Corporate Governance Statement Details regarding the work of the Supervisory Board are The Compensation Committee prepares, in particular, provided in the Report of the Supervisory Board, which is the proposals for decisions by the Supervisory Board’s made publicly available for each previous fiscal year on plenary meetings regarding the system of Managing the Siemens Global Website. Board compensation, including the implementation of this system in Managing Board contracts, the definition SUPERVISORY BOARD COMMITTEES of the targets for variable Managing Board compensa­ In fiscal 2023, the Supervisory Board had six standing tion, the determination and review of the appropriate­ committees, whose duties, responsibilities and pro­ ness of the total compensation of the individual Manag­ cedures fulfill the requirements of the German Stock ing Board members and the annual Compensation Corporation Act and the Code. The chairmen of these Report. Insofar as the non­financial aspects of Managing committees provide the Supervisory Board with regular Board compensation are concerned, the Compensation reports on their committees’ activities. Committee also considers sustainability in the environ­ ment, social and governance (ESG) area. The Chairman’s Committee makes proposals, in particu­ lar, regarding the appointment and dismissal of Manag­ As of September 30, 2023, the Compensation Com­ ing Board members and is responsible for concluding, mittee comprised Matthias Zachert (Chairman), amending, extending and terminating employment con­ Harald Kern, Jürgen Kerner, Jim Hagemann Snabe, tracts with members of the Managing Board. When mak­ Birgit Steinborn and Grazia Vittadini. ing recommendations for first­time appointments, it takes into account that the terms of these appointments The Audit Committee oversees, in particular, the shall not, as a rule, exceed three years. In preparing rec­ accounting and the accounting process and conducts a ommendations regarding the appointment of Managing preliminary review of the Annual Financial Statements Board members, the Chairman’s Committee takes into of Siemens AG, the Consolidated Financial Statements of account the candidates’ professional qualifications, the Siemens Group and the Combined Management Re­ international e xperience and leadership qualities, the port of Siemens AG and the Siemens Group, including age limit specified for Managing Board members non­financial matters. On the basis of the independent and long­term succession planning as well as diversity. auditors’ report on their audit of the annual financial It also takes into account the diversity concept for the statements, the Audit Committee makes, after its prelim­ Managing Board that has been approved by the Super­ inary review, recommendations regarding Supervisory visory Board. The Chairman’s Committee concerns itself Board approval of the Annual Financial Statements of with questions regarding the Company’s corporate Siemens AG and the Consolidated Financial Statements governance and prepares the proposals to be approved of the Siemens Group. The Audit Committee discusses by the Supervisory Board regarding the Declaration of the quarterly statements and Half­year Financial Report Conformity with the Code – including the explanation of with the Managing Board and the independent auditors deviations from the Code – and regarding the Corporate and deals with the auditors’ reports on the review of the Governance Statement and the Report of the Super­ Half­year Consolidated Financial Statements and Interim visory Board to the Annual Shareholders’ Meeting. It is Group Management Report. The Audit Committee con­ responsible for approving the Company’s related party cerns itself with sustainability reporting, which includes transactions. Furthermore, the Chairman’s Committee the Sustainability Report in addition to reporting on submits recommendations to the Supervisory Board re­ non­financial matters in the Combined Management garding the composition of the Supervisory Board com­ Report. It also monitors the Company’s adherence to mittees and decides whether to approve contracts and statutory provisions, official regulations and internal business transactions with Managing Board members Company policies (compliance). The Chief Compliance and parties related to them. Officer reports regularly to the Audit Committee. The Audit Committee concerns itself with the Company’s risk As of September 30, 2023, the Chairman’s Commit­ monitoring system. It oversees the appropriateness and tee comprised Jim Hagemann Snabe (Chairman), effectiveness of the risk management system and of the Dr. Werner Brandt, Jürgen Kerner and Birgit Steinborn. internal control system with particular regard to financial 6