On semiconjugate rational functions

We investigate semiconjugate rational functions, that is rational functions A, B related by the functional equation \({A \circ X = X \circ B}\), where X is a rational function. We show that if A and B is a pair of such functions, then either A can be obtained from B by a certain iterative process, or A and B can be described in terms of orbifolds of non-negative Euler characteristic on the Riemann sphere.