Siemens 2014 Annual Report Download - page 144

108 A. To our Shareholders 131 B. Corporate Governance
132 B. Corporate Governance Report
136 B. Corporate Governance statement pursuant to
Section a of the German Commercial Code
(part of the Combined Management Report)
138 B. Compliance Report
(part of the Combined Management Report)
144 B. Compensation Report
(part of the Combined Management Report)
165 B. Takeover-relevant information (pursuant to
Sections  para.  and  para.  of the
German Commercial Code) and explanatory report
(part of the Combined Management Report)

Achievements during fiscal  include a collective action in
Colombia: in August , a code of conduct was signed for the
first time by around  companies associated with the Colom-
bian Chamber of Goods and Oil Services ( CAMPETROL) as well
as several oil and gas operators. All of the signatories, of whom
Siemens is one, are committed to initiating corporate ethics
programs that abolish and prohibit activities such as bribery
and the demand for and offering of undue favors. The signato-
ries have also agreed to disclose serious cases to CAMPETROL
and the Regional Center of the United Nations Global Compact,
which will act as a neutral facilitator.
To support the enforcement of the code of conduct, a compli-
ance pact has also been signed, involving a whistleblower
channel – supported by the Secretary of Transparency in the
President’s Office – and sanctions in cases of wrongdoing.
The global Siemens Integrity Initiative was launched by Siemens
on December , . It earmarks more than US$  million for
supporting organizations and projects fighting corruption and
fraud through Collective Action, education and training. The
initiative focuses on supporting projects that have a clear im-
pact on the business environment, can demonstrate objective
and measurable results and have the potential to be scaled up
and replicated. The Siemens Integrity Initiative constitutes one
element of the July  settlement between Siemens and the
World Bank and the March  settlement between Siemens
and the European Investment Bank (EIB).
The status of the  projects funded within the first funding
round – based upon the settlement with the World Bank –, with
a total contractual funding volume of US$ . million, was
presented to the World Bank in April , together with the
Siemens Integrity Initiative Annual Report .
The second funding round was announced on June , ,
and the deadline for applications was August , . We
received more than  applications from about  countries.
In a two-stage review and due diligence process, we selected
projects which are to receive approximately US$ . million of
total funding over a period of three to five years. We began con-
cluding the funding contracts in October .
B.. Our revised compliance priorities –
Guidance until 
Since their introduction in fiscal , our compliance priorities
have provided the focus of our compliance-related activities
and the basis for the ongoing development of our Compliance
System. In light of our experience to date and – above all – in
line with our entrepreneurial concept Vision , we have
decided to develop this approach further in order to create a
reliable long-term perspective for the ongoing development of
compliance at Siemens.
Ownership culture is a cornerstone of Vision , and the in-
tegrity of our employees’ decisions and actions is an essential
part of it. Every employee is expected to act responsibly and
to live up to this principle. Our Compliance System aims to
support Siemens employees in making risk-based decisions
with integrity – this is how compliance can ultimately provide
reliable assurance to our Company and its employees and at
the same time help strengthen an ownership culture at
Siemens. Therefore, ownership culture lies at the heart of our
compliance priorities.
Compliance will also make further contributions to Vision
. The following five compliance priorities define the levers
for the future development of compliance at Siemens:
> Foster integrity: a clear tone from the top, coupled with tan-
gible ownership of compliance at all management levels, is
essential. We will continue to help our managers meet this
responsibility. Our new Company-wide award for integrity
and compliance will play an important role in this respect.
Beyond the boundaries of our organization, we will continue
to cooperate with our stakeholders in order to combat cor-
ruption and promote fair markets.
>
Committed to business: our Compliance Organization and
our businesses must work hand-in-hand to effectively miti-
gate compliance risks. Without compromising our integrity
standards, we’ll also intensify support for our businesses in
order to allow them to seize business opportunities even in
challenging environments.
> Manage risk & assurance: we want to continue providing our
businesses with the appropriate level of assurance within
our Compliance System. We constantly monitor external and
internal developments and, where necessary, update the
compliance safeguards for our Company.