Annual Report 2005/06 THE WORLD OF SOUND - Sonova

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Left to right: Robert F. Spoerry, Dr. h.c. Daniel Borel, Andy Rihs, Dr. Michael Jacobi, Heliane Canepa, William D. DearstyneAudit CommitteeCurrent members of the Audit Committee are Dr. MichaelJacobi (Chairman), Heliane Canepa, and William D. Dearstyne.Within the context of its overall remit, the Audit Committeereviews on behalf of the Board of Directors the work andeffectiveness of the external and internal audit, evaluates thefinancial control, the financial structure and risk managementmechanisms of the company, and reviews the interim and annualfinancial accounts of the Group. The Audit Committee alsosupervises audits to be completed by the internal audit departmentand reviews the results of these audits.The Audit Committee meets at least twice a year, but asoften as required. In the reporting period, the Committee metfour times.Nomination and Compensation CommitteeDuring the reporting period, the Nomination Committeeand the Compensation Committee were merged into a singlecommittee. This merger simplifies and optimizes the organizationalstructure and ensures more efficient deployment ofhuman resources.Current members of the new Nomination and CompensationCommittee are Andy Rihs (Chairman), Dr. h.c. Daniel Borel, andRobert F. Spoerry, all former members of the CompensationCommittee.The primary task of this Committee is to review and proposeto the Board of Directors the compensation structure andamount for the Board of Directors and the members of theManagement Board, and to select and propose to the Boardof Directors suitable candidates for election to the Boardof Directors and for appointment to the Management Board.The Committee submits the relevant proposals and nominationsto the Board of Directors.The Committee meets as often as required. In the reportingperiod, the Committee met three times.Attendance at Board of Directors and committee meetingsThe following overview shows the individual Board members’attendance at Board of Directors and committee meetings.A B CNumber of meetings 2005/06 6 4 3Andy Rihs 6 - 3William D. Dearstyne 6 4 -Dr. h.c. Daniel Borel 5 - 3Heliane Canepa 6 4 -Dr. Michael Jacobi 4 4 -Robert F. Spoerry 6 - 3A Board of DirectorsB Audit CommitteeC Nomination and Compensation CommitteeCorporate Governance23
Members of the Board of DirectorsAndy Rihs1942; SwissPosition:Chairman, non-executiveFirst election to the Board: 1985; Chairman since 1992Current Board term ends: AGM 2006Other activities:Chairman of the Board of ARfinanz Holding AGMember of the Board of Polyusus V AGMember of the Board of Sport und Event Holding AG,LucerneWilliam D. Dearstyne 1940; AmericanPosition:Vice-Chairman, non-executiveFirst election to the Board: 2003; Vice-Chairman since 2004Current Board term ends: AGM 2006Other activities:Member of the Advisory Council of EarlybirdVenture Capital GmbH & Co.Member of the Board of Trustees of Bucknell University,Lewisburg, PAMember of the Board of Bioness, Inc., CaliforniaDr. h.c. Daniel Borel 1950; SwissPosition:Non-executiveFirst election to the Board: 1999Current Board term ends: AGM 2008Other activities:Chairman of the Board of Logitech International Ltd.Member of the Board of Julius Bär Holding AGMember of the Board of Nestlé SAHeliane Canepa1948; SwissPosition:Non-executiveFirst election to the Board: 1999Current Board term ends: AGM 2008Other activities:CEO Nobel Biocare Holding AGDr. Michael Jacobi 1953; GermanPosition:Non-executiveFirst election to the Board: 2003Current Board term ends: AGM 2006Other activities:CFO Ciba Specialty Chemicals AGRobert F. Spoerry1955; SwissPosition:Non-executiveFirst election to the Board: 2003Current Board term ends: AGM 2006Other activities:Chairman, President and CEO of Mettler-ToledoInternational Inc.Member of the Board of Conzetta Holding AGMember of the Board of Schaffner Holding AG24Corporate Governance
Page 1 and 2: Annual Report 2005/06Annual Report
Page 3 and 4: FIVE-YEAR KEY FIGURES(Consolidated)
Page 5 and 6: CHAIRMAN’S FOREWORDIn 2005/06, th
Page 7: Move with the melody
Page 10 and 11: digital entry-level product line, w
Page 12 and 13: MARKETSGeneral market developmentTh
Page 15 and 16: NEW TECHNOLOGIES AND PRODUCTSPlatfo
Page 17 and 18: OPERATIONS AND STAFFOperationsWithi
Page 19: Listen to life
Page 22 and 23: This report describes the principle
Page 24 and 25: Capital StructureChanges in capital
Page 28 and 29: Andy Rihs (born in 1942) has been C
Page 30 and 31: Dr. Valentin Chapero Rueda (born in
Page 32 and 33: Share and option ownership of membe
Page 34 and 35: Highest total compensationThe highe
Page 36 and 37: Investor Relations CalendarJuly 6,
Page 39 and 40: SUSTAINABILITYPhonak’s management
Page 41 and 42: Our customers buy a better quality
Page 43 and 44: Corporate GovernancePhonak’s Boar
Page 45: Push your performance
Page 49 and 50: Consolidated Income Statement1,000
Page 51 and 52: Consolidated Statement of Cash Flow
Page 53 and 54: Notes to the ConsolidatedFinancial
Page 55 and 56: equity method, the investment in an
Page 57 and 58: Short-term debtsShort-term debts co
Page 59 and 60: Employee benefit plansPhonak has va
Page 61 and 62: 5. Segment informationProfit or los
Page 63 and 64: 6. Consolidated Income Statement by
Page 65 and 66: 9. Financial income/(expenses), net
Page 67 and 68: 11. Earnings per shareBasic earning
Page 69 and 70: 17. Inventories1,000 CHFRaw materia
Page 71 and 72: 19. Investments in associates and j
Page 73 and 74: GoodwillSoftwareIntangiblesrelating
Page 75 and 76: Among various other items, other pr
Page 77 and 78:
27. Other long-term liabilities1,00
Page 79 and 80:
29. Acquisition of subsidiariesDuri
Page 81 and 82:
30. Related-party transactionsManag
Page 83 and 84:
The amount recognized in the consol
Page 85 and 86:
Summary of outstanding and exercisa
Page 87 and 88:
35. Number of employeesAt March 31,
Page 89 and 90:
38. List of significant consolidate
Page 91:
Cherish the cheers
Page 95 and 96:
Income Statement1,000 CHFIncomeMana
Page 97 and 98:
Notes to the Financial Statements1.
Page 99 and 100:
3.4 List of significant investments
Page 101 and 102:
Appropriation of Available Earnings
Page 103:
Launch a laugh
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Phonak ABHornsbruksgatan 28SE-117 3
Page 108 and 109:
ImpressumConceptLithographyPrinting
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Annual Report 2005/06 THE WORLD OF SOUND - Sonova

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