The economist and government advisor Veronika Grimm has been elected to the supervisory board of Siemens Energy despite considerable criticism from colleagues. The former parent company voted against the energy expert.
Veronika Grimm, an experienced expert in the field of energy policy, was appointed to the supervisory board of the energy technology group Siemens Energy yesterday at the general meeting. The personnel had caused criticism in advance. Grimm has also been an economist since 2020, meaning that he advises the federal government on economic issues as a member of the Advisory Council.
The other members of the Advisory Council see Grimm’s supervisory board mandate as an insoluble conflict of interest. This led to a dispute that was loudly discussed in public for days over the past few days. Council chairwoman Monika Schnitzer and other members called on Grimm to either give up her mandate at Siemens Energy or her position on the Advisory Council.
The Chancellery and experts had no concerns
Grimm herself then explained that she had had the Federal Ministry of Economics and the Chancellery check in advance whether the supervisory board mandate was compatible with her role in the Advisory Council. There were no concerns there.
After the general meeting, Siemens Energy stated that Grimm’s appointment had been reviewed by renowned governance experts. They supported Grimm’s appointment and saw “no problem” in their dual role as supervisory board member and business manager.
Late criticism of Grimm’s dual role
In addition, economists had previously been active as supervisory boards in German stock corporations without there being any public criticism.
It is also noteworthy that the other experts’ criticism of Grimm’s supervisory board ambitions only now emerged. After all, Siemens Energy had already made the decision to appoint Grimm last fall and announced it shortly before Christmas. She was a “recognized expert in energy markets and energy market design,” it was said at the time.
Grimm introduces himself to Siemens Energy shareholders
At the beginning of the virtual shareholders’ meeting yesterday, Grimm also introduced himself to the shareholders. The Nuremberg professor emphasized that she had closely followed Siemens Energy’s path so far. “For me, Siemens Energy is one of the most exciting companies in the world. With its comprehensive portfolio, it plays a crucial role in the global implementation of the energy transition.”
Shareholder representatives warmly welcomed the energy market expert. Daniela Bergdolt from the German Association for the Protection of Securities Ownership (DSW), for example, said she could not wish for a more competent woman than Grimm for this position.
Dissenting vote from the major shareholder
And yet there was still a small scandal at the general meeting when Grimm was elected to the supervisory board: Grimm only received 76.4 percent of the votes. According to insiders, Siemens Energy’s major shareholder Siemens is said to have voted against Grimm.
Officially, Siemens Energy initially only said that “a single shareholder” had voted against the appeal. Without this vote, approval would have been over 99 percent.
“Previously unknown concerns”
Shortly afterwards, the former parent company Siemens confirmed that it had voted no. “In the run-up to the voting process, previously unknown concerns were made public that would affect Professor Grimm’s success as a member of the supervisory board for Siemens Energy and as a member of the expert committee,” Siemens said in a statement.
Both “Wirtschaftswoche” and “Handelsblatt” report, citing business circles, that Siemens was bothered by the fact that other businesses were surprised by the nomination. Grimm would have had to vote on her plan to stand for election as controller at Siemens Energy in advance in the Council of Experts.