Corporate Governance Statement decide on corporate actions. The convening of a share­ powers of the Managing Board and the Supervisory holders’ meeting – even taking into account the short­ Board as well as the regulations regarding their operation ened time limits stipulated in the German Securities and composition are defined primarily by the German Acquisition and Takeover Act (Wertpapiererwerbs- und Stock Corporation Act, the Articles of Association of Übernahmegesetz, WpÜG) – is an organizational chal­ Siemens AG and the bylaws for the Company’s governing lenge for large publicly listed companies. It appears doubt­ bodies. The Articles of Association of Siemens AG, the ful whether the associated effort is justified also in cases Bylaws for the Managing Board, the Bylaws for the where no relevant decisions by the shareholders’ meeting Supervisory Board and the bylaws for the Supervisory are intended. Therefore, extraordinary shareholders’ Board’s most important committees are available on meetings shall be convened only in appropriate cases. the Siemens Global Website at WWW.SIEMENS.COM/ CORPORATE-GOVERNANCE. Further corporate governance practices applied beyond the applicable legal requirements are described in our Managing Board Business Conduct Guidelines, which are publicly available In fiscal 2023, the Managing Board of Siemens AG on the Siemens Global Website at WWW.SIEMENS.COM/ comprised Dr. Roland Busch (President and CEO), COMPLIANCE. Cedrik Neike, Matthias Rebellius, Prof. Dr. Ralf P. Thomas and Judith Wiese. Further information regarding the The Company’s values and Business Managing Board members and their memberships, which Conduct Guidelines are to be disclosed pursuant to Section 285 No. 10 of the In its more than 175 years of existence, our Company has German Commercial Code, are set out in Section 10 of this built an excellent reputation around the world. Technical Corporate Governance Statement. Information about the performance, innovation, quality, reliability and inter­ Managing Board members’ areas of responsibility and national engagement have made Siemens a leading their curricula vitae are available on the Siemens Global company in its areas of activity. It is top performance with Website at WWW.SIEMENS.COM/MANAGEMENT. the highest ethics that has made Siemens strong. This is what the Company will continue to stand for in the future. As Siemens’ top management body, the Managing Board is committed to serving the interests of the Company and The Business Conduct Guidelines provide the ethical and achieving sustainable growth in company value. The legal framework within which we want to conduct our members of the Managing Board are jointly responsible activities and remain on course for success. They contain for the entire management of the Company and decide on the basic principles and rules for our conduct within our basic issues of business policy and Company strategy, Company and in relation to our external partners and the including Siemens’ sustainability strategy as well as on general public. They set out how we meet our ethical and the Company’s annual and multi­year plans, unless legal responsibility as a Company and give expression to specific circumstances are taken into account for compa­ our Company values: “Responsible” – “Excellent” – “Inno­ nies that are separately managed and publicly listed vative.” Our Business Conduct Guidelines are publicly themselves (Siemens Healthineers). The Companywide available on the Siemens Global Website at WWW. DEGREE program, which was approved by the Managing SIEMENS.COM/COMPLIANCE. Board in fiscal 2021, intensified the focus of all Siemens businesses on ambitious sustainability targets – targets for environmental and social sustainability and good 4. Description of the operation governance – even further. The Managing Board ensures of the Managing Board and the that the risks and opportunities for the Company Supervisory Board and of the connected with social and environmental factors and composition and operation of the environmental and social impact of the Company’s their committees activities are systematically identified and assessed. The Company strategy gives due consideration to long­term targets as well as to environmental and social objectives. Siemens AG is subject to German corporate law. There­ Company planning encompasses both the appropriate fore, it has a two­tier board structure, consisting of a financial targets and the appropriate sustainability­related Managing Board and a Supervisory Board. The duties and objectives. More details on sustainability are available 3