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ISS Advises Shareholders to Oppose Virtual AGMs at Siemens

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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.

 

Former Siemens CEO Reflects on Positive Business Ties with Trump, Prepares for Potential Challenges

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Joe Kaeser, chairman of the supervisory board of Siemens Energy and former CEO of Siemens, described his experience working with Donald Trump during his first presidential term as notably positive for business. In an interview with CNBC’s Annette Weisbach, Kaeser stated that Trump’s administration was “extremely receptive” to addressing business issues, creating a clear path for corporate interaction.

“If I personally, for my company at the time, had an issue to resolve, his administration was extremely receptive,” Kaeser noted. He highlighted that Trump’s policies, particularly tax cuts, were favorable for the economy. Trump’s first term included a range of tax reforms such as lower federal income tax brackets, increased standard deductions, and modifications to child tax credits, estate tax exemptions, and deductions for pass-through businesses. While some studies indicated that these tax cuts only contributed moderately to U.S. growth, Kaeser viewed the policies as broadly beneficial.

Trump’s second presidency is anticipated to follow a similar economic agenda, with priorities such as potential tariffs on imports and regulatory rollbacks. Analysts speculate that these policies could again have a significant global impact, potentially influencing international trade and markets. Kaeser reflected on Trump’s first term as predictable, describing it as “a relatively easy way of understanding what needs to be done for the companies and the countries.”

Despite the positive experiences from Trump’s first term, Kaeser remains cautious about the next term, noting that the unified Republican control across the White House, Senate, House of Representatives, and Supreme Court could have new and unpredictable effects. “I believe the jury’s out on what that means,” he said.

Kaeser emphasized the need for Germany, Europe, and other nations to be prepared for Trump’s assertive leadership style. “Typically, people like him, who have a very distinct style of leadership and reacting to different news, can only be dealt with from a position of strength,” he said. He suggested that weaker positions could face challenges under Trump’s administration.