Siemens 2011 Annual Report Download - page 374

6 A. To our shareholders 51 C. Combined management’s discussion and analysis 23 B. Corporate Governance
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Munich, November , 
Siemens Aktiengesellschaft
The Managing Board
Peter Löscher Dr. Roland Busch Brigitte Ederer
Klaus Helmrich Joe Kaeser Barbara Kux
Prof. Dr. Hermann Requardt Prof. Dr. Siegfried Russwurm Peter Y. Solmssen
Dr. Michael Süß
The Managing Board of Siemens Aktiengesellschaft is respon-
sible for preparing the Consolidated Financial Statements and
the group management report. The Consolidated Financial
Statements have been prepared in accordance with accepted
accounting principles and complemented by internationally
customary additional information. The group management
report is consistent with the Consolidated Financial State-
ments and is combined with the management report of
Siemens Aktiengesellschaft.
Siemens employs extensive internal controls, company-wide
uniform reporting guidelines and additional measures, includ-
ing employee training and continuing education, with the in-
tention that its financial reporting is conducted in accordance
with accepted accounting principles. Members of the man-
agement of the Sectors, Divisions, Financial Services, Cross-
Sector Services, Regional Clusters and certain Corporate Units,
supported by certifications of management of entities under
their responsibility have confirmed to us the correctness of
the financial data they have reported to Siemens’ corporate
headquarters and the effectiveness of the related control sys-
tems. Compliance with the guidelines as well as the reliability
and effectiveness of the control systems are continuously ex-
amined by Internal Corporate Audit throughout the Siemens
Group. Our risk management system complies with the re-
quirements of the German Corporation Act (AktG). Our risk
management system is designed to enable the Managing
Board to recognize potential risks early on and initiate timely
countermeasures.
In accordance with the resolution adopted at the Annual
Shareholders’ Meeting, Ernst & Young GmbH Wirtschaftsprü-
fungsgesellschaft has audited the Consolidated Financial
Statements and group management report, and issued an un-
qualified opinion. Together with the independent auditors,
the Supervisory Board has thoroughly examined the Consoli-
dated Financial Statements, the group management report,
and the Independent Auditors’ Report. The result of this ex-
amination is included in the Report of the Supervisory Board
(pages  - of the financial section of this Annual Report).
The Managing Board
To the best of our knowledge, and in accordance with the ap-
plicable reporting principles, the Consolidated Financial State-
ments give a true and fair view of the assets, liabilities, finan-
cial position and profit or loss of the Group, and the group
management report, which has been combined with the
management report for Siemens Aktiengesellschaft, includes
a fair review of the development and performance of the busi-
ness and the position of the Group, together with a descrip-
tion of the material opportunities and risks associated with
the expected development of the Group.
E. Responsibility statement
E. Statement of the Managing Board