SWX Swiss Exchange AG issues reprimand against Lonza Group AG
The SWX Swiss Exchange (SWX) has determined that Lonza Group AG (Lonza) violated the equal
treatment obligation as laid down in the ad hoc publicity rules prescribed in Art. 72 of the Listing
Rules, this by having first disclosed to employees the appointment of a new member of senior
management (the Head of Human Resources) and only afterwards disclosing that fact to the
public and SWX, whereby the 90-minute deadline for prior notification of SWX was not met. The
Sanction Commission of SWX has issued a reprimand against Lonza Group AG and ordered that
the sanction be made public.
SWX obligates listed issuers to inform the market of any price-sensitive facts that have arisen in
company's sphere of activity and are not of public knowledge. Deemed to be price-sensitive facts are
those that are capable of triggering a significant price change. Disclosure must be carried out so as to
ensure equal treatment of all market participants. A selective disclosure of such information constitutes a
violation of that duty. If price-sensitive information is to be disclosed during trading hours, SWX must be
contacted 90 minutes prior to the publication.
On 27 June 2007 during trading hours, the employees of Lonza were informed in writing about the
appointment of a new Head of Human Resources and member of senior management. Market
participants as well as SWX were made aware of the appointment 30 minutes later.
As a rule, changes to the membership of the board of directors, the management board or other key
positions are potentially price-sensitive facts according to the practice of the SWX. No distinction is made
according to what function the person in question has within the management board. According to the
legal practice of the Sanction Commission, the deciding factor is membership in the governing body as
defined in the Corporate Governance Directive.
By having selectively disclosed this potentially price-sensitive fact, Lonza violated the obligation to
ensure equal treatment as prescribed under Art. 72 of the Listing Rules.
One of the tasks of SWX is to enforce the transparency provisions applicable to issuers. If an issuer
breaches the provisions of the Listing Rules, SWX imposes one of the sanctions set out under Art. 82 of
the Listing Rules, whereby the degree of fault and gravity of the breach are taken into consideration. In
view of these criteria, the Sanction Commission of SWX has issued a reprimand against Lonza.
Information on the provisions governing ad hoc publicity can be accessed at:
Previous SWX sanctions in the area of ad hoc publicity are available at:
Should you have any questions, please feel free to contact Werner Vogt, Head Media Relations.
Phone: +41(0)58 854 26 75
Fax: +41(0)58 854 27 10
E-mail: pressoffice at swx dot com
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