Siemens shareholders elected Heinrich v. Pierer as Chairman of the Supervisory Board. Pierer succeeds Karl-Hermann Baumann, who stepped down as member of the Supervisory Board at the close of the Annual Shareholders Meeting.
On a release note, Siemens announces that the Supervisory Board also altered membership in the Audit Committee. As stated, Karl-Hermann Baumann retired from the Supervisory Board at the close of the Annual Shareholders . In addition, Josef Ackermann, Spokesman of the Board of Managing Directors of Deutsche Bank AG, also stepped down from his position on the Committee. His departure from the Committee was required by U.S. corporate governance regulations, in particular the Sabanes Oxley Act (SOA). According to this Act, members of the Audit Committee may not provide any consulting services, including services typical for the investment banking sector. His continued service in the Audit Committee of Siemens AG would have conflicted with the new regulations of the SOA that take effect for foreign companies on July 31, 2005. Heinrich v. Pierer and Gerhard Cromme are new members of the Audit Committee. At its meeting afterwards, the Committee in accordance with its statutes elected one of its members, Gerhard Cromme, as its Chairman.
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