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2. Literature review
4. Data – proposed
5. Research plan
2. Statistical methods (include theoretical sections of mathematics – statistics, probability theory, methods of statistical tests);
3. Logic and linguistic methods.
4. Graphic methods.
The third group are complex methods – situational modeling.
4. Data – proposed
General business of the corporation
Today’s Siemens AG has a long history of the corporation development. The first company - craftsman’s workshop - was founded in 1847 in Berlin by Werner von Siemens, he started with the design of the pointer telegraph as the “Telegraphen-Bauanstalt von Siemens & Halske”. The founder of the company got the business idea in 1842 when he was awarded his first Prussian patent for an electrolytic method of gold and silver plating. In 1846, Werner von Siemens hit upon an idea for improving the
Показать все Wheatstone telegraph. Using just simple means – cigar boxes, tinplate, pieces of iron, and some insulated copper wire – he designed his own pointer telegraph. He entrusted the apparatus’ construction to a mechanical engineer, Johann Georg Halske, who was won over by its simplicity and reliability. During further years Werner von Siemens developed company business, it received a government contract to install a telegraph line between Berlin and Frankfurt/Main. The company was also contracted by the Russian government to provide maintenance services - the first international contract of the company. During XIX-XX centuries Siemens continued to develop contracts with different countries - European, Asia, American. It became a base for further business expanding when new departments were open abroad.
Within a few years Siemens developed into an internationally active corporation, it became one of the world’s largest companies in electrical engineering and electronics (lighting, medical engineering, wireless communication, household appliances, dataprocessing systems, automotive systems and semiconductors).
Nowadays Siemens AG is a global network of innovation. Its main businesses are focused on the following: motors and drivers; automation; building technologies; mobility; lighting; market specific solutions; financial solutions; IT solutions and services; telecommunication networks.
Siemens is continuing to focus on optimization of its business portfolio through divestments, acquisitions, the formation of new companies and the founding of joint ventures.
The main success of the corporation is provided with the innovative technical solutions and effective business promotion.
According to the Siemens open sources, in fiscal 2009, Siemens had revenue of €76651 billion and income from continuing operations of €2457 billion.
The corporation’s corporate governance structure in detail
Nowadays Siemens corporation unites 405 000 employees who are working to develop and manufacture products, design and install complex systems and projects, and tailor a wide range of solutions for individual requirements.
As a German stock corporation, Siemens is subject to German corporate law and has a two-tier management and oversight structure, consisting of a Managing Board and a Supervisory Board. The Supervisory Board has the various standing committees (Chairman’s Committee; Audit Committee; Compliance committee; Mediation Committee; Nominating Committee) that provides management and control structure, risk management, financial accounting and business conduct guidelines.
Management Board consists of 8 members, the head of it is a President and Chief Executive Officer of Siemens AG. Their average age is 50-55, one of 8 members is a female.
The Management Board is committed to serving the interests of the company and achieving sustainable growth in company value. The members of the Management Board are jointly responsible for the entire management of the Siemens company and decide on the basic issues of business policy and corporate strategy as well as on the annual and multi-year planning.
The Management Board prepares the company quarterly and half-yearly reports, the annual stand-alone financial statements of Siemens AG and the Consolidated Financial Statements of Siemens. In addition, the Management Board is responsible for overseeing compliance by the company with all applicable provisions of law and official regulations and the company’s internal policies and works to achieve compliance with these provisions and policies within the Siemens group (compliance). The Managing Board cooperates closely with the Supervisory Board, informing it regularly, promptly and fully on all issues related to company strategy and strategy implementation, planning, business development, financial position, earnings, compliance and risks.
The Supervisory Board has 20 members. As stipulated by the German Codetermination Act, half of the members represent Company shareholders and half represent Company employees. The shareholder representatives were elected at the Annual Shareholders’ Meeting in January 2008, and the employee representatives were either elected by an assembly of employee delegates in September 2007, effective as of the end of the Annual Shareholders’ Meeting in January 2008, or replaced an employee representative who had resigned from the Supervisory Board. The Supervisory Board is elected for five years.
Siemens AG has issued 914.203.421 registered shares (as of September 30, 2008). Almost 680000 shareholders are listed in the Shareholder Register. According to the Shareholder Register, slightly less than 85% of the company’s share capital is held by institutional investors such as mutual funds, insurance companies and banks, or by central depositary institutions. Conversely, private shareholders have more than 15% of the company’s share capital.
The important question is how Management Board and shareholders are communicating. First of all, there is an annual shareholders meeting where Management Board presents the results of annual corporation activities. Four times a year Siemens AG reports to its shareholders regarding its business development, financial position and earnings.
Secondly, the work of Supervisory Board is a part of control system on behalf of shareholders. The German Codetermination Act requires that the company’s shareholders and its employees each select one-half of the Supervisory Board’s members. The Supervisory Board oversees and advises the Management Board in its management of the company’s business. At regular intervals, it discusses business development, planning, strategy and implementation. It also discusses Siemens’ quarterly and half-yearly reports and approves the annual standalone financial statements of Siemens AG as well as the Consolidated Financial Statements of Siemens, taking into account both the audit reports issued by the independent auditors thereon and the results of the review conducted by the Audit Committee. In addition, it is responsible for monitoring the company’s adherence to provisions of law, official regulations and internal Siemens policies (compliance); the Compliance Committee performs the compliance duties assigned to it by a decision of the Supervisory Board and by the Bylaws for the Compliance Committee. In addition, the Supervisory Board appoints the members of the Management Board and determines each member’s duties. Important Management Board decisions – such as major acquisitions, divestments and financial measures – require Supervisory Board approval, unless the Bylaws for the Supervisory Board specify that such approval is given by the Finance and Investment Committee instead. In the Bylaws for the Managing Board, the Supervisory Board has established rules that govern the work of the Management Board, in particular the allocation of duties among individual Management Board members, matters reserved for the Management Board as a whole, and the required majority for Management Board decisions.
The Supervisory Board’s Bylaws provide for the establishment of committees (mentioned above) whose duties, responsibilities and procedures fulfill the requirements of the Code, reflect applicable SOA requirements and incorporate applicable NYSE rules, as well as certain NYSE rules not mandatorily applicable to Siemens AG. Each committee’s chairman provides the Supervisory Board with regular reports regarding the activities of the relevant committee.
Whether the structure is adequate for the size and business of the corporation
The corporate structure of Siemens AG has been developing during years within the corporation. Nowadays the efficiency of Siemens AG depends on the management system. The described above corporate structure satisfies the multi-national character of Siemens business.
The present Siemens management system has appeared on the base of company’s development. So, during XIX and XX centuries Siemens became a global corporation that united Siemens & Halske AG, Siemens-Schuckertwerke AG and Siemens-Reiniger-Werke AG. Siemens’ main business units were consolidated into six largely independent operating Groups, and five central departments were formed to ensure consistency of company and business policy. A number of company units were managed as independent legal units, including Bosch-Siemens Hausgeräte GmbH and Kraftwerk Union AG (KWU). Скрыть
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