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Aktionaersforum, December 21, 2009 report

Aktionaersforum Siemens

Setting New Standards in Efficient Stakeholder Communication and Modern Corporate Governance

© Aktionaersforum AG


ID #21   Stephan Leininger 21 December 2009

On the occasion of the Annual General Meeting of Siemens AG in Munich on January 26, 2010, a new Internet platform is now being launched at in order to allow for an advance discussion of individual agenda points.

For investors interested in using the forum the agenda of the AGM contains two highly controversial points:

1.) The settlements with former members of the Managing Board due to possible neglect of duty in connection with the so-called corruption case. This also includes the settlement with the D&O insurer of the concerned individuals.

2.) A general vote on the remuneration system currently practiced by Siemens.

Especially regarding the first point we observe a clear interest by investors, as 10% of the share could prevent the settlement pursuant to section 93, paragraph 4 of German company law. The corporation would then be forced to initiate an action for damages against the involved board members, in order to obtain appropriate compensation for losses totaling 1.6 billion euros. It is therefore questionable whether it will be possible to convince 90% of the share that a settlement is of greater benefit to the company.

With the second point new ground is being tread in Germany. As one of the first corporations Siemens is making use of the German law on the appropriate remuneration of board members (in effect since August 5, 2009), according to which authorization for the system of remuneration can be voted on at the AGM. In this area we also see a great need for discussion. The Aktionaersforum would like to encourage an objective discussion in the run-up to the AGM.

We will release the results of the debate in advance and ensure that remaining questions become central topics at the AGM.

In order to better gage general views on these two points, we have started a survey at The debate will then be opened based on the results of the survey.

As a relevant shareholder, we would like to ask you to take a few minutes to participate in our survey.

Of course each participant will be informed on the results of the survey and can participate in the discussion at

The goal of the Aktionaersforum is to create a more professional dialogue between corporations and their shareholders and to strengthen shareholder democracy in Germany through innovative communication platforms. Especially in the case of critical shareholder meetings and complex structural measures the forum aims to contribute to keeping the debate factual and objective and act as a mediator in finding solutions. In particular the Aktionaersforum acts on the need expressed by both institutional investors and management to maintain an efficient, transparent, and legally adequate means of communication outside of shareholder meetings, thereby streamlining the debate in AGMs to a reasonable level.

We hope that you will support our goal to enable transparent communication between shareholders, as well as between shareholders and the company.



This special project addressing issues presented for voting by shareholders of Siemens AG is being conducted in cooperation with the Shareholder Forum's independently managed German affiliate, Aktionaersforum AG. Information about the issues, including company reports and investor views, can be found on the Aktionaersforum web site for Siemens. Inquiries about the project, requests to be included in Forum email distributions, and suggestions of issues that may be relevant to shareholder interests can be addressed to

It is the policy of Forum programs to be open to all shareholders of a subject company and to any fiduciaries or professionals concerned with their decisions, according to the Forumís stated "Conditions of Participation." In all cases, each participant is expected to make independent use of information obtained through the Forum, and participation is considered private unless the party specifically authorizes identification.

The information provided to Forum participants is intended for their private reference, and permission has not been granted for the republishing of any copyrighted material. The material presented on this web site is the responsibility of Gary Lutin, as chairman of the Shareholder Forum.