August 30, 2017 / 3:48 PM / 2 years ago

Siemens best in German DAX for compliance, Vonovia worst -study

FRANKFURT, Aug 30 (Reuters) - Industrial group Siemens is Germany’s best blue-chip company for compliance quality - despite a current scandal about its turbines in Crimea - while real-estate firm Vonovia is the worst, according to a new study.

Companies who had worked their way through crises such as Siemens’ bribery scandal of 2006 or Thyssenkrupp’s cartel investigations of 2007 and 2011 tended to have better compliance standards, the study published on Wednesday found.

Financial institutions Deutsche Bank and Deutsche Boerse came second and third last, with Deutsche Boerse, whose chief executive is being investigated for possible insider trading, having just a one-page code of conduct.

Carmakers Volkswagen, Daimler and BMW , who are in the throes of a diesel scandal, were among those who had improved their compliance, the authors said, although they still only made the middle of the rankings.

A panel of legal, academic and corporate experts spent more than two years assessing the 30 DAX companies in six categories including their employee and supplier code of conducts and their transparency in presenting compliance risks.

They were forced to use publicly available material after the companies boycotted a survey.

“In Germany, a compliance culture still prevails in which companies are not so keen to show their cards,” wrote the authors of the report, which was commissioned by German investor magazine Fuchsbriefe.

“The compliance systems of the DAX 30 are predominantly non-transparent,” the report said. “Anglo-Saxon companies are in general somewhat more transparent,” one of the experts, Andreas Ruehmkorf of the University of Sheffield, told Reuters.

Only six of the 30 achieved what the authors considered a good rating: Siemens, Deutsche Telekom, Thyssenkrupp, SAP, Henkel and Bayer.

The experts did not assess how well the firms followed their codes but said their quality was an indicator of how seriously the companies took compliance issues.

The full table, in German, can be read here: (Reporting by Georgina Prodhan, editing by David Evans)

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