Siemens to establish non-profit foundation – Endowment of roughly €400 million

Löscher: “An expression of our sustainable commitment to society”

(PresseBox) ( München, )
A commitment to the welfare of society has been a key component of Siemens' company culture ever since its founding. In a move to enhance the sustainability and visibility of its corporate citizenship activities, Siemens is establishing a non-profit organization - the Siemens Foundation. The corporate citizenship activities of Siemens AG will be bundled in this new organization. "Siemens has been highly committed to fostering social welfare for 160 years. The Siemens Foundation will carry on this tradition while showcasing the sustainability of our commitment to corporate citizenship" said Siemens President and CEO Peter Löscher. Headquartered in Munich, the foundation will focus primarily on technology, education, charitable programs, the arts and culture. It will begin operations as an independent entity in early 2009 with an endowment of about €400 million. The Siemens Foundation will be subject to state supervision by the government of Upper Bavaria.

The task of the Siemens Foundation will be to coordinate and further improve the company's broad range of corporate citizenship activities around the globe. As a first step, Siemens will transfer its company-wide Siemens Generation21 and Siemens Caring Hands programs to the foundation. The foundation will be subject to state supervision by the government of Upper Bavaria and will perform its tasks independently of the company.

Siemens will provide the foundation with an endowment of some €400 million, which will be earmarked exclusively to support not-for-profit activities. The foundation will focus on topics of importance to society, such the utilization of innovative technologies to improve living conditions, the enhancement of educational opportunities, climate change, cultural developments and demographic change. It will operate both as a patron at the national and international levels and as an active partner in projects worldwide.

The Siemens Foundation will be managed by a board comprising several members. The work of the board will be supported, advised and monitored by the foundation's council, headed by the president of the foundation.
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