Siemens 2011 Annual Report Download - page 109

153 D. Consolidated Financial Statements 273 E. Additional information
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At an extraordinary meeting on December , , we discussed the future of Siemens IT Solutions
and Services and approved the transfer of this business to Atos S.A. (AtoS).
At our meeting on January , , the Managing Board reported on the Company ’s business and
financial position following the conclusion of the first quarter. At this meeting, we also approved
increasing the stake in Siemens Limited (India) to %.
At an extraordinary meeting on March , , we considered the further development of the
Company ’s organization. We approved the preparation of a public listing for the OSRAM Division
as well as the establishment of the Infrastructure & Cities Sector and the resulting changes in the
assignment of Managing Board responsibilities and in the Bylaws for the Managing Board. We also
approved Wolfgang Dehen’s resignation from the Managing Board as of March , , prior to
the expiration of his appointment. In addition, we appointed Roland Busch, Klaus Helmrich and
Michael Süß to the Managing Board, effective April , . Roland Busch was appointed CEO of
the Infra structure &
Cities Sector; Michael Süß was appointed CEO of the Energy Sector; and Klaus
Helmrich was appointed
Head of the Corporate Technology Department.
At our meeting on May , , the Managing Board reported on the Company ’s business and finan-
cial position following the conclusion of the second quarter of fiscal . At this meeting, we also
discussed the setup of the new Infrastructure & Cities Sector, the Company ’s sustainability concept
and topics related to employee diversity. In addition, we approved the adjustment of one aspect of
the system of Managing Board compensation.
At our meeting on July , , we discussed the Company ’s business and financial position follow-
ing the conclusion of the third quarter. We approved a regulation regarding the age limit stipulated
in the sample employment contract for Managing Board members and governing the extension
of Managing Board appointments. We also approved a five-year extension of the appointment of
Peter Löscher as a full member of the Managing Board and as President and Chief Executive Officer
and a five-year extension of the appointments of Siegfried Russwurm and Peter Y. Solmssen as full
members of the Managing Board, effective April , . At this meeting, we also discussed the
decision of the arbitral tribunal in the proceedings between Areva S.A. and Siemens as well as the
economic development of the Company ’s Equity Investments segment. Finally, we commissioned
an independent external compensation consultant to review the appropriateness of Managing Board
compen sation for fiscal .
At our meeting on September , , the Managing Board provided us with an overview of the
current state of the Company. The Industry Sector also reported on the situation in its business.
In addition, we discussed the Company ’s business activities in the emerging countries and employee
diversity at the Company and received a report on supply chain management at Siemens. Finally, we
reviewed the efficiency of the Supervisory Board’s work.