Siemens 2011 Annual Report Download - page 110

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance
6 A. Report of the Supervisory Board
12 A. Managing Board of Siemens AG
14 A. Letter to our shareholders
20 A.4 The Siemens share / Investor relations

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 compensation 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 approved the issuance of a Decla ration of Confor-
mity pursuant to Section  of the German Stock Corporation Act (Aktiengesetz), stating that the
Company has complied with all the recommendations of the German Corporate Governance Code
since the issuance of the Declaration of Conformity of December , , that it now complies with
those recommendations and that it will continue to comply with them in the future, with the sole
exception that the current compensation rules for the Supervisory Board do not stipulate a perfor-
mance-related compensation component. This Declaration of Conformity has been made available
to shareholders on the Company ’s website.
Detailed discussion of the financial statements
Ernst & Young GmbH Wirtschaftsprüfungsgesellschaft audited the Annual Financial Statements of
Siemens AG, the Consolidated Financial Statements of Siemens worldwide and the combined man-
agement’s discussion and analysis for Siemens AG and Siemens worldwide for the fiscal year ended
September ,  in accordance with the requirements of the German Commercial Code (HGB) and
approved them without reservation. The Annual Financial Statements of Siemens AG and the com-
bined management’s discussion and analysis for Siemens AG and Siemens worldwide were prepared
in accordance with the requirements of German commercial law. The Consolidated Financial State-
ments of Siemens worldwide were prepared in accordance with the International Financial Reporting
Standards (IFRS) as these are to be applied in the European Union (EU) and with the requirements of
German commercial law pursuant to Section a, paragraph  of the HGB. The audit conducted by
the independent auditors complied with the generally accepted German standards for the audit of
financial statements promulgated by the Institut der Wirtschaftsprüfer (IDW) and with the Interna-
tional 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 distributed
to all members of the Supervisory Board and comprehensively reviewed at our meeting on November
,  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 Compa-
ny ’s internal audit or risk management systems. At this meeting, the Managing Board explained the
financial statements of Siemens AG and Siemens worldwide as well as the Company ’s risk manage-
ment system. The independent auditors also discussed the scope, focal points and costs of the audit.