Siemens 2014 Annual Report Download - page 122

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At our meeting on November , , we discussed the Company’s key financial
figures for fiscal  and approved the budget for . In addition, we adjusted
the composition of the Supervisory Board committees and the assignment of
responsibilities in the Managing Board. On the basis of reported target achievement,
we also defined the compensation of the Managing Board members for fiscal .
The appropriateness of this compensation was confirmed by an internal review. On
the recommendation of the Compensation Committee, we amended the Managing
Board contracts in order to bring them into line with the new recommendations
of the German Corporate Governance Code – in particular, with the Code’s recom-
mendation that compensation amounts be capped. At this meeting, the amount
of Managing Board compensation was also reviewed and adjusted. On January ,
, the Annual Shareholders’ Meeting approved by a majority of over  %
the remuneration system for the Managing Board members for fiscal . At our
meeting on November , , we also approved the sale of major businesses at
the Water Technologies Business Unit and our share buyback program. The Manag-
ing Board reported to us on the current status of acquisitions and divestments
and on sustainability at Siemens.
At our meeting on November , , we discussed the financial statements and
the Combined Management Report for Siemens AG and the Siemens Group as of
September , , as well as the agenda for the Annual Shareholders’ Meeting on
January , , and the Annual Report for , including the Report of the Super-
visory Board and the Corporate Governance Report. At this meeting, we approved
the termination by mutual consent of Peter Y. Solmssen’s appointment as a full
member of the Managing Board, effective December , , as well as the termina-
tion agreement regarding his Managing Board employment contract. Responsibility
for Legal & Compliance was transferred to Joe Kaeser. On the recommendation of
the Compensation Committee, we approved the targets for Managing Board com-
pensation for fiscal . The Infrastructure & Cities Sector provided us with a
status report on its current business situation. The Managing Board also reported
to us on Operational Excellence at Siemens.
At our meeting on January , , the Managing Board reported to us on the Com-
pany’s business and financial position following the conclusion of the first quarter.
We also discussed the Annual Shareholders’ Meeting to be held on January , .
At extraordinary meetings on April , , and June , , we dealt with the
submission of a bid to Alstom. Even though our offer was not accepted, it demon-
strated the Managing Board’s and Supervisory Board’s capacity to act and showed
that our Company can respond quickly and decisively to changes in its competitive
environment.
At our meeting on May , , we discussed Vision  and the related reorien-
tation of the Company’s organization structure. In this connection, we approved
a reassignment of responsibilities in the Managing Board. We approved the
termination by mutual consent of Dr. Michael Süß’s appointment as a member of
the Managing Board as well as the termination agreement regarding his Managing