Prompted by charges of bribery and nearly $1.4 billion in fines and penalties, Siemens addressed the shortcomings in its internal controls and organizational structure and instituted a more stringent standard of governance, said CFO Joe Kaeser. The self-examination, which resulted in the company slashing its number of internal management reporting units to 400 from 900, "was painful, challenging and necessary," Kaeser said. "If we had not gotten to a clean start, this company would not exist."

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