Siemens 2009 Annual Report Download - page 96

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 Reports Supervisory Board /
Managing Board  Corporate Governance  Management’s discussion and analysis  Consolidated Financial Statements
 Report of the Supervisory Board  Letter to our Shareholders
worldwide, the proposal for the appropriation of net income and the Annual Report on Form -F
for the U.S. Securities and Exchange Commission (SEC). In addition, the Audit Committee made
a recommendation to the Supervisory Board for the Supervisory Board’s proposal to the Annual
Shareholders’ Meeting concerning the election of the independent auditors.
The Audit Committee gave in-depth consideration to the appointment of the independent
auditors for fiscal  and the transition to the new auditors, Ernst & Young GmbH Wirtschafts-
prüfungsgesellschaft, Stuttgart (formerly Ernst & Young AG Wirtschaftsprüfungsgesellschaft
Steuerberatungsgesellschaft). The Committee will continue to be responsible for monitoring the
auditors’ independence and qualifications as well as the additional services they perform, deter-
mining their fee and examining the Company ’s quarterly reports and the half-year financial
report. The Audit Committee also dealt with the Company’s financial reporting process and risk
management system and with the effectiveness, resources and findings of the internal financial
audit as well as with reports concerning potential and pending legal disputes. In addition, the
Audit Committee focused on Company compliance with the provisions of Section  of the
Sarbanes-Oxley Act (SOA) and on the internal audit of the effectiveness of the anti-corruption
compliance program. Furthermore, separate meetings were held with the independent auditors
and the head of the Company’s internal audit.
The Compliance Committee met six times in fiscal . At its meetings, the Committee dis-
cussed the quarterly reports submitted by the Chief Compliance Officer as well as the claims
for damages against former members of the Managing Board.
Topics at the plenary meetings of the Supervisory Board
Regular topics of discussion at the Supervisory Board’s plenary meetings were revenue, profit and
employment development at Siemens AG, at Siemens’ Sectors and at Siemens worldwide as well
as the Company ’s financial situation and its major investment and divestment projects. The
Managing Board reported regularly and comprehensively on Company planning and the strategic
development, business operations and current state of the Company. The Supervisory Board was
regularly informed about the development and effects of the economic crisis.
At our meeting on November , , we discussed the key financial figures for fiscal  and
approved the budget for fiscal . In addition, we discussed the provision of approximately
€ billion made in the  Annual Financial Statements related to the settlement being sought
with authorities in Germany and the U.S. At this meeting, we also appointed Barbara Kux to the
Managing Board of Siemens AG. She was assigned responsibility for supply chain management
in the Company and named Chief Sustainability Officer. In this connection, the assignment of
responsibilities within the Managing Board was reorganized.
At our meeting on November , , we primarily discussed the financial statements and
MD&A for Siemens AG and Siemens worldwide as of September ,  as well as the agenda
for the Annual Shareholders’ Meeting on January , . We also discussed the Annual Report
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