We've got news for you.

Register on BusinessLIVE at no cost to receive newsletters, read exclusive articles & more.
Register now

The way German engineering firm Siemens changed its profit-at-all-cost corporate culture, cleaned up its ethics and held employees accountable after a giant corruption scandal has valuable lessons for SA firms such as KPMG, Steinhoff and EOH caught up in corruption. Siemens, established in 1847 and now with 475,000 employees, has been one of the German companies trusted for their reliability, integrity and efficiency, until a corruption scandal in 2006 severely damaged its squeaky clean reputation. Six years previously, Siemens had introduced a policy that made it compulsory for its subsidiary companies to include anticorruption clauses in supplier contracts. A year later, the company followed this up with ethical “guidelines”, which stated: “No employee may directly or indirectly offer or grant unjustified advantages to others in connection with business dealings, neither in monetary form nor as some other advantage.”

PODCAST: Hear from the Steinhoff whistleblowers..

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as articles from our international business news partners; ProfileData financial data; and digital access to the Sunday Times and Sunday Times Daily.

Already subscribed? Simply sign in below.

Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now