Company Profiles

Siemens

Germany

Siemens' goal is to become one of the world's top three suppliers of technological solutions for wind energy, biofuels, and solar thermal energy. In addition, Siemens offers a variety of products with direct environmental impacts, such as wind turbines, wastewater treatment technologies, and energy-efficient train systems that contribute to the company's growing portion of revenue from its "Environmental Portfolio." The three key criteria that qualify products for inclusion in this portfolio are high energy efficiency, renewable energy technology, or environmental technology. Siemens has implemented an internal standard that requires product engineers to consider the environmental impacts of all new products as they are designed, and many products undergo a full life-cycle assessment or screening. Siemens' consideration of environmental impacts has resulted in significant increases in the efficiency and environmental benefit of its products. For example, Siemens redesigned the city of Oslo's metro train; the train was constructed to weigh as little as possible and be as efficient as possible, resulting in 30% reduced energy consumption. Portfolio 21 will continue to monitor the proportion of Siemens products that undergo life-cycle assessments.

Sudan Concern

Siemens has been targeted by the Sudan Divestment Taskforce for its business dealings in Sudan. At the time it was targeted, the company's business in Sudan was insignificant relative to the company's overall business portfolio. Specifically, in 2005 annual sales from Sudan were less than one-tenth of a percent of the company's total revenues. Portfolio 21 continued to hold Siemens, with hopes that the public pressure would encourage Siemens to extricate itself from Sudan. The campaign was a success: In January 2007, Siemens announced it would end its operations in Sudan by June 30, 2007, although will not exclude involvement in humanitarian activities organized by internationally recognized organizations. Read Portfolio 21's Globalization, Human Rights and Social Justice policy.

To the best of our knowledge the above information is accurate and was obtained from sources we believe to be reliable. Neither the information presented above nor any opinion expressed shall be construed as an offer to sell or a solicitation to buy the security. The views expressed are those of portfolio management as of 9/30/09 and may not reflect current opinions or subsequent events.