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Article

11 Jan 2013

Author:
Norwegian Ministry of Finance

Observation of Siemens concluded

In 2007, the Council on Ethics recommended the exclusion of Siemens AG due to corruption. The Ministry of Finance decided to place the company under observation in March 2009. The Ministry has now decided to end the observation of Siemens, based on a recommendation from the Council on Ethics...The Council on Ethics points out that, during the observation period, Siemens had demonstrated both a willingness and an ability to transform the company's culture by designing and implementing an entirely new monitoring and compliance system, putting into action recommendations by the company's control unit on an ongoing basis and communicating clearly a zero tolerance for corruption.