The Board of Directors and the Group Executive Board are the two highest governing bodies of Swisscom. While the board of directors has overall strategic responsibility, the Group Executive Board (led by the CEO) is fully responsible for the management of the company.The Swiss Confederation has a majority holding in Swisscom in terms of capital and votes, amounting to 29.5 million shares or 56,77% of Swisscom's share capital (at end of 2012).