Siemens Fails in Bid to Allow Virtual AGMs Without Physical Presence
ZURICH, Switzerland (Reuters) - Siemens' board withdrew its proposal on Thursday to permanently hold virtual AGMs without physical shareholder attendance. The proposal fell short of the required 75% approval, with only 71% of shareholders voting in favor.
The decision has drawn criticism from some shareholders who argued that virtual AGMs limit their ability to demonstrate their support or opposition to company resolutions and engage with other investors. Chairman Jim Hagemann Snabe expressed disappointment with the outcome, noting that most shareholders had supported the extension of virtual AGMs, which Siemens has conducted since 2021.
Concerns were raised by some investors about Snabe's extended tenure at the helm of the German technology and engineering conglomerate. Despite these concerns, Snabe was re-elected to the board for another two-year term.
Deka Investments, the 11th largest shareholder in Siemens, questioned Snabe's independence due to his long service as a member of the supervisory board since 2013 and as chairman since 2018.
Former Nestle and Fresenius CEO Mark Schneider was also appointed to Siemens' supervisory board on Thursday. Schneider has been previously mentioned as a potential successor to Snabe.