Siemens 2013 Annual Report Download - page 147

155 C. Combined Management Report 253 D. Consolidated Financial Statements 357 E. Additional Information

The compensation shown on the previous page was deter-
mined for each of the members of the Supervisory Board for
fiscal  (individualized disclosure).
The current remuneration policies for the Supervisory Board
were authorized at the Annual Shareholders‘ Meeting held on
January , . Details are set out in Section  of the Articles
of Association of Siemens AG. The remuneration of the Super-
visory Board consists entirely of fixed compensation. The re-
muneration of the members of the Supervisory Board reflects
the responsibilities and scope of work of the Supervisory Board
members. The Chairman and Deputy Chairmen of the Super-
visory Board, as well as the Chairmen and members of the
Audit Committee and the Chairman‘s Committee, and – to a
lesser degree – the Compliance Committee and the Finance
and Investment Committee, receive additional compensation.
According to current rules, members of the Supervisory Board
receive an annual base compensation of €,; the
Chairman of the Supervisory Board receives a base compen-
sation of
€,, and each of the Deputy Chairmen receives
€,.
The members of the Supervisory Board committees receive the
following additional fixed compensation for their work on
those committees: the Chairman of the Audit Committee re-
ceives €,, and each of the other members receives
€,; the Chairman of the Chairman’s Committee receives
€,, and each of the other members receives €,;
the Chairman of the Finance and Investment Committee
receives €,, and each of the other members receives
€,; the Chairman of the Compliance Committee receives
€,, and each of the other members receives €,.
However, no additional compensation is paid for work on the
Compliance Committee if a member of that committee is al-
ready entitled to compensation for work on the Audit Commit-
tee. Plans call for a proposal to be made at the Annual Share-
holders’ Meeting in January  that as of October , , the
Chairman and members of the newly established Compen-
sation Committee will also receive additional compensation.
Based on this proposal, the Chairman of the Compensation
Committee will receive €,, and each of the other mem-
bers of the Committee will receive €,. If applicable, com-
pensation received for work on the Chairman‘s Committee will
be taken into account in determining compensation for work
on the Compensation Committee.
If a Supervisory Board member does not attend a meeting of
the Supervisory Board, one third of the aggregate compen-
sation due to that member is reduced by the percentage of
Supervisory Board meetings not attended by the member in
relation to the total number of Supervisory Board meetings
held during the fiscal year. In the event of changes in the com-
position of the Supervisory Board and/or its committees, com-
pensation is paid pro rata temporis, rounding up to the next
full month.
In addition, the members of the Supervisory Board are entitled
to receive a meeting attendance fee of €, for each meeting
of the Supervisory Board and its committees that they attend.
The members of the Supervisory Board are reimbursed for out-
of-pocket expenses incurred in connection with their duties
and for any value-added taxes to be paid on their remunera-
tion. For the performance of his duties, the Chairman of the
Supervisory Board is furthermore entitled to an office with sec-
retarial support and use of the Siemens carpool service.
No loans or advances from the Company are provided to mem-
bers of the Supervisory Board.
B.. Other
The Company provides a group insurance policy for board and
committee members and certain employees of the Siemens
organization that is taken out for one year and renewed annu-
ally. The insurance covers the personal liability of the insured
in the case of a financial loss associated with employment
functions. The insurance policy for fiscal  includes a de-
ductible for the members of the Managing Board and the
Supervisory Board in compliance with the requirements of
the German Stock Corporation Act and the German Corporate
Governance Code.