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February 20, 2008
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Daimler creates new position of Chief Compliance Officer
Stuttgart – Daimler AG today announced that it has established the position of Chief Compliance Officer, representing another major step in strengthening its standards for business processes, internal controls and corporate governance. This newly created position, which is at the Senior Vice President level directly under that of the Board of Management, will be assumed by Gerd T. Becht, effective March 1, 2008. Mr. Becht, 56, joined Daimler on June 1, 2006 from GM Europe. He has served since then as a Vice President heading the Company’s Legal Department. The Chief Compliance Officer role is being added to his current responsibilities. |
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Daimler has built and expanded its Compliance Organization over the years. Today, the Compliance Organization Mr. Becht will lead comprises 48 employees at the corporate level in addition to 44 compliance officers in various local operations of the Company worldwide. The Compliance Organization is responsible for establishing and enforcing programs and internal controls that facilitate compliance with Daimler’s Integrity Code, internal policies and procedures, as well as legal and regulatory requirements. |
And it is ensuring that all of its employees understand the ethical and legal principles they must adhere to in all of their business activities. Over the past years, Daimler has strengthened its Compliance Organization and business conduct guidelines. This has included putting in place new specific policies and guidelines throughout the Company, significant world-wide training and communication, introduction and embedding of comprehensive compliance programs and internal controls, greater screening and monitoring for compliance, and the creation of a consultation desk. In addition, there is greater accountability for compliance across the organization, from compliance-specific targets in all relevant incentive compensation arrangements to a zero tolerance policy for misconduct.
The Chief Compliance Officer, an established position within US companies, will be responsible for informing the Board of Management, the Compliance Committee and the Audit Committee of the Supervisory Board on a regular basis of the current state of the Company’s compliance activities. Organizationally, the division reports to the Chairman of the Board.
Photo: Daimler
(February 16, 2008)
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