For the business press
Munich, 2008-Jan-16
The Chairman’s Committee of the Supervisory Board and the Managing Board of Siemens AG jointly recommend postponing ratification of the acts of members of the Managing Board of Siemens AG in fiscal 2007 as well as of those members of the Supervisory Board who previously served on the Managing Board in the period since 1999. Affected former members of the Managing Board also support the proposal to postpone the ratification. President and CEO Peter Löscher is exempt from the ratification postponement. The new proposal of the Chairman’s Committee and the Managing Board will be presented to the Supervisory Board at an extraordinary meeting on January 21, 2008.
In the course of its independent investigation, the law firm Debevoise & Plimpton is continually gaining new information through the company’s amnesty program. The Siemens Managing Board and the Chairman’s Committee of the Supervisory Board therefore believe it is recommendable to propose at the Annual Shareholders’ Meeting the precautionary postponement of the ratification of the acts of members of the Managing Board in fiscal 2007. The law firm makes no comment on individual members of the Managing Board with the exception of Peter Löscher: Since the CEO was not yet employed by Siemens in the period under investigation, a postponement of his ratification is not considered.
On the basis of current information at Debevoise & Plimpton, there are no reservations about ratifying the acts of members of the Supervisory Board. However, members of the Supervisory Board who were members of the Managing Board in the period under investigation are an exception. According to the law firm, there is currently no new information that would stand in the way of a reelection of the three current Supervisory Board members Gerhard Cromme, Josef Ackermann and Lord Iain Vallance of Tummel.
A letter from Debevoise & Plimpton to Supervisory Board Chairman Gerhard Cromme is available at the Siemens Annual Shareholders’ Meeting website:
Wittelsbacherplatz 2
80333 Munich
Tel: +49 (89) 636-34134
Fax: +49 (89) 636-33844
Siemens AG (Berlin and Munich) is a global powerhouse in electronics and electrical engineering, operating in the industry, energy and healthcare sectors. The company has around 400,000 employees (in continuing operations) working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements. For over 160 years, Siemens has stood for technical achievements, innovation, quality, reliability and internationality. In fiscal 2007, Siemens had revenue of €72.4 billion and income from continuing operations of €3.9 billion (IFRS). Further information is available on the Internet at: www.siemens.com.
Reference Number: AXX200801.25 e
Wittelsbacherplatz 2
80333 Munich
Tel: +49 (89) 636-34134
Fax: +49 (89) 636-33844