7.1 Voting right restrictions and proxies
Each registered share entitles the holder to one vote. Voting rights can only be exercised if such rights are entered in the share register of Swisscom Ltd. The Board of Directors may refuse to recognise a purchaser of shares as a shareholder or beneficial holder with voting rights if their total holding (including any previously registered shares) exceeds 5% of all shares registered in the Register of Commerce. The purchaser is entered in the share register as a shareholder or beneficial holder without voting rights for any shares in excess of this limit. This restriction on voting rights also applies to registered shares purchased through subscription, options or conversion rights. The share limit applies to related entities in accordance with Article 4.5.1 of the Articles of Incorporation.
The 5% voting right restriction does not apply to the Swiss Confederation, which holds the majority of the capital and voting rights in Swisscom Ltd under the terms of the Telecommunications Enterprise Act (TEA). Further information on voting right restrictions is set out in Article 4.5 of the Articles of Incorporation.
The restrictions on voting rights provided for in the Articles of Incorporation may be lifted by the majority of the votes of the Annual General Meeting.
During the year under review, the Board of Directors did not recognise any acquirers of shares holding more than 5% of shares as a shareholder or beneficial holder with voting rights, did not reject requests for recognition or registration, and did not remove shareholders with voting rights from the share register due to the provision of false data.