Corporate Governance

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1. Group structure and shareholders

1.1 Group structure

The Zehnder Group is organised by region – Europe, China and North America. All regions are active in both business areas – ventilation and radiators.

Zehnder Group AG, the holding company of the Zehnder Group, is the only listed company included in the consolidation scope. It has its headquarters in Gränichen (Switzerland). The registered shares A are listed on the SIX Swiss Exchange (Valor number: 27 653 461, ISIN: CH0276534614). The unlisted registered shares B are held directly or indirectly by the Zehnder family and persons closely associated with them. At 31 December 2020, the market capitalisation (registered shares A) was CHF 576.6 million and the total capitalisation was CHF 693.6 million.

All companies included in the consolidation scope of Zehnder Group AG are shown in the Overview of companies in the consolidated financial statements in the Financial Report.

1.2 Significant shareholders

According to the information available to the Board of Directors, the following shareholders held more than 3% of the share capital of Zehnder Group AG as at the balance sheet date, i.e. 31 December 2020:

There is a shareholders’ agreement between the shareholders of Graneco AG (the Zehnder family and persons closely associated with them), which, among other aspects, includes a voting commitment for all directly and indirectly held registered shares B of Zehnder Group AG.

For notification of disclosure of significant shareholdings, please refer to the website of SIX Swiss Exchange:

The Articles of Association of Zehnder Group AG provide for an opting-out clause, which is explained in item 7.1 Duty to make an offer of this Corporate Governance Report.

1.3 Cross-shareholdings

There are no cross-shareholdings.

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