Siemens 2014 Annual Report Download - page 164

108 A. To our Shareholders 131 B. Corporate Governance
132 B. Corporate Governance Report
136 B. Corporate Governance statement pursuant to
Section a of the German Commercial Code
(part of the Combined Management Report)
138 B. Compliance Report
(part of the Combined Management Report)
144 B. Compensation Report
(part of the Combined Management Report)
165 B. Takeover-relevant information (pursuant to
Sections  para.  and  para.  of the
German Commercial Code) and explanatory report
(part of the Combined Management Report)

The compensation shown on the previous page was deter-
mined for each of the members of the Supervisory Board for
fi scal  (individualized disclosure).
The current remuneration policies for the Supervisory Board
were authorized at the Annual Shareholders’ Meeting held on
January , , and are effective as of fi scal . Details
are set out in Section  of the Articles of Association of
Siemens AG. The remuneration of the Supervisory Board con-
sists entirely of fi xed compensation; it refl ects the responsibili-
ties and scope of the work of the Supervisory Board members.
The Chairman and Deputy Chairmen of the Supervisory Board
as well as the Chairmen and members of the Audit Committee,
the Chairman’s Committee, the Compensation Committee, the
Compliance Committee and the Innovation and Finance Com-
mittee receive additional compensation.
According to current rules, members of the Supervisory Board
receive an annual base compensation of € ,; the Chair-
man of the Supervisory Board receives a base compensation of
€ ,, and each of the Deputy Chairmen receives € ,.
The members of the Supervisory Board committees receive the
following additional fi xed compensation for their work on these
committees: the Chairman of the Audit Committee receives
€ ,, and each of the other members of that Committee
receives € ,; the Chairman of the Chairman’s Committee
receives € ,, and each of the other members of that Com-
mittee receives € ,; the Chairman of the Compensation
Committee receives € ,, and each of the other members
of that Committee receives € , (compensation for any
work on the Chairman’s Committee counts toward compensa-
tion for work on the Compensation Committee); the Chairman
of the Innovation and Finance Committee receives € ,,
and each of the other members of that Committee receives
€ ,; the Chairman of the Compliance Committee receives
€ ,, and each of the other members of that Committee
receives € ,. However, no additional compensation is paid
for work on the Compliance Committee if a member of that
Committee is already entitled to compensation for work on the
Audit Committee.
If a Supervisory Board member does not attend a meeting of
the Supervisory Board, one-third of the aggregate compensa-
tion due to that member is reduced by the percentage of Super-
visory Board meetings not attended by the member in relation
to the total number of Supervisory Board meetings held during
the fi scal year. In the event of changes in the composition of
the Supervisory Board and / or its committees, compensation 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 remuneration.
For the performance of his duties, the Chairman of the Super-
visory Board is also entitled to an offi ce with secretarial support
and the use of a 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 fi nancial loss associated with employment func-
tions. The insurance policy for fi scal  includes a deductible
for the members of the Managing Board and the Super visory
Board in compliance with the requirements of the German
Stock Corporation Act and the Code.