MUNICH (Reuters) – Influential shareholder adviser ISS wants Siemens to return to in-person annual general meetings and has recommended shareholders vote against allowing virtual meetings in the coming years, according to a proposal seen by Reuters.
The U.S.-based proxy advisory firm’s advice comes ahead of the Munich-based technology group’s annual general meeting on Feb. 13, where the matter will be put to a vote.
To continue holding virtual annual general meetings, as has been the practice since 2021, the Siemens management board requires a three-quarters majority vote, which is now uncertain in light of the opposition from Institutional Shareholder Services (ISS).
Siemens’ justification for virtual shareholder meetings is “not convincing,” according to the ISS statement seen this week.
The advisory firm criticized the lack of commitment from Siemens’ executive and supervisory boards to providing shareholders with the opportunity to attend a general meeting in person in the near future.
According to financial circles, Siemens has booked the Munich Olympiahalle for 2026, in a sign that it is preparing for a possible defeat in the upcoming vote.
A Siemens spokesperson declined to comment on the reservation but defended the company’s proposal to continue holding virtual annual general meetings, citing “very good experiences” with the format.
“Our virtual annual general meeting is like an in-person annual general meeting, only using digital technology,” the spokesperson said.
(Reporting by Alexander Huebner, Writing by Leon Kuegeler, Editing by Miranda Murray)
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