ISS Advises Shareholders to Oppose Virtual AGMs at Siemens

Institutional Shareholder Services (ISS), a prominent proxy advisory firm, has recommended that Siemens shareholders vote against the continuation of virtual annual general meetings (AGMs) in the coming years. The proposal will be put to a vote at Siemens’ AGM on February 13.

Siemens has held virtual AGMs since 2021, but maintaining this practice requires a three-quarters majority approval. ISS, however, has expressed concerns over Siemens’ lack of commitment to reinstating in-person meetings, stating that the company’s justification for virtual-only AGMs is “not convincing.”

According to financial sources, Siemens has reserved the Munich Olympiahalle for 2026, suggesting it is preparing for a potential return to physical meetings if shareholders reject the virtual format. While Siemens has not commented on the booking, a spokesperson defended the digital format, citing “very good experiences” with virtual AGMs.

With ISS opposing the measure, Siemens now faces uncertainty over whether it can secure the necessary votes to continue virtual shareholder meetings beyond this year.