Siemens Energy concludes Annual General Meeting, all agenda items approved

February 26, 2024

At today's virtual Annual Shareholders' Meeting of Siemens Energy AG, the shareholders approved all items on the agenda by a large majority. At its peak, 2,683 people followed the webcast of the Annual Shareholders' Meeting, with 60.57 per cent of the voting shares represented. For the first time, the entire Annual General Meeting was also broadcast on the Internet for non-shareholders. The Executive Board and the Chairman of the Supervisory Board, Joe Kaeser, answered a total of 198 questions from shareholders.

A total of 97.73 per cent of the capital present formally discharged CEO Christian Bruch for the past financial year 2023, which concluded with a net loss of EUR 4.6 billion. The discharge rate for Supervisory Board chairman Joe Kaeser was 96.97 per cent. 

Joe Kaeser, Chairman of the Supervisory Board and Chairman of the Annual Shareholders' Meeting: "The 2024 Annual Shareholders' Meeting marked the end of a turbulent fiscal year. Siemens Energy’s encouraging successes were overshadowed by the material losses in the wind business. This was also clearly expressed in the dialogue with shareholders. The overall high approval rates for the individual items on the agenda are both a vote of confidence and a commitment that the Siemens Energy team will successfully shape the future of the company."

The appointment of two new members for the Supervisory Board was also approved: the experienced Supervisory Board member Simone Menne received 96.56 per cent of the votes. Prof. Dr Veronika Grimm, who will take over the Chair of Energy Systems and Market Design at Nuremberg Institute of Technology on 1 March 2024, was elected to the Supervisory Board with 76.43 per cent. The result was influenced by the fact that a single shareholder had voted against the appeal. Without this vote, the approval rate would have been 99.57 per cent.

In the run-up to the Annual General Meeting, there had been discussions about a potential conflict of interest, as Veronika Grimm is also a member of the German Council of Economic Experts (Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung). Renowned governance experts such as Prof. Christian Strenger are in favour of Veronika Grimm's choice and see no problem in the dual role.

Voting results, discharge of the Executive Board:

Maria Ferraro: 98.15%

Karim Amin: 98.16%

Tim Oliver Holt: 98.15%

Anne-Laure de Chammard: 98.17%

Vinod Philip: 98.16%

All other voting results are listed on the Siemens Energy website.

Contact for journalists

Oliver Sachgau

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Siemens Energy concludes Annual General Meeting, all agenda items approved
February 26, 2024
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Siemens Energy is one of the world’s leading energy technology companies. The company works with its customers and partners on energy systems for the future, thus supporting the transition to a more sustainable world. With its portfolio of products, solutions and services, Siemens Energy covers almost the entire energy value chain – from power and heat generation and transmission to storage. The portfolio includes conventional and renewable energy technology, such as gas and steam turbines, hybrid power plants operated with hydrogen, and power generators and transformers. Its wind power subsidiary Siemens Gamesa makes Siemens Energy a global market leader for renewable energies. An estimated one-sixth of the electricity generated worldwide is based on technologies from Siemens Energy. Siemens Energy employs around 97,000 people worldwide in more than 90 countries and generated revenue of €31 billion in fiscal year 2023.