Roland Dürre
Tuesday November 17th, 2009

“Compliance 1.0!” or “A Totally Harmless Example” #1

There are many facettes to “compliance”. My recent article on the subject caused quite a few comments. That is why I will now present some borderline examples of (perhaps) modern dishonesty worth discussing:

Let me start with an original and famous, yet rather harmless “use case”:

For almost a year, the former Federal Minister of Finances, Waigel, has now had control over the Siemens AG. He reports regularly to SEC.

Why was Herr Waigel chosen for this job, which doubtless is well-paid?

Because he is such a good supervisor?

or

Because he has the right kinds of connections?

Herr Waigel as keeper of compliance rules at Siemens AG sounds a little like a prudent appointment where the major issue is not supervision, but rather maintenance of advantages through connections.

Engaging Herrn Waigel is absolutely in accordance with regulations. Still, giving someone as famous and as well-connected as him the job of keeper of compliance regulations might be considered a violation of the underlying sentiment of compliance regulations? Is that, maybe, a slight touch of the “new dishonesty”?

RMD
(Translated by EG)

1 Kommentar zu ““Compliance 1.0!” or “A Totally Harmless Example” #1”

  1. Chris Wood (Tuesday November 17th, 2009)

    I heard that Hr. Waigel’s compliance group was asked to take action where Siemens was ignoring minor laws and agreements with its employees. The first reaction was that that had nothing to do with them. But soon they (he?) reconsidered, and did get involved. So sometimes things function better than intended! I remember a girlfriend who said to me “I cannot be a hypocrite; I slept with another boy last night”. My reaction was “Well you could at least try”. Hypocrisy can develop into virtue. I always liked Waigel. I recently heard him explaining on TV how, as the new finance minister, he acted as midwife to the Euro, although he was a complete amateur in economics. I once said “Grüß dich” to him, but that is another story.

Kommentar verfassen

*