ASIAN-MENA COUNSEL: How did your career lead you to your current role with Siemens? What is the nature and scope of your role?
Peter Nägele: I joined Siemens in 2009 after being a lawyer in private practice for more than 20 years. Since the early stages of my career, I have focused on advising clients, in capital markets transactions and issue management. Siemens became a client when I advised the company on the carve-out and subsequent IPOs of two significant business divisions, now known as Infineon and Epcos. I also acted as the law firm’s relationship partner for Siemens for many years. Not an easy job, I have to admit: Siemens always had great lawyers who really knew their business, and it was quite a challenge to become their and their managers’ trusted business adviser. When the headhunter called and asked whether I was interested in talking about an in-house function, I was hesitant at first. But the opportunity at Siemens was just too good to miss. Under the leadership of managing board member and General Counsel Peter Y. Solmssen, Siemens had started one year earlier to transform the legal function from a service provider to a true business partner and to install an effective compliance function. I had always enjoyed working side-by-side with top executives, and during my tenure as co-managing partner of the law firm, I had learned what it means to take business decisions and to not merely advise others on them.
I was initially appointed General Counsel for energy, then the company’s second biggest sector with revenues of some EUR 25 billion and more than 80,000 employees. One year later, I was given the opportunity to also serve as General Counsel for the Asia Pacific region.
My role is to support and strengthen the local legal teams and to connect them to HQ and the international business units. Close collaboration is key, and for that you need to know each other personally, not only from office meetings. We foster a culture where people enjoy supporting each other and contributing to the success of others. We have good and highly motivated lawyers and contract managers in almost every country of the region, and although the challenges are enormous in light of the big project and product business we are doing, I’m quite relaxed. It’s a great job!
AMC: What is the nature of the relationship between Siemens’ in-house function and the business?
PN: We are partners to the business at all levels. We are here to provide first-class legal leadership by protecting the company’s reputation for integrity, by mitigating risk and of course by capturing opportunities utilising the potential of the law. Siemens Legal is much more than a provider of professional services. We strive to enable business, but we also have a governance function. As a CEO recently said to me: “You are guardians of the truth.”
AMC: What qualities does Siemens look for in external counsel? Are there any criteria followed in choosing suitable partners?
PN: Customers expect from Siemens first-class products and services, and that is also the benchmark when retaining outside counsel. Of course, our own capabilities are broad and deep, and we need to strike a good balance between doing the job ourselves and bringing in outside counsel. We operate global and local panel systems for law firms and while there is room for improvement, it works quite well in my opinion. It is certainly true that we challenge our external advisers, also in terms of fees, but we recognise good quality, commitment and engagement. It is fun to work in Siemens, and it should also be fun to work for Siemens!
AMC: When hiring for your in-house team, which candidates’ qualities would be of most value?
PN: I recently attended the ISIP job fair in New York. We had more than 330 applications from Asian candidates alone, and I met some of the brightest young lawyers you can imagine. Their academic records were excellent and they were all committed to hard work. One of them asked me what in fact we were looking for, and I said: “personality”. That seemed to confuse the young lawyer, so I explained that good grades from top law schools and willingness to work long hours alone don’t make a good fit. Common sense is important, the ability to work across cultures and to be inclusive, as well as a genuine interest in pioneering the new Siemens. Personalities take responsibility for outcomes and Siemens’ success. They stand up for their convictions and they live our values – “excellent, innovative, responsible”. Diversity is also a big issue – we welcome different backgrounds and experience!
AMC: How has the in-house team responded to any issues and challenges that have arisen for Siemens in recent years?
PN: Siemens was involved in a corruption scandal in 2007/8 that had severe consequences for the company and all involved. The new management ordered in-depth investigations and finally settled all claims and accusations. It also implemented a new framework of guidelines and a compliance control program, which is now integrated into the business processes. Everything is now based around integrity and sustainability. Our decisions and actions must always be in line with our principles and values. This is what integrity means to us. We measure ourselves by this standard and we hope that our stakeholders measure us by the same standard. Siemens is a responsible company and we expect the highest performance with highest ethics – therefore we say that only clean business is Siemens business. Our integrity culture strengthens our position as a preferred employer and first choice for investment. The compliance organisation plays a key role in supporting the sustainable growth of our business by fighting corruption and fraud through governance and guidance. Siemens is perceived as a true benchmark in compliance. This illustrates how the company has changed. It is great to be part of that change.
AMC
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