723610 Siemens AG

Etude de l'AG du 31/01/2018

Item 6c: We recommend to oppose the election of Benoît Potier to the Supervisory Board until the AGM 2023 due to concerns over aggregate time commitments.
General: In September 2017, Siemens and Alstom S.A. signed a memorandum of understanding to combine the companies' rail businesses in a 'merger of equals'. According to the memorandum, Siemens will receive newly issued shares in the combined company ('Siemens Alstom') representing 50% of the share capital assuming full dilution through exercise of all potentially dilutive securities and share-based payment plans. Furthermore, Siemens will receive warrants allowing it to acquire additional shares representing 2% of the share capital, which can be exercised earliest four years after closing of the transaction. The transaction will be subject to the approval of Alstom's shareholders, anticipated in the second quarter of 2018. The cloasing of the transaction is expected at the end of 2018, following clearance from relevant antitrust and regulatory authorities.
In November 2017, Siemens announced that it plans to publicly list a minority stake in its separately managed business segment Siemens Healthineers on the Prime Standard segment of the Frankfurt Stock Exchange during the first half of 2018. At the time of preparation of this report, further information have however yet to be disclosed. In financial year 2016/2017, Healthineers generated EUR 13.79bn in revenues (16.60% of total revenues), its income representing 29.98% of total consolidated income from continuing operations before taxes, and its profit margin being among the highest in the Company at 18.1%.

15/12/2017
29 pages
FR

Research Provider

Proxinvest Subscriptions Available
Expert Corporate Governance Service (ECGS)

Founded in 1995, Proxinvest is an independent proxy firm supporting the engagement and proxy analysis processes of investors. Proxinvest mission is to analyse corporate governance practices and resolutions proposed at general meetings of listed firms.

Proxinvest main services are :

  • ​Proxy reports
  • Definition and monitoring of client customized voting guidelines
  • Corporate Governance Data and Rating
  • Thematic research
  • Engagement support

Proxinvest has been a pioneer and champion of good corporate governance and has grown into a recognised expert in the field.

Proxinvest is independently-owned and only works for investors : Proxinvest does not provide consulting services to the companies it covers, mitigating related risks to its clients and ensuring the independence of our analysis. As a result Proxinvest is able to take a robust, independent, engaged and unconflicted view of the companies in which our clients invest.

As Managing Partner of Expert Corprate Governance Service Ltd (ECGS), Proxinvest has built a large network of corporate governance experts to support clients in corporate governance analysis worldwide. 

Read more

Underlying

Industrial Goods & Services - Germany

Siemens is a technology company. Co.'s Energy sector provides a range of products, solutions and services for generating and transmitting power. The Healthcare sector provides customers a range of medical solutions across the treatment chain. The Industry sector supplies products and solutions for industrial companies, primarily in the process and manufacturing industries. The Infrastructure & Cities sector provides a range of technologies that accelerates the capabilities of metropolitan centers and urban infrastructures. The Investments segment is comprised of Co.'s equity stakes in other companies. The Financial Services segment provides business-to-business financial solutions.

Read more

ResearchPool Subscriptions

Get the most out of your insights

Get in touch