Good morning, dear shareholders, ladies and gentlemen. Before we begin, I would like to comment on the terrible, deeply shocking war in Ukraine. We at Roche condemn the Russian invasion unreservedly. This war brings on unimaginable suffering on many innocent people, and we are doing everything in our power to help our employees, their families, and of course our patients in this crisis. I would like to thank everyone involved in these efforts, whether on site in the neighboring countries or anywhere else. I would like to thank everyone from the bottom of my heart for their great commitment. We do hope, of course, that as rapidly as possible, we will find a solution for peace in Ukraine. Ladies and gentlemen, I herewith open the 104th annual general meeting of shareholders of our company, and I shall chair the meeting.
As a precautionary measure, the board of directors, with regret, decided to conduct the annual general meeting of shareholders today in agreement with Article 8 of COVID-19 Act and Article 27 of COVID-19 Ordinance three, not as a physical meeting, but as an online one. Shareholders were called upon to submit their votes in writing or electronically to the independent proxy Testaris AG. The annual general meeting today is being live streamed on the internet. With me on stage, we have our Vice Chairman of the Board, André Hoffmann, and our Head of Group Communications, Barbara Schädler, today representing our Secretary of the Board, Dr. Annette Luther, who, due to the pandemic, is currently in isolation. Our CEO, Severin Schwan, is connected online as he has mild symptoms of COVID-19 and is also currently in isolation. Severin, how are you today?
Well, not too bad, actually. My symptoms were pretty mild. I had received two vaccinations and my booster shot, so I'm glad to be able to be with you virtually.
We wish you all the best, of course, a speedy and full recovery. Before we move on with the items on the agenda today, I would like to take you through the course of business in 2021. Following that, you are going to be given a brief presentation from our Vice Chairman, André Hoffmann, followed by a question and answer session in which Mr. Schwan and Mr. Hoffmann and myself will answer questions submitted from you, the shareholders. Dear shareholders, ladies and gentlemen, welcome to the first annual general meeting that is being live streamed, live broadcast. I do hope it's not only the first one of them, but it will be the last purely virtual one, and we are going to see again physically next year here in Basel.
For more than two years, the coronavirus pandemic has been dominating our lives longer than most people, including us, would have thought possible. In 2021 too, Roche made important contributions to the fight against the pandemic, and we are proud of it, whether with COVID-19 medications such as Ronapreve and Actemra or with our leading portfolio of coronavirus tests. Well, imagine, since the start of the pandemic, we have provided more than 1.2 billion tests around the world. What a huge number. We feel privileged to have been involved in the innovation triangle of vaccines, tests, and medicines in two areas at the front line. I'm extremely proud of the commitment shown by more than 100,000 employees. It is not easy to work under a state of emergency for so long.
Many of our employees are tuned in to the live stream, and this gives me the opportunity to thank all of them, also on behalf of the entire board of directors, for their exceptional achievements. Ladies and gentlemen, it is great to see how much we can achieve when we all work together, science, industry, politics, authorities, health systems, and many others. COVID-19 has clearly brought us all a good step forward in terms of both intensifying and accelerating collaboration. This has all been taken to yet another level, and we need to use this experience beyond COVID-19 in the fight against other serious diseases that Roche is equally committed to defeating and in which we have made great progress in the past year. The success of our innovative new products is reflected in the financial figures. Overall, we achieved a good strong results in 2021.
Group sales increased by 9%, adjusted for exchange rates to almost CHF 63 billion. The base businesses of both divisions, alongside our COVID-19 tests and medicines, contributed significantly to this one, i.e. Pharma and Diagnostics. The strong demand for our new medicines to treat serious diseases such as cancer, multiple sclerosis, hemophilia, or spinal muscular atrophy was particularly impressive. Net income increased by 2% last year. Our profitability allows us to invest around CHF 14 billion in research and development. This is more than any other healthcare company around the world. I'm particularly pleased with the progress in our product pipeline. Tecentriq became the first cancer immunotherapy for people with early stage lung cancer to be approved. For many, this means hope for a cure.
Polivy is the first treatment in 20 years to lead to a significant improvement in disease progression in a form of aggressive leukemia. We have also achieved great progress in the area of ophthalmology. Wet age-related macular degeneration is one of the leading causes of blindness in people over the age of 60. In 2021, we were granted approval for Susvimo. The innovative eye implant, the size of a grain of rice or smaller than the size of a grain of rice, continuously delivers the active substance into the eye, thus dispensing with the need for monthly injections into the eye. Now imagine what a great relief this is for the persons affected. Just a few weeks ago, we received approval in the United States for Vabysmo. This first in a new class of ophthalmology medicines targets two key signaling pathways which cause retinal diseases.
There were more milestones in the year 2021. In December, we bought back the Roche shares that had been held by Novartis. I'm convinced that this transaction to the tune of CHF 19 billion is in the best interests of Roche and all investors as it restores our full strategic flexibility and decision-making power, among other things.
In addition, the Dow Jones Sustainability Index has again ranked Roche as one of the world's most sustainable healthcare companies this for 10 years in a row now. We celebrated a very special anniversary. Roche turned 125 years old. André Hoffmann will also discuss these milestones shortly. Most of you know André Hoffmann is the great-grandson of our company founder, Fritz Hoffmann-La Roche, and he has been representing the founding families for many years now together with Jörg Duschmalé on the board of directors.
I would like to take this opportunity to extend my sincere thanks to you, André, and all other members of the founding families for your loyalty and support vis-à-vis this company. Roche today would not be the company without the long-term philosophy of the founding family. I think that is only fair to say.
Now, my history with Roche doesn't go quite as far back as André's, but I think like many of the Roche people, we all feel closely connected to this company. Roche has a very special culture building on the three pillars of integrity, courage, and passion. Improving people's lives by delivering medical innovations, that is what Roche has been about for 125 years now, and we will continue to pursue this aim for the next 125 years. How do we want to approach this?
For Roche, the future lies very much in personalized healthcare. Advancing digitalization plays a key role in this regard. We are not only using internal expertise here or partnerships with Foundation Medicine and Flatiron Health, two independent Roche affiliates. By combining and analyzing genomic data and data from clinical practice, we can identify completely new approaches.
We use this knowledge for researching and developing innovative therapies. The technologies required to do this, and that's the good news about it, are already benefiting patients. Allow me to illustrate this with the story of Mary Bodley. Mary lives in Dublin and works for Roche Ireland. She's the mother of two young girls. Six years ago, she was diagnosed with breast cancer.
Her biggest fear back then, by the way, was telling her daughters that. At that time, a friend told her about what was called genomic profiling tests, the genomic tests by Roche and Foundation Medicine. Doctors can use this to create a tumor's individual fingerprint. In a tissue or blood sample, they examine the cancer DNA for mutations that drive cancer growth and then go on to select a therapy specifically to fight this particular tumor with these particular mutations.
Mary's treatment was successful, but the cancer returned three times in total. Each time the cancer was different. That's to say it mutated. The last time Mary discovered the cancerous growth in her neck. Thanks to our tests, though, it was possible to adjust the therapy individually each time. Mary says that genomic profiling has saved her life several times.
Mary is still currently on sick leave, but as she told us a few days ago, the current treatment is also working, and we are all delighted to hear that. This story tells us one thing, data has enormous potential. Personalized healthcare is more than just a dream. It's already here. Ladies and gentlemen, I would like to finish by informing you about some personnel changes on the corporate executive committee and the board of directors.
I'm delighted that Hans Clevers, an outstanding scientist, will be taking over the lead of Roche Pharma Research and Early Development in a few days' time. We already know one another well, as Hans previously served on the Roche board of directors for three years. I'm also delighted to welcome Jemilah Mahmood as a new member of the board of directors.
She is a Malaysian doctor with great expertise in the field of public health, especially in less developed regions of the world. She will certainly be a great addition to our discussions on the board. At the same time, we also bid farewell on behalf of the board of directors and corporate executive committee to Paul Bulcke and William Pao. I would like to thank them most sincerely for their valuable contributions to Roche's success. Thank you, Paul. Thank you, William, and all the best for your future. Ladies and gentlemen, dear shareholders, based on our strong product portfolio in both divisions and the promising product pipeline, we are convinced we're well positioned for future growth at Roche. It remains our ambition to use outstanding scientific achievements to improve people's quality of life and wherever possible, help them lead longer lives.
Before I hand over to André Hoffmann, thank you for joining us on this journey, dear shareholders, and sincere thanks for the trust you have placed in our company.
Dear shareholders, ladies and gentlemen, thank you very much, Christoph, for giving me the floor. I would like to take this opportunity to address today's annual general meeting. Our chairman has already reminded us in his address of the buyback of the large block of shares that Novartis had previously owned for about 20 years. As you are aware, this step and the subsequent cancellation of the shares in question significantly changed Roche's shareholder structure. Our family pool now holds over 67% of all votes. First and foremost, our family regards this as a great responsibility. Our forebears were in no doubt that we have to achieve the best for the company and its workforce, which now numbers over 100,000. What is good for Roche is good for our family and not vice versa. That's important to highlight here.
However, the center point of everything has always been the countless patients whom we're able to help with innovative medicines and diagnostics products. Today, more than ever, assuming responsibility for such an important company means all of us committing to Roche's sustainable development. This applies not only to environmental considerations, but also, for example, to working conditions throughout the production chain and, to, company management.
We are therefore particularly appreciative of the fact that the board of directors and company management are working successfully to ensure that Roche acts responsibly in all facets of its activities. In recent years, we have certainly provided too little information about our efforts in this respect, some of which have been very successful.
Nevertheless, Roche's performance has long been very strong when compared with the rest of the industry, for example, as regards the Dow Jones Sustainability Index, as mentioned before. Recently, our work on comprehensive sustainability has attracted increasing media attention and recognition. Sustainability has become a leadership task. While we can look back with pride on our history, which now stretches back to over 125 years.
We must simultaneously be aware of the major challenges ahead. We must therefore not focus our interest on the next set of quarterly results, but on achieving our medium and long-term goals. Thinking in long terms and constant innovation is the key to success in doing so, and innovation will remain the key to success. The Oeri and Hoffmann families are extremely grateful to you, our shareholders, for your strong and often long-standing loyalty to Roche.
We are reliant on your suggestions, proposals, and constructive criticism. In short, your participation. In connection with this, I will be very happy if we are able to conduct future AGMs with everyone physically present again, since this will make dialogue both significantly easier and more enjoyable. Roche's tremendous contribution to combating the pandemic over the last two years shows clearly that the company is on the right path. We, the family shareholders, regard continuing this path with all of you, not only as an obligation, but also as an immense pleasure. Thank you very much for your confidence, and thank you for your kind attention. I'd like to hand back over.
Thank you very much, Christoph and André. Now, before the official statutory part of the AGM, we would like to answer some of the questions that were handed to us previously to the meeting by our shareholders. Now, we've split up the questions and bundled them into three topics.
Firstly, questions were there about Roche's future, about the actions for the protection of the environment and the access to medication and diagnostics of patients. Finally, we also received questions regarding the Ukraine. Some questions were already answered previously in writing, for example, the questions with regard to Actares. Now, you said one thing that was very interesting to our shareholders was how people were doing at Roche in the Ukraine and how we participate in humanitarian help over there.
Thanks for these questions. Of course, in our thoughts, we are with the people in Ukraine, and I am the father of five. I personally find it highly difficult to imagine how difficult the situation is for the people in this country. As far as the latest information is concerned, we're trying to stay in contact with all our employees still in the country and those who have left the country in the meantime. Fortunately, we can say that everyone's alive there, but the situation continues to be completely worrisome. Apart from support to our employees and their families, we of course focus on patient care and patients' access to our life-saving therapies and medicines, medication and diagnostic tests.
We try and ensure access no matter where in the country and irrespective of where people live, we want to open access to everyone who requires these items. This, in a situation where there's violence in many places, is of course a major challenge, and we are looking into all kinds of possibilities, including humanitarian corridors, to bring our medication and diagnostic tests to the patients who need them.
This does not only apply to people suffering from a disease, stuck in a hospital bed, but it also applies to those involved in clinical studies with Roche who need to be supplied with test medication. Over and beyond that, Roche has announced to the public to donate 150,000 doses of our antibiotic, Rocephin, to the people in Ukraine.
We're working with various partners in the country and with institutions, aid institutions in neighboring countries. We're looking into how to supply the medication to the people, how to bring medical aid to the country, and make it available wherever it is needed. I hope that in the weeks to come, we can be successful in this regard.
Thank you very much, Christoph. The next question would be to you, Severin, and it's with regard to the growth of the company. In the past year, we have seen a rather slow growth in the pharma division, whereas diagnostics also owes a substantial part of its growth to the special effects of the pandemic. Now, the question is, are you expecting this area to continue to grow after the pandemic? Maybe more generally, how will Roche grow sustainably in the future?
Well, I assume that this year as well, we will continue to expand our business. We will grow again, despite the fact that in our planning, we expect the COVID business to decrease in 2022. This is simply down to the fact that our base business is developing very well, both in pharma and diagnostics, and this is a result of the launch of new products. In the long term, I believe we are very well set up. We've got one of the leading product pipelines in the industry. In late-stage development alone, we've got 14 new compounds, which means that we're very well positioned for the future, and it will help us way beyond the current year and grow further.
Thank you. Now, Christoph already told us about the impact of digitalization, of data in the health sector. Now, one question was what Roche's position here was, and many also feel quite uncomfortable when it comes to providing health data. Why does Roche want to obtain this data, and what do we do with it?
Well, thank you for the question. Digitalization in healthcare is becoming ever more important. There's no denying that. The question is, how do we handle the data? Handling large quantities of data is not new for us. For decades, we have been handling patient data, particularly as part of clinical trials. Now, the question always is, can we handle the data privacy and the security of the data? We need to stress in this context that for us and the pharmaceutical industry, we're not interested in the data of individual patients. What we are interested in is aggregated data, anonymized data, based on which we can find out new insights with new medication, diseases, and help develop new compounds to benefit patients at the end of the day.
Now, the new area that we are going into is that we're also going to use patient data beyond clinical trials from basically everyday clinical practice. Real-world data is the term we use to explain the kind of data we're using. Again, the data is all aggregated and fully anonymized, but the potential of this data is absolutely vast. It's a treasure ready to be tapped to develop new drugs, new medicines, and we would like to use this potential. Unfortunately, in Switzerland and other European countries, the preconditions are far from ideal. As a result, the lion's share of our projects are set up in the United States. We are forced to implement those projects in the United States, part of them in Switzerland.
It's important that in Switzerland we're also investing heavily into the digitalization of healthcare to the benefit of patients at the end of the day, but also to strengthen the life science location here in Switzerland.
Christoph, one big milestone last year was the share repurchase that was already mentioned before, so from Novartis. Now the question is whether Roche will still be capable to invest in research and development despite this repurchase.
Well, that is one of the key questions for the board of directors. When Novartis approached us last year with the information that there was an interest in selling the holding. In addition, Roche's net debt was almost at 0. In other words, we were in a position to raise considerable outside capital in addition to our own resources to make the investment in the share repurchase self-funded, on the one hand, on the other hand, that was the decisive thing, to retain our financial leeway to be able to do the same in future and invest in research and development. What are we talking about? We're talking about development partnerships with smaller companies or research institutes.
We're talking about in-licensing or maybe one or the other targeted acquisition of a company that has innovative products that we can take on board with our company. The things that we did to a great extent in the past will be done again in future, maybe even to a greater extent. We can do that without pushing to financial limits. On the one hand, due to the repurchase, we are retaining full strategic flexibility. We've regained it without restraining on our operating leeway. This becomes very clear when I mentioned it before, that we have almost CHF 14 billion annually that we invest in research and development, and we're spending more on this than any other healthcare company around the world, and we are not planning to change that in the future. This is a tradition that we want to uphold strongly.
We want to invest in innovation, and I think this investment in the repurchase of our own shares was in the best interest of Roche and the shareholders of the company.
Severin, now Roche has been accused of not providing sufficient access to many medications in parts of the world to certain patients. What can you say about that?
Yes, I'm happy to do this. It's a very important issue. We invest heavily in research and development, and at the end of the day, these medicines need to benefit the people in need. Otherwise, innovation doesn't really make sense, and investment doesn't make sense. Now, in countries with a lower level of development.
Access is difficult not just to medicines, but also to healthcare services, very basic healthcare services. The question is what can we do to alleviate this problem? I see two ways. One way is to make a contribution in setting up the basic infrastructure in the respective countries. You cannot administer medicines if there are no hospitals, if there are no qualified healthcare providers, if you have no laboratories.
We have an opportunity to help there. We cooperate with other companies, with non-governmental organizations, NGOs, and the respective governments. This is one way we can try and help to create the preconditions for administering medicines in the first place. The second way, we can help is to work on the pricing of the medicines. As Roche, we are proud to say that we have introduced a new pricing policy, which is a pioneering solution.
We're looking at a pricing model which is differentiated, which means the prices of our medicines will be based on the purchasing power of the respective countries. Over the past 10-20 years, we have been able to improve access to some of our medicines as a result of this differentiated approach.
Thank you, Severin. Now to you, Christoph and André. Another topic that was dear to the heart of our shareholders was global warming, climate change. Another question is how Roche reacts to this challenge and what climate goals are pursued by the company, and whether Roche, like other leading companies, will be CO2 neutral in ten years' time.
Well, I think I recall that I would like to remind everyone that climate is part of environmental protection for us, and this again is part and parcel of how we can be sustainable in the long run in our company. I think we can be proud that 15 years ago, as one of the first companies in the world, we attached top priority to sustainability and we set up a sustainability committee at board level that dealt with the issues involved at that top level. This is a lot to do with the tradition of the founding families of Roche, and that's why I'm handing over to André at this point. I'll be pleased to do that. He can provide more information on that.
Thank you, Christoph. Well, it's a good thing to be able to say that, for many years, the family has had a great interest in nature. My father, the grandson of the founder of Roche, Fritz Hofmann-La Roche, has shown an interest in nature and nature protection all his life. The concept of sustainability should not only be seen in terms of CO2 emissions. Of course, everybody says we have to keep CO2 under control, but the real challenge we're facing, the emergency is that there's not enough biodiversity. We're losing biodiversity. CO2 emission, of course, is an important metric, and this is what we are going to focus on going forward as well.
We want to continue this development that we've had introduced in the company, supporting nature, protecting nature, and CO2 emissions are part of this. The goal is to be a role model for the industry going forward. Over the next 10 years, the CO2 emissions, the CO2 footprint of the company will be reduced by 50%. If we focus on CO2 only, by 2050, our emissions will be reduced to an absolute zero, and this is something I need to explain. Absolute zero doesn't mean net zero. We're not going to buy any license to compensate CO2 emissions. We want to reduce CO2 emissions to an absolute zero by 2020. Other companies are going for net emissions.
They are buying certificates to have a carbon absorption, but we do not believe in this. The future belongs to the companies that really can control CO2 with their own means.
Well, maybe we can add at this point that in the past more than 15 years, since 2005, we've been in a position to reduce our CO2 emissions at Roche by more than 67%. It is possible, and we've taken a major step, but it was important to say that we need more important steps.
Maybe I can add what you said before, that there is a committee in the board. This has changed the culture of the company. 67% less emissions, this had to do with the fact that many Roche employees see this as a vocation. It's not a dictate coming from above, it's a common effort, and that's very important in order to bring stability in this area.
Thank you very much. Now the last question. A completely different topic. It's about the fact the shareholders were wondering whether the annual general meeting in a year's time will be held at Messe Basel again with shareholders present and drinks afterwards.
Well, if I'd been asked a year ago, I would have said, "Well, of course." I would have been convinced to say, "Of course, this year we're going to have a physical meeting again," but we've become a little more modest, and, we have noticed we have no crystal ball. Considering the development of the pandemic, I think it is justified to be optimistic that we're in the process of returning to a more normal life. Against this background, I am confident that we are going to meet again physically next year for our annual general meeting here in Basel, and I promise there'll be a good reception for shareholders.
Thank you very much. That obviously doesn't only apply to our general meeting, but for the entire world, we're hoping that this is over soon. Thank you very much to the three of you for your answers. Now let's get to the statutory part of the general meeting, voting on the items of the agenda.
Well, I herewith note that the annual general meeting has been duly convened in accordance with the law and the articles of incorporation. I would like to refer to the dual publication in the Swiss Official Gazette of Commerce on eighteenth and twenty-first of February 2022 and the invitations published in the daily and financial press. Shareholders have not submitted any proposals to put additional items on the agenda.
Further, I would like to state that the annual general meeting is conducted only with the representatives of Roche Holding and the legally required persons and persons required by the articles. Mr. André Hoffmann, a representative of the family pool and Vice Chairman of the Board, Mr. Andrea Bianchi, representing Testaris AG, the independent proxy. Mr. Marc Bentjens and Mr. Marc Ziegler as representatives of our auditors, KPMG. Mrs. Barbara Schädler, Head of Group Communications to announce the results, and Mrs. Agnes Wase, who works for corporate legal affairs to keep the minutes here.
The minutes of last year's AGM of March 16, 2021, and the minutes of today's AGM have been published, and will be published, respectively, on the internet. I would like to announce as early as today and invite you to the annual general meeting next year that is planned to be held on Tuesday the 14th of March 2023. As far as resolutions is concerned, only the votes represented by the independent proxy Testaris can be recorded as present and represented. I would also like to refer to required quorum for resolutions. At the meeting today, no specific quorum are required. The annual general meeting today is qualified to pass resolutions on the items on the agenda. Can I ask Barbara Schädler to announce the results of the resolutions on the various items?
The overview of the results will be published on the internet following the AGM, and I would also like to point out that the AGM is being audio recorded. Moving on to attendance. According to the profile of votes of the independent proxy, the AGM today is composed as follows: Total shares represented at CHF 1 nominal value is 82,423,806 shares. Shares represented as a percentage of total share capital, 77.25%, and the absolute majority of votes represented is 41,211,904 shares. Treasury shares or shares held by subsidiaries of Roche are not represented at the AGM. For every vote or election, an absolute majority is required. Let me now turn to the items on the agenda.
Item one: Approval of the management report, the annual financial statements, and the consolidated financial statements for the 2021 financial year. The annual report, including the management report and the two financial statements, was published on the internet and in printed form and was available for inspection at the company's headquarters in due course. Furthermore, the report was sent to shareholders upon request. The auditor's report on the financial statements can be found on page 194 in separate financial report. The auditor's report on consolidated financial statements can be found on page 162. The annual and consolidated financial statements are recommended by the auditors to be approved. Let's announce the result. Barbara?
The management report, the annual financial statements, and the consolidated financial statements for 2021 were approved with 99.94% of votes in favor.
Thank you. Moving on to item two: Approval of the total amount of bonuses for the Corporate Executive Committee and the total bonus amount for the Chairman of the Board of Directors for the 2021 financial year. In item two point one, the Board of Directors proposes approval of the bonuses, total amount of bonuses for the Corporate Executive Committee for the past business year in the amount of CHF 10,491,950, excluding employer social security contributions required by law and pointed out on the Annual Report 2021 on page 184 for the total amount and 180 for the CEO in the form of shares locked up for ten years and on page 181 for the Corporate Executive Committee. Announcing the result, please.
The total amount of bonuses for the corporate executive committee for 2021 was approved with 98.53% of votes in favor.
In agenda item 22, the board of directors proposes the approval of the total amount of the bonus of the Chairman of the Board of Directors for the past business year amounting to CHF 949,263 in the form of shares blocked for 10 years, excluding statutory employer contributions to old age, disability, and unemployment insurance schemes. Could I ask Barbara to announce the results, please?
The total bonus amount for the Chairman of the Board of Directors for 2021 was approved with 98.54% of votes in favor by the meeting.
This brings us to item three, ratification of the Board of Directors' actions. The members of the Board of Directors and any other persons involved in the management of the business are not entitled to vote on this item. The results are?
The Board of Directors actions were ratified with 99.95% of votes in favor.
Thank you very much. Moving on to item four, vote on the appropriation of available earnings. The available earnings of the 2021 financial year, including the amount carried forward from the previous year, amount to CHF 8,463,226,720. The board's proposal for appropriation of the available earnings can be found on page 193 in the financial report. It is as follows. CHF 7,526,059,410 to be paid out as an ordinary dividend of a gross amount of CHF 9.30 per share and non-voting equity security. After deduction of 35% withholding tax, the net dividend would then be CHF 6.045. This is the 35th increase in the dividend consecutively.
We expect to increase the dividend in Swiss francs for the current year. The Board of Directors proposes to carry forward the balance of CHF 937,167,310 to new accounts. Announcing the results.
The proposals of the Board of Directors on the appropriation of available earnings were accepted with 99.93% of votes in favor.
Thank you very much. The dividend will be payable from Monday, the 21st of March, 2022, by UBS and free of charge upon delivery of the coupon number 21 to your custodian bank. In item five, we are moving on to elections of board members and elections of the chairman of the board and the members of the remuneration committee. Pursuant to the law and the articles of incorporation, the chairman of the board, all directors, and the members of the remuneration committee have to be elected for a term of office of one year each. Mr. Paul Bulcke and Mr. Professor Dr. Hans Clevers have decided not to stand for re-election as members of the board of directors. For re-election of the directors for a term of office, of one year, with the exception of Mr. Bulcke and Mr. Clevers, all current directors are being proposed to be re-elected, including the chairman.
For a new election for a term of office of one year, we propose Dr. Jemilah Mahmood. In addition to the current members of the remuneration committee, we propose to elect Dr. Patrick Frost as a member for the remuneration committee for a period of one year. All persons proposed to be elected have declared that they will accept election should they be elected.
Thank you very much, Christoph. The results are as follows for agenda item 5.1: Dr. Christoph Franz is elected as a member of, and as chair of the Board of Directors with 98.91% of votes in favor. Agenda item 5.2: Dr. Christoph Franz is elected as a member of the Remuneration Committee with 98.64% of votes in favor. Were elected as members of the Board of Directors according to item 5.3: André Hoffmann with 99.13% of votes in favor, Julie Brown with 99.97% of votes in favor, Dr. Jörg Duschmalé with 99.67% of votes in favor, Dr. Patrick Frost with 99.95% of votes in favor, Anita Hauser with 99.98% of votes in favor. Professor Dr. Richard P. Lifton with 99.65% of votes in favor. Bernard Poussot with 99.99% of votes in favor. Severin Schwan with 99.84% of votes in favor. Dr. Claudia Süssmuth-Dyckerhoff with 99.97% of votes in favor. Dr. Jemilah Mahmood with 99.89% of votes in favor.
In addition to the previously elected chair, the following members of the Board of Directors are elected or reelected as members of the Remuneration Committee. According to agenda item 5.13, André Hoffmann with 98.61% of votes in favor. Professor Dr. Richard P. Lifton with 98.62% of votes in favor. Bernard Poussot with 99.66% of votes in favor. Dr. Patrick Frost with 99.93% of votes in favor.
Thank you very much, and thank you for your trust. Moving on to item six. The Board of Directors proposes approval of a maximum total of CHF 10 million, excluding employers' Social Security contributions as required by law, until the ordinary general meeting in 2023, excluding the bonus for the Chairman of the Board of Directors for the 2022 financial year, which will be proposed for approval at the annual general meeting next year. You will have to vote on that next year. You will find all indications in the 2021 annual report on page 177.
The total amount of future remuneration for the Board of Directors of a maximum of CHF 10 million until the 2023 Annual General Meeting is approved with 98.59% of votes in favor.
Moving on to item seven. The Board of Directors proposes approval of a maximum total of CHF 38 million, excluding employers' Social Security contributions required by law until the ordinary general meeting 2023, excluding bonuses for the financial year 2022, which will be proposed for approval at the 2023 annual general meeting to you shareholders. You will find all the data in the annual report on page 185.
The total amount of future remuneration of the Corporate Executive Board of a maximum of CHF 38 million until the 2023 ordinary annual general meeting is approved with 98.5% of votes in favor by the meeting.
Item eight: election of the independent proxy, Testaris AG. The annual general meeting is required to elect the independent proxy on an annual basis. We propose to elect Testaris as the independent proxy until the end of next year's annual general meeting, and Testaris has declared willing to accept election prior to the meeting.
Testaris AG is elected as independent proxy for the current period until conclusion of the 2023 ordinary annual general meeting with 99.99% of votes in favor.
Thank you very much for your trust in the independent proxy. Moving on to the final item number nine, election of the auditors, statutory auditors. The Annual General Meeting is required to elect the auditors for the current financial year on an annual basis. The Board of Directors proposes KPMG as auditors to be elected for the 2022 financial year, and KPMG is willing to accept election, and it has declared so prior to the meeting. This brings us to the result.
KPMG is elected as statutory auditors for the financial year 2022 with 99.71% of votes in favor.
Thank you very much. This brings us to the end of the agenda. On this, let me close today's 104th Annual General Meeting of Shareholders of our company. Thank you very much.