Siemens 2010 Annual Report Download - page 76

6 To our shareholders 21 Corporate Governance 49 Combined management’s discussion and analysis
6 Report of the Supervisory Board
12 Letter to our shareholders
18 Siemens share / Investor relations
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Corporate Governance Code
The Supervisory Board concerned itself with the provisions of the German Corporate Governance
Code. 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 pro-
vided on pages - and - of Part II of this Annual Report. At their meetings on September 
and , , the Managing and Supervisory Boards decided to issue an unconditional Declaration of
Conformity pursuant to Section  of the German Stock Corporation Act (Aktiengesetz) and to make
it available to shareholders on the Company’s website.
Detailed discussion of the financial statements
Our independent auditors – Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft – audited the
Annual Financial Statements of Siemens AG, the Consolidated Financial Statements of Siemens
worldwide and the “Combined management’s discussion and analysis” of Siemens AG and Siemens
worldwide for the year ended September ,  in accordance with the requirements of the German
Commercial Code (HGB) and approved them without qualification. The Annual Financial Statements
of Siemens AG, the Consolidated Financial Statements of Siemens worldwide and the “Combined
management’s discussion and analysis” of Siemens AG and Siemens worldwide were prepared in
accordance with Section a of the HGB, using International Financial Reporting Standards (IFRS) as
these are to be applied in the European Union and / or in accordance with HGB requirements. The
audit conducted by the independent auditors complied with generally accepted German standards
for the audit of financial 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 at
its meetings on November  and , .
The audit reports prepared by Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft were presented
to all members of the Supervisory Board. We reviewed these reports comprehensively at our meeting
on December ,  in the presence of the independent auditors, who reported on the main findings
of their audit. The independent auditors also reported that there were no major weaknesses in the
Company’s internal audit or risk management systems. At this meeting, the Managing Board
explained the Annual and Consolidated Financial Statements as well as the Company’s risk manage-
ment system. The independent auditors also discussed the scope, focal points and costs of the audit.
We concur with the results of the audit. Following the definitive findings of the examination by the
Audit Committee and our own examination, we have raised no objections. In view of our approval,
the financial statements prepared by the Managing Board are accepted as submitted. We endorse
the Managing Board’s proposal that the net income available for distribution be used to pay out a
dividend of €. per share entitled to a dividend and that the amount attributable to shares of stock
of Siemens AG held in treasury by the Company as of the date, as well as attributable to treasury stock
retired by the date, of the Annual Shareholders’ Meeting be carried forward.