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Daimler AG to Create New Board of Management Position for 'Integrity and Legal'

Posted on: Tue, 28 Sep 2010 08:45:00 EDT

Symbols: DDAIF

STUTTGART, Germany, Sept 28, 2010 /PRNewswire via COMTEX/ --

Supervisory Board decides to expand the Daimler Board of Management

Daimler's goal is a corporate culture that fulfills the highest ethical demands and is regarded as exemplary

Further initiatives to strengthen compliance activities will be implemented successively

Dr. Manfred Bischoff: "Compliance and integrity are extremely important to the Daimler Group and we intend to set new standards in this respect. This is why we have decided to create a dedicated Board of Management position for Integrity and Legal."

Dr. Dieter Zetsche: "The new Board of Management position is a consistent step in the further development of our corporate structure and culture. No business in the world is worth violating applicable laws, regulations or ethical standards."

Daimler AG is to create a new Board of Management position for "Integrity and Legal." The Supervisory Board today passed a resolution on the expansion of the Board of Management. The new position will be filled externally. The new Board of Management member's tasks will include managing the global Legal and Compliance Organization and the related processes, as well as business ethics and the sustained anchoring of compliance and integrity throughout the Group.



As a matter of principal, Daimler aims to create a corporate culture that not only fulfills the requirements of applicable law, but also meets the highest ethical demands and is regarded as exemplary throughout the industry. To achieve this goal, Daimler will successively take further initiatives in addition to establishing this new Board of Management position.

"Compliance and integrity are extremely important to the Daimler Group and we intend to set new standards in this respect. Another aspect is that the requirements placed on a globally active company by regulations and legislation are constantly becoming stricter and more complex. This is why we have decided to create a dedicated Board of Management position for Integrity and Legal. We already have a clear idea on how to set up the position," stated Dr. Manfred Bischoff, Chairman of Daimler's Supervisory Board.

"On the subject of compliance, we follow the same principles we apply in our business: to be pioneering with innovations in our industry. To do so, on the one hand we are now creating the organizational and structural basis. On the other hand, we will continue to consistently prioritize integrity as a key element of our corporate culture. No business in the world is worth violating applicable laws, regulations or ethical standards," stated Dr. Dieter Zetsche, Chairman of the Board of Management of Daimler.

"The new Board of Management position is a consistent step in the further development of our corporate structure and culture. At the same time, it is and it will remain the task of the entire Board of Management and of all executives to permanently anchor throughout the Group a keen awareness of adherence to the law and regulations, as well as for business ethics," continued Dr. Zetsche.

In this context, the Daimler Board of Management has decided to further expand its compliance activities - with the inclusion of relations with business partners. The Daimler Group now operates in nearly 200 countries, either with its own companies or with partner companies. The flawless execution of all transactions in conformity with applicable regulations requires a properly trained compliance organization with a worldwide reach as well as effective processes and controls. For this reason, Daimler will create even clearer structures and apply more resources in order to meet those requirements.

All of the new activities will be carried out in addition to the programs already established in recent years. The measures taken include establishing the position of a Chief Compliance Officer reporting to the new member of the Board of Management, setting up a global Compliance Organization, placing compliance managers in numerous subsidiaries and operating units, and developing an international training program including regular compliance conferences, seminars and information. A Compliance Consultation Desk has been established offering Daimler employees individual advice on questions related to the area of compliance at Daimler. Furthermore, whistleblower possibilities have been established at Daimler, allowing each employee as well as external personnel to inform the company of any compliance issues.

Further information from Daimler is available on the internet at: and

This document contains forward-looking statements that reflect our current views about future events. The words "anticipate," "assume," "believe," "estimate," "expect," "intend," "may," "plan," "project," "should" and similar expressions are used to identify forward-looking statements. These statements are subject to many risks and uncertainties, including a lack of further improvement or a renewed deterioration of global economic conditions, in particular a renewed decline of consumer demand and investment activity in Western Europe or the United States, or a downturn in major Asian economies; a continuation or worsening of the tense situation in the credit and financial markets, which could result in a renewed increase in borrowing costs or limit our funding flexibility; changes in currency exchange rates or interest rates; the ability to continue to offer fuel-efficient and environmentally friendly products; a permanent shift in consumer preference towards smaller, lower margin vehicles; the introduction of competing, fuel-efficient products and the possible lack of acceptance of our products or services, which may limit our ability to adequately utilize our production capacities or raise prices; price increases in fuel, raw materials and precious metals; disruption of production due to shortages of materials, labor strikes, or supplier insolvencies; a renewed decline in resale prices of used vehicles; the effective implementation of cost-reduction and efficiency-optimization programs at all of our segments, including the repositioning of our truck activities in the NAFTA region and in Asia; the business outlook of companies in which we hold an equity interest, most notably EADS; the successful implementation of the strategic cooperation with Renault-Nissan, changes in laws, regulations and government policies, particularly those relating to vehicle emissions, fuel economy and safety; the resolution of pending governmental investigations and the outcome of pending or threatened future legal proceedings; and other risks and uncertainties, some of which we describe under the heading "Risk Report" in Daimler's most recent Annual Report and under the headings "Risk Factors" and "Legal Proceedings" in Daimler's most recent Annual Report on Form 20-F filed with the Securities and Exchange Commission. If any of these risks and uncertainties materialize, or if the assumptions underlying any of our forward-looking statements prove incorrect, then our actual results may be materially different from those we express or imply by such statements. We do not intend or assume any obligation to update these forward-looking statements. Any forward-looking statement speaks only as of the date on which it is made.

About Daimler

Daimler AG is one of the world's most successful automotive companies. With its divisions Mercedes-Benz Cars, Daimler Trucks, Mercedes-Benz Vans, Daimler Buses and Daimler Financial Services, the Daimler Group is one of the biggest producers of premium cars and the world's biggest manufacturer of commercial vehicles with a global reach. Daimler Financial Services provides its customers with a full range of automotive financial services including financing, leasing, insurance and fleet management.

The company's founders, Gottlieb Daimler and Carl Benz, made history with the invention of the automobile in the year 1886. As an automotive pioneer, Daimler continues to shape the future of mobility. The Group applies innovative and green technologies to produce safe and superior vehicles which fascinate and delight its customers. With the development of alternative drive systems, Daimler is the only vehicle producer investing in hybrid drive, electric motors and fuel-cell systems, with the goal of achieving emission-free mobility in the long term. This is just one example of how Daimler willingly accepts the challenge of meeting its responsibility towards society and the environment.

Daimler sells its vehicles and services in nearly all the countries of the world and has production facilities on five continents. Its current brand portfolio includes, in addition to the world's most valuable automotive brand, Mercedes-Benz, the brands smart, Maybach, Freightliner, Western Star, Fuso, Setra, Orion and Thomas Built Buses. The company is listed on the stock exchanges of Frankfurt and Stuttgart (stock exchange symbol DAI). In 2009, the Group sold 1.6 million vehicles and employed a workforce of more than 256,000 people; revenue totaled euro 78.9 billion and EBIT amounted minus euro 1.5 billion.

SOURCE Daimler Corporate Communications

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