Siemens 2010 Annual Report Download - page 75

261 Additional information 147 Consolidated Financial Statements
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insurance consortium in question, did not participate in the discussion or voting. The Supervisory
Board also decided to initiate legal proceedings against former Managing Board members Thomas
Ganswindt and Heinz-Joachim Neubürger in order to recover damages arising from incidents of
corruption at Siemens.
At our meeting on January , , the Managing Board reported on the Company’s business and
financial position at the end of the first quarter of fiscal . We also discussed the new framework
for Managing Board compensation and established the targets for Managing Board compensation
in fiscal .
At our meeting on April , , the Managing Board reported on the Company’s business and finan-
cial position at the end of the second quarter of fiscal . We decided to extend the Managing Board
appointments of Joe Kaeser and Hermann Requardt for an additional five years, effective April , .
We also discussed the economic position and reorganization of the Healthcare Sector, whose sales
and service business is to be bundled in a new unit. In addition, we examined the Company’s Supply
Chain Management Initiative and discussed the further development of the system of Managing
Board compensation.
At an extraordinary meeting on June , , we approved Heinrich Hiesinger’s resignation from
the Managing Board on September , , prior to the expiration of his appointment. Taking into
account an external expert opinion, we considered the legal aspects of Heinrich Hiesinger’s move
to ThyssenKrupp and concluded that no conflicts of interest precluded the approval of his resignation
prior to the expiration of his appointment. We also appointed Brigitte Ederer a member of the
Managing Board, Labor Director and head of Corporate Human Resources, effective July , .
Siegfried Russwurm was appointed CEO of the Industry Sector, effective July , .
At the Supervisory Board meeting on July , , we discussed the Company’s business and finan-
cial position at the end of the third quarter of fiscal . We also approved adjustments in the
system of Managing Board compensation and corresponding changes in the sample employment
contract for Managing Board members. In addition, we approved the updated Code of Ethics for
Financial Matters and adjusted the assignment of responsibilities within the Managing Board.
At our meeting on September , , the Managing Board provided us with an overview of the
state of the company. At this meeting, the Energy Sector reported on the situation in its business.
Due to new provisions of the German Corporate Governance Code, we also amended the Bylaws for
the Supervisory Board, the Chairman’s Committee and the Managing Board and approved concrete
goals for the Supervisory Board’s future composition. These goals are described in the “Corporate
Governance report,” which appears on pages - of Part II of this Annual Report. Finally, we com-
missioned an independent external compensation consultant to review the appropriateness of
Managing Board compensation for fiscal .