We place particular value on fair competition. Everywhere in the world we make an effort to comply with all laws and regulations. Doing business ethically is part and parcel of our corporate culture. We do not compromise on this at all. We have formulated transparent and binding principles of conduct and take a firm and unambiguous stance in the fight against corruption.
We also step up to the plate to assume our responsibility in society, both toward people and the environment. Health and safety at work, and protecting our natural resources are different pillars of doing business as far as Siemens is concerned. Each pillar is contained in our Business Conduct Guidelines, which guide the behavior of our employees.
Doing business fairly means that the same rules should apply for all the players. Throughout the world we enter into project-specific undertakings with our partners and competitors, customers and suppliers, to ensure transparent tender processes and to stand up to bribery with tenders in the public sector.
With a budget of 100 million dollars, the Siemens Integrity Initiative aims to promote ongoing development of fair competition over the next 15 years. The initiative finances NGOs worldwide who fight for ethical trade and are out to root out corruption. In the first round of financing we supported 31 projects in 20 countries. Some of the beneficiaries are organizations such as Instituto Ethos in Brazil, who is fighting for more transparency with the awarding of contracts for infrastructure for the Football World Cup in 2014 and the Olympic Games in 2016 in Brazil. In Europe, one of the recipients is the brand new International Anti-Corruption Academy in Vienna. This institute has been given funds by us to research the fighting of corruption and the training and education of anticorruption experts.