Siemens launches US $100m initiative for anti-corruption
Friday, 11 December 2009
FE Report
Siemens AG will distribute funds totaling US$100 million, over 15 years, to nonprofit organizations worldwide that promote business integrity and fight corruption.
Applications for funding must be submitted to Siemens at latest by January 31, 2010, according to a statement of World Bank issued from Munich.
"Siemens stands for clean and sustainable business," said Peter Y. Solmssen, Member of the Managing Board and General Counsel of Siemens AG. "This initiative will boost our efforts for more business integrity and fair market conditions globally. We are looking forward to making this a joint success with the World Bank and other partners."
The Siemens initiative is part of the World Bank-Siemens AG comprehensive settlement that was agreed on July 2, 2009. "We welcome the company's initiative in support of fair and equal conditions in a highly competitive global market," commented Leonard McCarthy, World Bank Integrity Vice President. "This initiative can help spread the word and change expectations of the business environment particularly in parts of the world where governance and integrity remain a challenge to development effectiveness."
Siemens AG will distribute funds totaling US$100 million, over 15 years, to nonprofit organizations worldwide that promote business integrity and fight corruption.
Applications for funding must be submitted to Siemens at latest by January 31, 2010, according to a statement of World Bank issued from Munich.
"Siemens stands for clean and sustainable business," said Peter Y. Solmssen, Member of the Managing Board and General Counsel of Siemens AG. "This initiative will boost our efforts for more business integrity and fair market conditions globally. We are looking forward to making this a joint success with the World Bank and other partners."
The Siemens initiative is part of the World Bank-Siemens AG comprehensive settlement that was agreed on July 2, 2009. "We welcome the company's initiative in support of fair and equal conditions in a highly competitive global market," commented Leonard McCarthy, World Bank Integrity Vice President. "This initiative can help spread the word and change expectations of the business environment particularly in parts of the world where governance and integrity remain a challenge to development effectiveness."