Siemens to propose PricewaterhouseCoopers GmbH as its new independent auditors for election on its 2024 Annual Shareholders’ Meeting

Siemens to propose PricewaterhouseCoopers GmbH as its new independent auditors for election on its 2024 Annual Shareholders’ Meeting

  • Audit Committee recommends proposing to 2024 Annual Shareholders’ Meeting that PwC be elected independent auditors for fiscal 2024
  • Comprehensive tendering process in accordance with current European legal norms
  • Audit contract with PwC can be extended by the Annual Shareholders’ Meeting annually only through fiscal 2033

(PRESS RELEASE) MUNICH, 11-Aug-2022 — /EuropaWire/ — Siemens AG (ETR: SIE), a German multinational conglomerate and Europe’s largest industrial manufacturing company, has announced that its Audit Committee of the Supervisory Board has recommended to its Supervisory Board to propose PricewaterhouseCoopers GmbH, Wirtschaftsprüfungsgesellschaft as its new independent auditors for the financial statements for fiscal 2024 (starting October 1, 2023) to be elected during the company’s 2024 Annual Shareholders’ Meeting. This recommendation is a result of intensive discussions between the Supervisory Board, the Audit Committee and the Managing Board of Siemens AG and following a comprehensive tendering process in accordance with current European legal norms.

“Overall, PwC submitted the most attractive bid in a comprehensive bidding process, while demonstrating a clear focus on quality and an innovative digitalization approach as well as a high degree of specialist and industry expertise. We are convinced that, in PwC, it has gained independent auditors who will guarantee a high-quality audit and comply with our rigorous independence standards,” said Dr. Werner Brandt, member of the Supervisory Board and Chairman of the Audit Committee of Siemens AG.

On the basis of a proposal by the Supervisory Board, the 2024 Annual Shareholders’ Meeting of Siemens AG will elect the independent auditors of the Annual Financial Statements of Siemens AG, the Consolidated Financial Statements of the Siemens Group and the audit review of the Consolidated Financial Statements for the first half-year of fiscal 2024. This proposal will be based on a recommendation by the Audit Committee.

In accordance with the legal norms changed in 2021 due to the German Financial Market Integrity Strengthening Act (Finanzmarktintegritätsstärkungsgesetz), Siemens AG has retendered the independent audit of the Annual Financial Statements of Siemens AG and of the Consolidated Financial Statements of the Siemens Group for fiscal 2024, taking into account the transitional requirements applicable after 2018, since by 2024 the current independent auditors, Ernst & Young GmbH, Wirtschaftsprüfungsgesellschaft, will have audited Siemens’ financial statements for the maximum number of successive fiscal years permitted. As a result of the tender, the audit contract can be awarded to PwC starting in fiscal 2024 and subsequently extended by the Annual Shareholders’ Meeting on an annual basis. Under the currently applicable legal norms, the audit contract cannot be extended beyond fiscal 2033. The partners at the audit firm who are responsible for conducting the independent audit would then change on a regular basis within the legally stipulated time periods.

Siemens AG (Berlin and Munich) is a technology company focused on industry, infrastructure, transport, and healthcare. From more resource-efficient factories, resilient supply chains, and smarter buildings and grids, to cleaner and more comfortable transportation as well as advanced healthcare, the company creates technology with purpose adding real value for customers. By combining the real and the digital worlds, Siemens empowers its customers to transform their industries and markets, helping them to transform the everyday for billions of people. Siemens also owns a majority stake in the publicly listed company Siemens Healthineers, a globally leading medical technology provider shaping the future of healthcare. In addition, Siemens holds a minority stake in Siemens Energy, a global leader in the transmission and generation of electrical power.

In fiscal 2021, which ended on September 30, 2021, the Siemens Group generated revenue of €62.3 billion and net income of €6.7 billion. As of September 30, 2021, the company had around 303,000 employees worldwide. Further information is available on the Internet at

Notes and forward-looking statements

This document contains statements related to our future business and financial performance and future events or developments involving Siemens that may constitute forward-looking statements. These statements may be identified by words such as “expect,” “look forward to,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “estimate,” “will,” “project” or words of similar meaning. We may also make forward-looking statements in other reports, in prospectuses, in presentations, in material delivered to shareholders and in press releases. In addition, our representatives may from time to time make oral forward-looking statements. Such statements are based on the current expectations and certain assumptions of Siemens’ management, of which many are beyond Siemens’ control. These are subject to a number of risks, uncertainties and factors, including, but not limited to those described in disclosures, in particular in the chapter Report on expected developments and associated material opportunities and risks in the Combined Management Report of the Siemens Report (, and in the Interim Group Management Report of the Half-year Financial Report (provided that it is already available for the current reporting year), which should be read in conjunction with the Combined Management Report. Should one or more of these risks or uncertainties materialize, should decisions, assessments or requirements of regulatory authorities deviate from our expectations, should events of force majeure, such as pandemics, unrest or acts of war, occur or should underlying expectations including future events occur at a later date or not at all or assumptions prove incorrect, actual results, performance or achievements of Siemens may (negatively or positively) vary materially from those described explicitly or implicitly in the relevant forward-looking statement. Siemens neither intends, nor assumes any obligation, to update or revise these forward-looking statements in light of developments which differ from those anticipated.

This document includes – in the applicable financial reporting framework not clearly defined – supplemental financial measures that are or may be alternative performance measures (non-GAAP-measures). These supplemental financial measures should not be viewed in isolation or as alternatives to measures of Siemens’ net assets and financial positions or results of operations as presented in accordance with the applicable financial reporting framework in its Consolidated Financial Statements. Other companies that report or describe similarly titled alternative performance measures may calculate them differently.

Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures.

Media contacts:

Katharina Hilpert
Siemens AG
+49 173 893-4962

Simon Friedle
Siemens AG
+49 1525 215-9076

SOURCE: Siemens AG


Follow EuropaWire on Google News

Comments are closed.