Siemens 2011 Annual Report Download - page 114
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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
A.3 Letter to our shareholders
Dear shareholders,
“Business is based on trust,” said Carl Friedrich
von Siemens, the son of our founder. As head of the
Company in the 1930s, he guided Siemens through
one of the worst economic crises in modern times.
Some 80 years later, governments, economies and
societies worldwide are again facing major chal-
lenges. It’s especially in difficult times that trusted,
reliable partners prove their value. And we’ve been
that kind of partner for over 160 years now.