Corporate Governance Statement reporting and sustainability reporting. The Audit Com­ ­ Committee, at least one additional member with exper mittee also monitors the internal audit system and the tise in the area of auditing. Pursuant to the Code, the internal process for related party transactions. The Audit chair of the Audit Committee shall be an expert in at Committee receives regular reports from the internal au­ least one of these two areas and independent. The dit department. It prepares the Supervisory Board’s rec­ Chairman of the Audit Committee, Dr. Werner Brandt, ommendation to the Annual Shareholders’ Meeting con­ fulfills these requirements. cerning the election of the independent auditors and submits the corresponding proposal to the Supervisory In the course of his professional career, Matthias Zachert ­ has served as the chief financial officer of a variety of Board. Prior to submitting this proposal, the Audit Com mittee obtains a statement from the prospective indepen­ publicly listed companies and thus has specialist knowl­ dent auditors affirming that their independence is not in edge and experience in the application of accounting question. Based on the decision of the Annual Share­ principles and internal control and risk management holders’ Meeting, it awards the audit contract to the inde­ systems, including sustainability reporting. His activities pendent auditors and monitors the independent audit of as the chief financial officer of a publicly listed interna­ the financial statements as well as the auditors’ selection, tional company include engagement with non­financial independence, qualification, rotation and efficiency and aspects and the reporting thereon. As the current chief the services rendered by the auditors. The Audit Commit­ executive officer and former chief financial officer of tee assesses the quality of the audit of the financial state­ Lanxess AG, Matthias Zachert has extensive knowledge ments on a regular basis. Outside its meetings, the Super­ of the requirements for sustainability reporting and of visory Board is also in regular communication with the current developments in this area. Matthias Zachert independent auditors via the Chairman of the Audit Com­ follows and monitors current developments in sustain­ mittee. The Audit Committee regularly consults with the ability reporting and actively applies this expertise for independent auditors also without the Managing Board the benefit of the Supervisory Board and the Audit in attendance. Outside its meetings, the Chairman of the Committee of Siemens AG. Audit Committee is in regular communication with the independent auditors regarding the progress of the audit Due to his many years of work at a major auditing firm – and reports thereon to the Audit Committee. the former Price Waterhouse GmbH – and his many years of service as the chief financial officer of publicly listed As of September 30, 2023, the Audit Committee com­ international companies – Fresenius Medical Care AG prised Dr. Werner Brandt (Chairman), Tobias Bäumler, and, subsequently, SAP AG – Dr. Werner Brandt has Bettina Haller, Martina Merz, Hagen Reimer, Jim specialist knowledge and experience in the auditing of Hagemann Snabe, Birgit Steinborn and Matthias Zachert. financial statements. Due to his above­mentioned activ­ The members of the Audit Committee are, as a group, ities and his many years of experience as the chairman familiar with the sector in which the Company operates. of the supervisory board and audit committee of various Pursuant to the German Stock Corporation Act, the publicly listed international companies, he also has Supervisory Board must have at least one member with specialist knowledge and experience in the application expertise in the area of accounting and at least one of accounting principles and internal control and risk additional member with expertise in the auditing of management systems and thus has expertise in the financial statements. According to the Code, expertise in area of accounting. In addition, Dr. Werner Brandt is the area of accounting consists of specialist knowledge independent. As former chief financial officer of various and experience in the application of accounting prin­ companies and as the current chairman of the super­ ciples and internal control and risk management visory board of RWE AG and Chairman of the Audit systems, while expertise in the area of auditing consists Committee of Siemens AG, Dr. Werner Brandt also has of specialist knowledge and experience in the auditing extensive knowledge regarding sustainability reporting. of financial statements. Accounting and auditing also Dr. W erner Brandt follows current developments in include sustainability reporting and its audit and assur­ sustainability reporting and its audit and assurance and ance. In the person of Matthias Zachert, the Supervisory is an active participant in discussions of this topic in Board and the Audit Committee have at least one mem­ expert committees. He actively applies this expertise for ber with expertise in the area of accounting and in the the benefit of the Supervisory Board and the Audit person of Dr. Werner Brandt, the Chairman of the Audit Committee of Siemens AG. 7