Siemens' board failed on Thursday to secure approval for holding virtual AGMs without investors' physical presence after 71% of shareholders voted in favor, falling short of the required 75%. Some shareholders argued that virtual meetings limited their ability to express support or opposition to company proposals and engage in discussions.

Chairman Jim Hagemann Snabe expressed disappointment at the result, despite the majority of shareholders endorsing the continuation of online AGMs, a format Siemens has utilized since 2021. Snabe was re-elected to the board for another two years, although concerns were raised by some shareholders regarding his lengthy leadership tenure at the German tech giant.

Deka Investments, holding a 0.79% stake in Siemens and ranking as the 11th largest shareholder, contended that Snabe's extended tenure compromised his independence as a board member. Mark Schneider, former CEO of Nestle and Fresenius, was also elected to Siemens' supervisory board, with Siemens previously identifying him as a potential successor to Snabe.