Siemens is to set up a non-profit organization 'the Siemens Foundation' in a move aimed at enhancing the sustainability and visibility of its corporate citizenship activities.

The corporate citizenship activities of Siemens AG will be bundled in this new organization, said a company statement. 

"A commitment to the welfare of society has been a key component of Siemens’ company culture ever since its founding. Siemens has been highly committed to fostering social welfare for 160 years. The Siemens Foundation will carry on this tradition while showcasing the sustainability of our commitment to corporate citizenship," said Siemens president and CEO Peter Löscher.

Based in Munich, the foundation will focus primarily on technology, education, charitable programs, the arts and culture.  It will begin operations as an independent entity in early 2009 with an endowment of about Euro400 million ($584.3 million).

The task of the Siemens Foundation will be to co-ordinate and further improve the company’s broad range of corporate citizenship activities around the globe.

The Siemens Foundation will be managed by a board comprising several members. The work of the board will be supported, advised and monitored by the foundation’s council, headed by the president of the foundation.-Tradearabia News Service