The FINANCIAL — Dr. Frank Fabian (44) took up the post of Group Chief Compliance Officer and head of the Governance, Risk and Compliance department at Volkswagen with immediate effect.
He reports to the Chairman of the Board of Management of Volkswagen Aktiengesellschaft, Prof. Dr. Martin Winterkorn, who emphasized: “Volkswagen’s good name is our most valuable asset. There can be no compromises as far as complying with our code of conduct is concerned. Volkswagen is adopting an innovative approach by bringing together Governance, Risk and Compliance in a single department.”
Dr. Fabian is a labor law specialist. Following posts at an international law company and as a partner in a law firm, he joined the Volkswagen Group in 2001 as head of the labor law department, where he worked closely on compliance with corporate governance standards and was jointly responsible for setting up the Compliance department.
Through the creation of an independent management function, Volkswagen is giving even greater weight to compliance. According to Prof. Winterkorn: “This further reinforces our risk prevention, which already plays a leading role at Volkswagen in the form of a binding code of conduct, training programs and regular employee briefings.”
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