Company
Siemens
Date of signature
12 December 2007
Signatories
Siemens, Siemens Europe Committee
Key objectives
“Lack of awareness of the subject of ‘Compliance’ jeopardizes the entire group. The consequences of breaches of compliance include a loss of trust among employees and customers and a lessening of respect for the group and the Siemens brand. [...] For this reason, corporate management and the Siemens Europe Committee (SEC) have agreed the following [...] It is Siemens’ objective that the Siemens group should become a “Best Practice” company in matters of compliance and transparency.”
Duration
Indefinite
Applicable law
Not defined
Implementation and dissemination
Implementation:
“The group’s management will do all in its power to clear up breaches of compliance. The SEC will make every effort to support corporate management in this endeavour. The group’s management will develop and implement a Compliance Program designed to prevent future compliance breaches.”
Review and monitoring
“The group’s management and the SEC are recommending a regular exchange of views between the respective national contacts and the appropriate SEC members about the current status of the Compliance project.”
Dispute settlement and sanctions
Not defined
Related texts
Main topic
Compliance,
Secondary topic(s)
governance and ethics.