Corporate Governance Statement on the Siemens Global Website at WWW.SIEMENS.COM/ transactions in a particular Managing Board portfolio SUSTAINABILITYINFORMATION. that are considered to be extraordinarily important for the Com pany or associated with an extraordinary The Managing Board prepares the Company’s Quarterly economic risk require the prior consent of the full Statements and Half­year Financial Report, the Annual Managing Board. The same applies to activities and Financial Statements of Siemens AG, the Consolidated transactions for which the President and CEO or another Financial Statements of the Siemens Group and the member of the Managing Boar d demands a prior decision Combined Management Report of Siemens AG and the by the Managing Board. The President and CEO is respon­ Siemens Group. Together with the Supervisory Board, the sible for the coordination of all Managing Board port­ Managing Board prepares the Compensation Report. The folios. The Managing Board had no standing committee Managing Board has established an appropriate and in fiscal 2023. Further details are available in the Bylaws effective internal control system and risk management for the Managing Board on the Siemens Global Website system that also covers sustainability­related aspects. at WWW.SIEMENS.COM/ BYLAWS-MANAGINGBOARD. In addition, it ensures that the Company adheres to The Managing Board and the Supervisory Board cooper statutory requirements, official regulations and internal ­ Company policies and works to achieve compliance with ate closely for the benefit of the Company. The Managing these provisions and policies within the Siemens Group. Board informs the Supervisory Board regularly, compre­ The Managing Board has established a comprehensive hensively and without delay on all issues of importance compliance management system oriented toward to the entire Company with regard to strategy (including the Company’s risk situation. Protection is offered to the Company’s sustainability strategy), planning, business employees and third parties who provide information development, financial position, results of operations, ­ on unlawful behavior within the Company. Details on compliance and entrepreneurial risks. At regular inter the compliance management system are available on vals, the Managing Board also discusses the status of WWW.SIEMENS.COM/ strategy implementation with the Supervisory Board. the Siemens Global Website at SUSTAINABILITYINFORMATION. The members of the Managing Board are subject to a The Supervisory Board has issued Bylaws for the comprehensive prohibition on competitive activity for the Managing Board that contain the assignment of different period of their employment at Siemens AG. They are com­ portfolios and the rules for cooperation both within the mitted to serving the interest of the Company. When mak­ Managing Board and between the Managing Board and ing their decisions, they may not be guided by personal the Supervisory Board as well as rules for the so­called interests, nor may they exploit for their own advantage Equity Investments. In accordance with these Bylaws, the ­ business opportunities offered to the Company. Manag Managing Board is divided into the portfolio of the ing Board members may engage in secondary activities – President and CEO and a variety of Managing Board port­ in particular, hold supervisory board positions outside the folios. The Managing Board members responsible for the Siemens Group – only with the approval of the Chairman’s individual Managing Board portfolios are defined in a Committee of the Supervisory Board. The Supervisory business as signment plan that is determined by the Board is responsible for decisions regarding any adjust­ Supervisory Board. As the Managing Board member ments to Managing Board compensation that are neces­ with responsibility for the People & Organization port­ sary in order to take account of compensation for second­ folio, the Labor Director (Arbeitsdirektor) is appointed in ary activities. Every Managing Board member is under an accordance with the requirements of Section 33 of the obligation to disclose conflicts of interest without delay to German Codetermination Act (Mitbestimmungsgesetz, the Chairman of the Supervisory Board and to inform the MitbestG). When making recommendations for the first­ other members of the Managing Board thereof. time appointments of Managing Board members, it is to be taken into account that the terms of these appoint­ Further details regarding the operation and composition ments shall not, as a rule, exceed three years. of the Managing Board are provided in the Bylaws for the Managing Board, which are publicly available on As a rule, the portfolio assigned to an individual member the Siemens Global Website at WWW.SIEMENS.COM/ is that member’s own responsibility. Activities and BYLAWS-MANAGINGBOARD. 4