Siemens 2006 Annual Report Download - page 77

Report of the Supervisory Board 73
Dear Shareholders,
In fiscal 2006, the Supervisory Board focused intensively on the Company’s
situation and prospects as well as on a number of specific issues. The Man-
aging Board regularly provided us with timely and comprehensive informa-
tion. We were involved in major Company decisions and held six regular
and two extraordinary meetings during the year.
Between meetings, the Managing Board 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.
Company strategy and portfolio policies
In fiscal 2006, we considered in detail and – in cases requiring our consent due to the size of
the relevant transaction – approved acquisitions of some €5.6 billion.
Also during fiscal 2006, we discussed measures to further develop Siemens’ business port-
folio, primarily in the area of medical solutions and at the Communications and Siemens Business
Services Groups.
At our meeting on April 26, 2006, we approved the acquisition of Diagnostic Products Corpo-
ration (DPC). This acquisition will expand our current portfolio in the medical solutions sector
to include in-vitro diagnostics.
At a special Supervisory Board meeting on June 17, 2006, we approved the formation of a joint
venture between Siemens and Nokia in the fixed and mobile networks sectors.
This 50-50 joint venture, to be called Nokia Siemens Networks, is expected to be a leader in the
telecommunications industry, with strong positions in the key growth segments of infrastructure
and services for fixed and mobile networks.