Siemens 2007 Annual Report Download - page 10

10 Report of the Supervisory Board
Compliance with corporate governance standards
The Supervisory Board continuously monitored the further development of the Company’s corporate
governance standards. Information on corporate governance at the Company and a detailed report on
the level and structure of the remuneration paid to the members of the Supervisory and Managing
Boards is provided on pages 92 ff. and 103 ff. of this Annual Report. At their meetings on November
23 and 28, the Managing and Supervisory Boards issued an unconditional Declaration of Conformity
pursuant to § 161 of the German Stock Corporation Act (Aktiengesetz) and made it available to share-
holders on the Company’s website. Siemens AG complies with all the recommendations of the current
version of the German Corporate Governance Code and will continue to comply with these recom-
mendations in the future.
Detailed discussion of the fi nancial statements
Our independent auditors, KPMG Deutsche Treuhand-Gesellschaft AG Wirtschaftsprüfungsgesellschaft
(KPMG), Berlin, audited the Annual Financial Statements of Siemens AG and the related MD&A as well
as the Consolidated Financial Statements and consolidated MD&A for the year ended September 30,
2007, in accordance with the requirements of the German Commercial Code (HGB) and approved
them without qualifi cation. The Consolidated Financial Statements and the consolidated MD&A were
prepared in accordance with § 315a of the HGB using the international accounting standards IFRS,
as required in the European Union. KPMG’s audit was conducted in accordance with generally
accepted German standards for the audit of fi nancial statements promulgated by the Institut der
Wirtschaftsprüfer in Deutschland e.V. (IDW) and the International Standards on Auditing (ISA).
The above-mentioned documents as well as the Managing Board’s proposal for the appropriation of
net income were submitted to us by the Managing Board in a timely manner. The Audit Committee
discussed these documents in detail on November 27, 2007. The KPMG audit reports were presented
to all members of the Supervisory Board, and we reviewed them comprehensively at our meeting on
November 28, 2007, in the presence of the independent auditors, who reported on the main fi ndings
of their audit. At this meeting, the Managing Board explained the Annual and Consolidated Financial
Statements as well as the Company’s risk management system. It also provided a report on the scope,
focal points and costs of the audit.
As a result of the defi nitive fi ndings of the examination by the Audit Committee and the full Super-
visory Board, we raised no objections. In view of our approval, the fi nancial statements are accepted
as submitted. We endorse the Managing Board’s proposal that the net income available for distribu-
tion be used to pay out a dividend of €1.60 per share entitled to a dividend. In addition, we approve
the proposal that the amount attributable to treasury stock be carried forward.
Changes in the composition of the Supervisory and Managing Boards
At the conclusion of the Annual Shareholders’ Meeting on January 25, 2007, Wolfgang Müller left
the Supervisory Board. Dieter Scheitor was appointed by court resolution to replace him. Effective
April 1, 2007, Bettina Haller, previously a substitute member of the Supervisory Board, succeeded
Georg Nassauer as a member of the Supervisory Board. The Supervisory Board would like to thank
Mr. Müller and Mr. Nassauer for their constructive and informed contributions and many years of
loyal support.