Siemens 2015 Annual Report Download - page 52

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Combined Management Report

Shares from the Share Matching Plan
Fiscal  was the last year in which Managing Board members
were entitled to participate in the Siemens Share Matching
Plan. Under the plan, they were entitled to invest up to  % of
the annual gross amount of their variable cash compensation,
as determined for fiscal , in Siemens shares. After the expi-
ration of a vesting period of approximately three years, plan
participants are entitled to receive one free matching share of
Siemens stock for every three Siemens shares acquired and
continuously held under the plan, provided the participants
were employed without interruption at Siemens AG or a
Siemens company until the end of the vesting period. At the
beginning of fiscal , the following members of the Manag-
ing Board had entitlements to matching shares, which they ac-
quired before joining the Managing Board: Dr. Ralf P. Thomas,
, shares. In fiscal  the following entitlements to match-
ing shares were acquired: Janina Kugel,  shares. In fiscal 
the following entitlements to matching shares were due: ,
shares, Dr. Ralf P. Thomas. During fiscal , no entitlements
to matching shares were forfeited. Entitlements to matching
shares at the end of fiscal  show the following balance:
Janina Kugel,  shares and Dr. Ralf P. Thomas,  shares. These
entitlements have the following fair values: Janina Kugel, € 
(: € ) and Dr. Ralf P. Thomas, € , (: € ,).
Share Ownership Guidelines
The deadlines by which the individual Managing Board mem-
bers must provide first-time proof of compliance with the
Siemens Share Ownership Guidelines vary from member to
member, depending on when he or she was appointed to the
Managing Board. The following table shows the number of
Siemens shares that were held by Managing Board members in
office at September , , as of the March  deadline for
proving compliance with the Share Ownership Guidelines as
well as the number that are to be held permanently with a view
to future deadlines.
Obligations under Share Ownership Guidelines
Required Proven
Percentage
of base
compensation
Value
Number of
shares
Percentage
of base
compensation
Value
Number of
shares
(Amounts in number of units or €)
Managing Board members serving
as of September , , and required
to show proof as of March , 
Joe Kaeser 300% 3,874,688 43,062 732% 9,451,589 105,041
Prof. Dr. Siegfried Russwurm 200% 1,905,950 21,182 801% 7,629,314 84,789
Total 5,780,638 64,244 17,080,903 189,830
1 The amount of the obligation is based on the average
base compensation for the four years prior to the respec-
tive dates of proof.
2 Based on the average Xetra opening price of €89.98 for
the fourth quarter of 2014 (October – December).
3 As of March 13, 2015 (date of proof), including
Bonus Awards.