Siemens 2005 Annual Report Download - page 77

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77
Shareholder approval of equity compensation plans; stock repurchases – The NYSE
Standards generally require U.S. domestic companies to obtain shareholder approval of all equity
compensation plans (including stock option plans) and any material revisions to them. Similarly,
our adoption of stock option plans and any material revisions thereto require the approval by our
shareholders in so far as the issuance of shares and/or stock options under authorized or contin-
gent capital authorizations requires shareholder approval (which approval requires consideration
of the key elements of the applicable option plan or relevant modifications). The 2001 Siemens
Stock Option Plan was approved in 2001 by our shareholders. This approval expires after 5 years,
at which time it can be renewed. Similarly, under German law, share buy-backs generally require
the prior authorization by shareholders. Such approval was provided at our January 27, 2005
Annual Shareholders’ Meeting, and this matter will generally be voted upon annually.
Declaration of Conformity with the Codex
At their meetings on November 8 and 9, 2005, respectively, the Managing Board and the Super-
visory Board approved the following Declaration of Conformity pursuant to § 161 of the German
Stock Corporation Act:
Siemens AG fully complies with the recommendations of the German Corporate Governance
Code (Codex) in the version of June 2, 2005 and will also fully comply with them in the future.
Since the last Declaration of Conformity dated November 10, 2004, Siemens AG complied with the
Codex in the version of May 21, 2003 except in one respect (our D&O insurance included no
deductible). This exception is inapplicable since October 1, 2005.
Berlin and Munich, November 9, 2005
Siemens Aktiengesellschaft
Managing Board Supervisory Board
Declaration of Conformity
Group Presidents Business Areas Megatrends Report of the Supervisory Board Corporate Governance Report