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    MOVE   CH0468525222

MEDACTA GROUP SA

(MOVE)
  Report
Delayed Swiss Exchange  -  11:30 2022-09-29 am EDT
81.40 CHF   -1.09%
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Medacta : 2021 Corporate Governance

03/11/2022 | 01:16am EDT

CORPORATE GOVERNANCE REPORT

Medacta's Annual Report 2021

INDEX

1.

GROUP STRUCTURE AND SHAREHOLDERS

54

2.

CAPITAL STRUCTURE

56

3.

BOARD OF DIRECTORS

58

4.

GROUP EXECUTIVE MANAGEMENT

74

5.

COMPENSATION, SHAREHOLDINGS AND LOANS

76

6.

SHAREHOLDERS' PARTICIPATION RIGHTS

77

7.

CHANGE OF CONTROL AND DEFENCE MEASURES

78

8.

AUDITORS

79

9.

INFORMATION POLICY

80

10.

INDEPENDENT PROXY

80

11.

QUIET PERIODS

80

52 Medacta's Annual Report 2021 l Corporate Governance Report

AUGMENTED REALITY SURGICAL PLATFORM

An innovative solution that features advanced planning tools, revolutionary tracking system, and augmented reality to potentially improve surgery accuracy and efficiency, with low upfront capital investment and cost per case compared to other technologies.

A U G M E N T E D R E A L I T Y

The perception of real-life environments can be enriched with useful information, measured in real-time by the system and displayed on NextAR Smart Glasses worn by the surgeon. This is superimposed on the operative field of view in a highly intuitive way, with the goal of improving the quality of surgery.

Medacta is committed to build value and trust with all the stakeholders. Good corporate governance is an essential element of Medacta's values.

Medacta's corporate governance principles and rules are set out in the Articles of Association1, the Organizational Regulations2, the Corporate Compliance System including the Medacta's Group Code of Business Conduct and Ethics3 and the MedTech Europe Industry Code of Conduct4, the Charters of the Board Committees and internal policies on quality, IT, privacy as well as employee regulations. Further, we take into account the recommendations of the Swiss Code of Best Practice for Corporate Governance. The Group's corporate governance disclosures described in this report are in compliance with the Directive on Information relating to Corporate Governance5 published by the SIX Exchange Regulation.

1. GROUP STRUCTURE AND SHAREHOLDERS

1.1 GROUP STRUCTURE

ORGANIZATIONAL GROUP STRUCTURE

Medacta Group SA ("Company"), Strada Regina 34, 6874 Castel San Pietro, Switzerland, the ultimate parent company of the Group, is a stock corporation under the laws of Switzerland and is listed on the SIX Swiss Exchange (valor number: 46'852'522, ISIN: CH0468525222, SIX ticker symbol: MOVE, LEI: 506700P2PFU3A3DROC14). The market capitalization of the Company as per December 31, 2021 was CHF 2.8 billion.

Our headquarters and production facilities are located in Castel San Pietro, Switzerland and Rancate, Switzerland, where we have approximately 713 employees in the aggregate. The Group Executive Management is based at our headquarters in Castel San Pietro, Switzerland and Rancate, Switzerland and they are responsible for executing the decisions of the Board of Directors and implementing the strategy of the Group.

Medacta constitutes with only one segment which reflects the internal organizational and management structure used within the Group. The Chief Operating Decision Maker (CODM) for the segment is our Chief Executive Officer, Ing. Francesco Siccardi. Our CEO is supported by the other members of our Group Executive Management, specifically the CFO and the Supply Chain Director.

The Extended Group Management, which comprises our Head of Research and Development, Global Marketing Director, Technical Director, Vice President Joint and General Manager, Vice President Spine and Vice President Extremities and Sportsmed are also based at our headquarters and under the supervision of the CEO, save for the Technical Director who reports directly to the Supply Chain Director. The Vice President Joint and General Manager is responsible for the regional Directors who oversee and manage our 12 international branches. Our international branches are responsible for overseeing our salesforce, which consists of direct sales representatives and marketing employees, independent agents, and distributors in 33 countries. For an overview of our worldwide locations, see Note 6.2 "Consolidation Principles, Composition of the Group and Significant Accounting Policies" of the Financial Report.

GROUP COMPANIES

No other company controlled by Medacta Group SA is listed on a stock exchange.

On December 31, 2021, Medacta Group SA directly or indirectly held 100% of the capital and voting rights in all unlisted consolidated Group companies disclosed in the Financial Report section of this Annual Report under Note 6.2 "Consolidation Principles, Composition of the Group and Significant Accounting Policies" to the Financial Report.

  1. Medacta's Articles of Association are available on Medacta's website at: https://cms.medacta.com/uploads/media/medacta-group-sa-articles-of-association-of-11032019.pdf
  2. Medacta's Organizational Regulations (including the charters of the Board Committees) are available on Medacta's website at: https://media.medacta.com/media/medacta-organizational-regulations-19-july-2021.pdf
  3. Medacta's Group Code of Business Conduct and Ethics has been approved by the Board of Directors on 15th December 2021 and it is available at: https://www.medacta.com/EN/code-of-business-conduct
  4. MedTech Europe Industry Code of Conduct is available at: https://www.ethicalmedtech.eu/wp-content/uploads/2021/02/MedTech-Europe-Code-of-Ethical-Business-Practice-QA-DG.pdf
  5. Directive on Information relating to Corporate Governance of SIX Exchange Regulation is available at: https://www.ser-ag.com/dam/downloads/regulation/listing/directives/DCG-en.pdf

54 Medacta's Annual Report 2021 l Corporate Governance Report

SIGNIFICANT SHAREHOLDERS

To the best of our knowledge, the table below shows shareholders and shareholder groups owning or representing more than 3% of the voting rights of Medacta as of December 31, 2021. The number of shares shown below and the holding percentages are based on the last disclosure of shareholding communicated by the shareholder to the Company and the Disclosure Office of SIX Swiss Exchange. The number of shares held by the relevant shareholder may have changed since the date of such shareholder's notification.

The individual reports that were published during the year ending December 31, 2021 as well as any reportable changes since the date thereof can also be found on the website of the Disclosure Office of the SIX Swiss Exchange, which also includes the individual reports of the significant shareholders: SIX Exchange Regulation.

Beneficial owner / persons that

can exercise

Direct

the voting rights at their own

Domicile/

Number of

Percentage of shares

discretion 1

Registered Office

Country

Shareholders 2

shares

and voting rights

• Alberto Siccardi 3

Sonvico - Lugano

Switzerland

-

• Maria Luisa Siccardi Tonolli 3

Villa Luganese

Switzerland

-

13'861'528

69.31%

• Francesco Siccardi 3

Morcote

Switzerland

-

• Alessandro Siccardi 3

Lugano

Switzerland

-

• Artisan Partners Limited

Milwaukee, WI

USA

-

989'901

4.95%

Partnership 4

• MainFirst SICAV

Senningerberg

Luxembourg

-

603'875

3.02%

  1. Regarding collective investment schemes, the beneficial owner corresponds to the licensee.
  2. Regarding collective investment schemes, the direct shareholder corresponds to the collective investment scheme.
  3. The Family shareholders comprise a group acting in concert within the meaning of art. 120 et seq. FMIA and its implementing ordinances. See SIX shareholder notification after December 31, 2020, dated January 6, 2021, processed by SIX on January 8, 2021 in relation to the shareholders agreement. See also "Shareholders' Agreement" (below). As a single person, Alberto Siccardi owns 10.1% of shares and voting rights, Maria Luisa Siccardi Tonolli, Francesco Siccardi and Alessandro Siccardi own 19.7% of shares and voting rights each. In October 2021, Dr. Alberto Siccardi and Francesco Siccardi sold respectively 14'935 and 15'662 share units, see also section 6 "Ownership of shares and options".
  4. The persons that can exercise the voting rights at their own discretion is Artisan Partners Limited Partnership as derived from the latest shareholder notification dated December 16, 2021, processed by SIX on December 22, 2021.

SHAREHOLDERS' AGREEMENT

Alberto Siccardi, Maria Luisa Siccardi Tonolli, Francesco Siccardi and Alessandro Siccardi (collectively, the "Family shareholders") have entered into a shareholders' agreement regarding, inter alia, (i) the uniform exercise of voting rights in the shareholders' meeting of the Company, (ii) the right of representation on the Board of Directors of the Company, (iii) principles regarding dividends distributed by the Company, (iv) transfer restrictions applicable to Family shares (as defined in the Shareholders' Agreement) and (v) purchase options regarding the Family shares.

1.2 CROSS-SHAREHOLDINGS

The Group does not have, and has not entered into, any cross-shareholdings with other companies relating to equity or voting rights.

Corporate Governance Report l Medacta's Annual Report 2021

55

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Medacta Group SA published this content on 11 March 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 March 2022 06:15:13 UTC.


© Publicnow 2022
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Sales 2022 428 M 418 M 418 M
Net income 2022 55,8 M 54,5 M 54,5 M
Net Debt 2022 137 M 134 M 134 M
P/E ratio 2022 30,1x
Yield 2022 0,73%
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EV / Sales 2023 3,70x
Nbr of Employees 1 421
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Number of Analysts 3
Last Close Price 85,05 €
Average target price 110,94 €
Spread / Average Target 30,4%
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