Siemens 2014 Annual Report Download - page 123

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Board employment contract. Lisa Davis was appointed a full member of the Managing
Board, effective August , . We also approved the exchange of Managing Board
responsibilities between Klaus Helmrich and Prof. Dr. Siegfried Russwurm, effective
October ,  – in particular, the transfer of the function of Labor Director. In
addi tion, we discussed the Company’s business and financial position following
the conclusion of the second quarter. At this meeting, we approved the acquisition
of Rolls-Royce’s aero-derivative gas turbine and compressor business and the
contribution of key parts of our Metals Technologies Business Unit to a joint venture
with the Japanese company Mitsubishi-Hitachi Metals Machinery, Inc.
At our meeting on July , , the Managing Board reported on the Company’s
business and financial position following the conclusion of the third quarter as well
as on the status of the implementation of Vision . On the recommendation of
the Supervisory Board’s Compliance Committee, we approved the settlement agree-
ment with former Managing Board member Heinz-Joachim Neubürger and decided
to submit the agreement to the Annual Shareholders’ Meeting for approval. We also
dealt with the planned sale of our Health Services Business Unit to Cerner Corpora-
tion of the U.S. Following the conclusion of negotiations with Cerner, we approved
the transaction on August , . Jim Hagemann Snabe did not take part in these
discussions and, as a precaution, abstained from voting on the proposal in order to
preclude any appearance of a conflict of interest.
The Supervisory Board has reviewed the efficiency of its activities with the help of
an external consultant. The results of this review were presented and discussed at
our meeting on July , . The review confirmed that the members of the Super-
visory Board were independent and highly competent. The wish was expressed that
this situation continue to be ensured in the future. Cooperation within the Super-
visory Board was assessed as open and constructive. The Innovation and Finance
Committee had been previously repositioned to better meet the Company’s future
technological challenges. This committee will, among other things, consider
strategically important technological issues in order to further strengthen tech no l-
ogy and innovation. As suggested by the efficiency review, reporting to the full
Super visory Board on technology, innovation and risk management will also be
intensified.
At our extraordinary meeting on September , , we approved the Managing
Board’s decisions to acquire the Dresser-Rand Group, which is listed on the
New York Stock Exchange, and to sell our  % stake in BSH Bosch und Siemens
Hausgeräte GmbH (BSH) to co-owner Robert Bosch GmbH.
At our meeting on September , , the Managing Board reported to us on the
state of the Company shortly before the end of fiscal . On the recommendation
of the Compensation Committee, we adjusted and simplified the Managing Board
remuneration system, effective the beginning of fiscal . We also reviewed and
adjusted the amount of Managing Board compensation. A detailed explanation
of the new remuneration system is available in chapter B. COMPENSATION REPORT
on pages  -  of this Annual Report.
B.
SEE PAGES
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