated a formal investigation regarding a possible violation of Art. 64 of the Listing Rules and the Directive on Information Relating to Corporate Governance. The enquiry centres around information presented in the Corporate Governance section of the 2005 Swissmetal Annual Report.
The SWX has not found fault with the company's accounting or financial reporting procedures. The small number of points called into question derive instead from the corporate governance report for 2005, with reference to (1) gaps in the educational background details of featured personnel, (2) the presentation of the tasks and areas of responsibility of the Board of Directors' committees and (3) the disclosure of salaries of members of the Board of Directors earned in an executive function at Swissmetal rather than as a member of the Board of Directors. Swissmetal would like to emphasize that the company's corporate governance report for 2005 was drawn up in accordance with the standard practice followed in previous years. Swissmetal will maintain a dialogue with the SWX while analyzing the Exchange's objections. The company will then take any appropriate corrective action that may be necessary, and inform the public accordingly. |
