Siemens and the management of transparency: Restoring reputation in the wake of internal corruption - Liderando la reputación corporativa de las empresas - Corporate
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Reputation & Reputational Risks

Best practice cases October 2012

Siemens and the management of transparency: Restoring reputation in the wake of internal corruption

It takes a long time to build up a good reputation but only an instant to destroy it. This may be because it is based on trust, which is very fragile and ephemeral, requiring care and attention. Integrity and compliance, regarding both pledges and standards, play an increasingly greater part in its appraisal and perception.

In November 2006, the lid was lifted on arguably the biggest scandal involving a multinational corporation prior to the financial crisis and the Lehman Brothers case. An investigation that month revealed that a significant number of senior executives working for the German technology firm Siemens in several countries throughout the world had for years been paying illegal commissions to public servants in exchange for their support in the negotiation of multimillion-dollar contracts.

This document has been prepared by Corporate Excellence – Centre for Reputation Leadership. It has cited, from among other sources, the speech by José Aurelio Pérez, Head of Compliance at Siemens in Spain, delivered at the symposium organised by Dircomen Madrid on 19 June 2012.