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 Nokia Siemens Networks
"In the consolidating
telecommunications market Nokia Siemens Networks will offer customers
cost-saving, leading-edge solutions that will also optimally meet their needs
with regards to convergence," said Nokia CEO Olli-Pekka Kallasvuo.
This view is shared by Klaus
Kleinfeld, President and CEO of Siemens AG. "With the launch of Nokia
Siemens Networks, a strong leader with excellent growth potential is entering
the top league of the telecommunications market. In taking this step, we are
dramatically strengthening our market position and creating sustainable
value."
Nokia Siemens Networks will set the
highest standards of ethics and integrity. Based on the results of a
pre-closing compliance review, Nokia and Siemens have reached an agreement on
compliance and control processes that are meant to become a benchmark for the
entire industry. Since Nokia will consolidate the financial results of Nokia
Siemens Networks, both companies have agreed that the compliance processes will
be based on Nokia's system and practices. In addition to a strong Finance and
Control organization with centralized reporting systems and robust internal
control processes, Nokia Siemens Networks will have an expanded compliance
program including training programs and defined approval processes for
governmental business and for engaging third party consultants in the sales
process. Nokia Siemens Networks has zero tolerance for financial or other business
misconduct and has also defined anti-corruption policies, principles and
materials.
"Ethical behavior is about more
than strong policies, programs and processes. It is also about company culture
and individual choice. Integrity will be a prominent and deeply embedded part
of the Nokia Siemens Networks culture," said Simon Beresford-Wylie, CEO of
Nokia Siemens Networks.
As communicated previously, the
board of Nokia Siemens Networks will consist of seven members. Nokia President
and CEO, Olli-Pekka Kallasvuo, will chair the board and Siemens CEO, Klaus
Kleinfeld, will act as the vice-chair. The other members of the board are the
head of Nokia Operational Human Resources, Juha Äkräs; Siemens CFO, Joe Kaeser;
member of the Siemens managing board, Eduardo Montes; head of Nokia Technology
Platforms, Niklas Savander; and Nokia CFO, Rick Simonson.
About Nokia
Nokia is a world leader in mobile
communications, driving the growth and sustainability of the broader mobility
industry. Nokia connects people to each other and the information that matters
to them with easy-to-use and innovative products like mobile phones, devices
and solutions for imaging, games, media and businesses. Nokia provides
equipment, solutions and services for network operators and corporations.
Further information is available at www.nokia.com.
About Siemens
Siemens (Berlin and Munich) is a
global powerhouse in electrical engineering and electronics. The company has
around 475,000 employees (incl. discontinued operations) working to develop and
manufacture products, design and install complex systems and projects, and
tailor a wide range of services for individual requirements. Siemens provides
innovative technologies and comprehensive know-how to benefit customers in over
190 countries. Founded more than 155 years ago, the company focuses on the
areas of Information and Communications, Automation and Control, Power,
Transportation, Medical, and Lighting. In fiscal 2006 (ended September 30),
Siemens had sales of €87.3 billion and net income of €3.033 billion, according
to U.S. GAAP. Further information is available on the Internet at: www.siemens.com.
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