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Siemens Boosts Compliance Staff to End Scandals

Global Glimpses | January 30, 2009

Scandal-hit German electrical and engineering giant Siemens increased the number of compliance staff it employs by 265 percent last year.

A briefing disclosed to coincide with the company’s recent annual shareholder meeting revealed that the company had 621 staff working on global compliance in its 2008 financial year, compared to 170 the year before and just 86 in 2006 (some of whom were only partly responsible for compliance). The increased staff are part of what the company calls a “new and comprehensive compliance program.”

The company has lately been rocked by a series of regulatory and legal actions relating to bribery and corruption. In December, U.S. authorities fined Siemens a record $800 million to settle a long-running bribery and corruption scandal. It paid...

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