Siemens Energy - AGM 1 Februray 2021
General: The AGM is to be held in the form of a virtual AGM in accordance with the German Law to Mitigate the Consequences of the COVID-19 Pandemic. The physical presence of shareholders or their authorised proxies is not possible. The voting rights may therefore be exercised solely by postal vote or by granting authority to the proxies designated by the Company.
Items 5a and 5e: We recommend to oppose the re-election of Dr. Christine Bortenlänger and Hildegard Müller to the Supervisory Board due to concerns over aggregate time commitments.
Item 6: We recommend to oppose the approval of the remuneration system for the Management Board members due to our concerns over the structure of remuneration that allows for payments potentially being made to Management Board members which exceed the thresholds acceptable by ECGS.
Item 7: We recommend to oppose the approval of the remuneration for the Supervisory Board members as we assess the absolute amount of remuneration granted as significantly exceeding market practice.
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