In a document seen by Reuters, the influential shareholder adviser ISS has recommended Siemens to revert to holding in-person annual general meetings and urges shareholders to vote against further virtual meetings. The U.S.-based advisory firm's stance precedes Siemens' annual general meeting on Feb. 13, where the issue will be decided.

For Siemens to persist with virtual AGMs, a three-quarters majority is required, a prospect now uncertain due to ISS's opposition. The advisory firm finds Siemens' rationale for virtual meetings "unconvincing."

ISS criticized the lack of dedication from Siemens' leadership to providing shareholders the chance to attend in-person meetings soon. Reports suggest Siemens has reserved the Munich Olympiahalle for 2026, indicating preparation for a potential vote setback.

Though a Siemens spokesperson declined to comment on the reservation, they defended the company's virtual AGM proposal, referring to "very good experiences" with the format. The spokesperson emphasized that their virtual AGM offers a format akin to an in-person event, just through digital means.