Report of the Supervisory Board The Innovation and Finance Committee met two times. regularly without the Managing Board and/or the inde- Both meetings were held in person. A decision was also pendent auditors in attendance. Outside its meetings, made using other customary means of communication. the Chairman of the Audit Committee regularly ex- The focus of the Committee’s work was on innovation- changed views with the independent auditors regarding and technology-related topics. The Committee discussed - the progress of the audit and reported to the Audit Com the Company’s progress, strategic priorities, technolo- mittee thereon. The Audit Committee recommended that gies and growth opportunities relating to the industrial the Supervisory Board propose to the Annual Sharehold- metaverse. In the strategic context, it concerned it self with ers’ Meeting that Ernst & Young GmbH Wirtschaftsprü- progress regarding Siemens Xcelerator, the Company’s fungsgesellschaft, Stuttgart, be elected independent open digital business platform. Detailed growth plans for auditors for fiscal 2023. It awarded the audit contract for the portfolio and new Siemens Xcelerator portfolio fiscal 2023 to the independent auditors, who had been elements were presented. Expanding the ecosystem and elected by the Annual Shareholders’ Meeting, defined increasing the relevance of the marketplace were also the audit’s focus areas and determined the auditors’ fee. focus topics. Under the heading “UX Transformation,” the The Audit Committee approved the audit plan and defined Managing Board reported on progress in user-centered the Audit Committee’s focus areas. It monitored the selec- product design. The Committee’s meetings and/or tion, independence, qualification, rotation and efficiency decisions also focused on the discussion of the pension of the independent auditors as well as the services they system and the preparation and approval of investment provided and concerned itself with the review of the qual- and divestment projects and/or financial measures. For ity of the audit of the financial statements. In fiscal 2023, example, the Innovation and Finance Committee en- against the backdrop of the Wirecard situation, the Audit dorsed the Managing Board’s decision regarding the Committee regularly discussed the role of Ernst & Young Siemens Industrial Campus Erlangen Project. GmbH Wirtschaftsprüfungsgesellschaft, Stuttgart, as the - independent auditors of Wirecard AG. The Audit Commit The Audit Committee held six regular meetings. All the tee questioned the independent auditors regarding this - matter and assessed the impact on Siemens AG. The Audit meetings were held in person. In the presence of the in dependent auditors, the President and Chief Executive Committee also dealt with the Company’s accounting and Officer, the Chief Financial Officer, the General Counsel, accounting process, the appropriateness and effective- the head of accounting, the head of corporate audit and ness of its internal control system and its risk manage- - ment system (including sustainability-related aspects), the head of the sustainability function, the Audit Com mittee dealt with the financial statements and the Com- and the effectiveness, resources and findings of its inter- bined Management Report for Siemens AG and the nal audit as well as with reports concerning potential and Siemens Group, including the non-financial information pending legal disputes. In addition, the Audit Committee integrated into the Combined Management Report. In concerned itself with the Company’s compliance with this connection, the Audit Committee also concerned it- legal requirements, official regulations and the Company’s self with the Sustainability Report, with the statements internal guidelines (compliance) and dealt, in particular, regarding the EU taxonomy in the Combined Manage- with the quarterly reports, the Chief Compliance Officer’s ment Report for Siemens AG and the Siemens Group and annual report and the compliance management system. with the related reports of the independent auditors. The For this topic, the Managing Board member responsible Committee discussed the Half-year Financial Report and for People & Organization also attended the Audit Com- the quarterly statements with the Managing Board and mittee meetings at the invitation of the Audit Committee the independent auditors. In the presence of the inde- Chairman. In this connection, the Audit Committee pendent auditors, it also discussed the report on the au- concerned itself with the implementation of the new ditors’ review of the Company’s Half-year Consolidated German Supply Chain Act (Lieferkettensorgfaltspflichten­ Financial Statements and of its Interim Group Manage- gesetz, LkSG). It also focused on the current and future ment Report. As part of the preparation and implemen- - regulatory requirements regarding sustainability report tation of the audit, the Audit Committee regularly ex- ing and its implementation, including, in particular, the changed views with the independent auditors without requirements of the EU taxonomy and the Corporate the Managing Board in attendance. In addition, it met Sustainability Reporting Directive (CSRD). Finally, the FISCAL 2023 6