Posted By Global Banking and Finance Review
Posted on February 13, 2025
ZURICH (Reuters) - Siemens' board lost its attempt on Thursday to allow the company to continue to hold virtual AGMs in future without the physical presence of investors.
Some 71% of shareholders approved the change to the company's rules, which would allow virtual AGMs to be held for the next two years, missing the 75% needed.
The move had been criticised by some shareholders, who said it prevented them showing their support or opposition to company's proposals or speaking with each other.
Chairman Jim Hagemann Snabe said he regretted the outcome, especially as most shareholders had voted for online AGMs, which Siemens has held since 2021, to continue.
Snabe was re-elected to the company's board for another two years, despite some shareholders raising concerns about his long stint at the top of the German technology and engineering company.
Deka Investments, which owns a 0.79% stake in Siemens and is the 11th biggest shareholder, said Snabe, who has been a member of the Siemens supervisory board since 2013 and chairman since 2018, could no longer be seen as independent because of his long spell in office.
Former Nestle and Fresenius CEO Mark Schneider was also elected to Siemens' supervisory board on Thursday. Siemens has previously mentioned Schneider as a potential successor to Snabe.
(Reporting by John Revill; Editing by Toby Chopra and Susan Fenton)