Corporate Governance

A clearly structured and fully implemented corporate governance system is our highest priority.

Corporate Governance is the basis for all our decision-making and control processes and comprises:

responsible, value-based management and monitoring focused on long-term success
goal-oriented and efficient cooperation between the Managing and Supervisory Boards
respect for the interests of our shareholders and employees and other stakeholders
transparency and responsibility in all our entrepreneurial decisions and
an appropriate risk management system.

With our corporate governance system, we’re creating lasting value for our shareholders and customers while providing answers to the toughest questions of our time.

Management & Control Structure

As a German stock corporation with registered offices in Berlin and Munich, Siemens is subject to German corporate law. Consequently, the Company has a two-tier management and oversight structure consisting of a Managing Board and a Supervisory Board (two-tier board structure).

The Managing Board

The Managing Board, as the Company’s top management body, is committed to serving the interests of the Company and achieving sustainable growth in Company value.

The members of the Managing Board are jointly responsible for the entire management of the Company and decide on the basic issues of business policy and corporate strategy as well as on the annual and multi-year planning.

The Managing Board prepares the Company’s quarterly and half-yearly reports, the annual stand-alone financial statements of Siemens AG and the Consolidated Financial Statements of Siemens.

The Supervisory Board

The Supervisory Board oversees and advises the Managing Board in its management of the Company’s business. The German Codetermination Act (Mitbestimmungsgesetz) requires that the Company ’s shareholders and its employees each select one-half of the Supervisory Board’s members.

At regular intervals, it discusses business development, planning, strategy and implementation. It also discusses Siemens’ quarterly and half-yearly reports and approves the annual standalone financial statements of Siemens AG as well as the Consolidated Financial Statements of Siemens, taking into account both the audit reports issued by the independent auditors thereon and the results of the review conducted by the Audit Committee.

Shareholder relations

Four times a year, Siemens AG reports to its shareholders regarding its business development, financial position and earnings. An ordinary Annual Shareholders’ Meeting normally takes place within the first four months of each fiscal year.

Among other things, the Annual Shareholders’ Meeting decides on the appropriation of net income, ratification of the acts of the Managing and Supervisory Boards, and the appointment of the independent auditors. Amendments to the Articles of Association and measures which change the Company’s capital stock are approved exclusively at the Annual Shareholders’ Meeting and are implemented by the Managing Board.