Siemens 2006 Annual Report Download - page 12
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Letter to our Shareholders
12
Unparalleled technology know-how and outstanding innovations are the lifeblood of our
Company. That’s why we want to be an attractive employer for top scientists and engineers
worldwide. To achieve this goal, we’ve introduced a special career track for technology experts
– separate from that for our managerial employees – with four main stages, from senior-level
to chief engineer.
Our values are the foundation of our actions.
Corporate Responsibility – our fourth Fit4More pillar – is a reflection of our Company’s identity and
the values for which we stand. These values are expressed in our corporate governance system,
the rules set out in our Business Conduct Guidelines, the charitable activities of our Corporate
Citizenship program and our commitment to sustainable and eco-friendly development.
We introduced our Business Conduct Guidelines in 2001, when the Company was listed on the
New York Stock Exchange. These guidelines – which contain rules regarding compliance with the
law, the handling of conflicts of interest, the protection of company assets and the prohibition of
insider trading – are binding for all Company employees and the members of our Managing Board.
The members of our Supervisory Board also comply with the Guidelines where applicable. Our
Business Conduct Guidelines are also part of every employment contract. A Company Compliance
Officer regularly reports to the Audit Committee of the Supervisory Board and the Corporate Exec-
utive Committee.
Unfortunately, it has now become clear that our compliance measures are not yet sufficient.
Several former and current Company employees are under investigation regarding allegations of
embezzlement, bribery and tax evasion. Siemens is doing everything in its power to facilitate the
full and speedy clarification of this matter and has taken appropriate and immediate counter-
measures. In this connection, we’ve also engaged independent experts to detect any concrete
violations, identify any flaws in Siemens’ regulatory system, structures or processes and eliminate
these shortcomings entirely and without exception (see also pages 131– 32 of this Report).