Business Ethics and Compliance at Siemens
Ethics has always been a part of Siemens corporate philosophy with the founder Werner von Siemens laying great emphasis on business values and principles. He maintained: "I won’t sell the future for quick profits".
For decades, this has formed the corner stone of all Siemens business practices. Being responsible is one of the fundamental values that Siemens pursues with the thrust being "Only clean business is Siemens business". The company’s compliance system promotes fair practices within and outside Siemens, with the goal being to root out the menace of unscrupulous practices and create a level playing field. In Siemens, compliance is far more than just a program: it is the way Siemens does business. At Siemens, compliance is seen as more than a business value, it forms the very backbone on which all operations are based and provides Siemens a competitive edge.
Over the past few years, Siemens Ltd. has been striving towards strengthening its compliance function. Apart from continuous upgradation of the Compliance Control Framework (CCF), the company also restructured the Compliance function based on focus areas and sectoral requirements. The Regional Compliance Office (RCO) team has also focused on building ‘Conviction through Ethics’ internally through extensive ‘in-person’ and ‘web-based’ trainings for employees. Siemens Limited’s RCO also initiated efforts to ensure a corruption-free business environment in the corporate community in India. The effort is sustained through robust ‘Collective Action’ initiatives / workshops. The company’s initiative found support from NGOs, Transparency International, India (TII), Indo-German Chambers of Commerce, as well as other corporate and government bodies.