Siemens 2005 Annual Report Download - page 65
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65
Report of the Supervisory Board
Dear Shareholders,
The Chairman of the Supervisory Board, Karl-Hermann Baumann, resigned from the
Board at the close of the Annual Shareholders’ Meeting of Siemens AG on January 27,
2005. The Board’s shareholder representatives thanked him for his many years of com-
mitment and for his successful efforts on behalf of the Company. They also approved
my membership on the Supervisory Board. I was elected Chairman of the Supervisory
Board at its ensuing meeting. I thanked the members for the confidence they had
placed in me. I assured them and I assure you, the shareholders of Siemens, that I will
bring all my experience to bear and do everything in my power to fulfill the duties of
my new position – to provide supervision and advice.
In fiscal 2005, the Supervisory Board focused intensively and at even shorter inter-
vals than before on the Company’s situation and prospects as well as on a number of
specific issues. The Managing Board provided us with timely and comprehensive infor-
mation on a regular basis. We were involved in major Company decisions. In addition
to five regular meetings in fiscal 2005, we held two extraordinary telephone confer-
ences and used a written voting process to make further decisions regarding changes
in our business portfolio. The Managing Board also informed us in writing about
important developments. As Chairman of the Supervisory Board, I was kept up-to-date
on major issues and upcoming management decisions.
Business portfolio optimization
Ever since its founding, Siemens has aimed to be a pacesetter in technological progress
and a world leader in the field of electrical engineering and electronics. In response to
the kind of fundamental changes which have always characterized our dynamic mar-
ket, our Company, too, has had to continuously develop and adapt to ever-new chal-
lenges. In the mid-1990s, we defined an active portfolio policy focused on attaining
leading positions in fields poised for long-term growth while divesting other, less-
promising activities. In short, we see Siemens as a living organism in which portfolio
optimization is always on the agenda. This view also shapes the work of the Super-
visory Board.