Corporate Responsibility in a Globalized World: Transatlantic Perspectives
Ambassador William R. Timken, Jr.

American Chamber of Commerce, Berlin
May 9, 2007

As prepared for delivery.

Thank you, Fred, for the opportunity to meet with the participants in this conference on corporate responsibility.  Corporate responsibility is not a new concept in the American business world.  It is one of the great American traditions that have been exported around the world. 

Secretary Snow, it is a pleasure to welcome you to Berlin.  It was under your watch that many of President Bush’s initiatives to restore trust in America’s corporations were rolled out and developed.  It is an honor to share a podium with you this evening. 

As many of you know, a few years ago, I actually would have been on the other side of this podium.  My background is in business.  I know that business relationships, like all human relationships, are built on a foundation of integrity and trust. When those values are practiced, our companies, our economies and our countries grow stronger.  I feel very strongly that corporate responsibility means personal responsibility.

I agree with President Bush when he says, “The bottom line of the balance sheet defines the goal of a business, but not the sum of its responsibilities of its leaders.”

We all know the traditional economic indicators that are used to measure success -- things like revenue, equity, and capital.  Practicing corporate responsibility affects corporate reputation, brand image -- and most important, trust.  People need to be able to trust what they see, believe what they hear, and understand the numbers in the fine print that they read.  Trust is the bottom line in any business equation.  

In America, most businesses fulfill their responsibilities.  A good business finds opportunities and makes the most of them but always respects the boundaries of right and wrong.  It does not cut ethical corners.  A good business does not disregard community standards.  On the contrary, a good business is an integral member of the community where it operates.  In the United States, businesses build concert halls, museums, and school gyms.   They support scholarships and endowment programs at some of our finest universities.  That American business tradition is also one that has been exported around the world.  Seminars like this one today are important tools to share the good things that companies are doing are both sides of the Atlantic. 

On that note, I would like to thank AmCham for its support of an important new Embassy initiative.  We have been very encouraged by the generous response from the private sector in support of our “Windows on America” exchange program.  “Windows on America” is a two-week program designed to give a more diverse segment of young people, especially minorities and those from less advantaged backgrounds, the opportunity to visit America.  Time and time again, we hear how exchange experiences can change perspectives – and lives.  This program helps to make an American dream come true for young people who might not otherwise have the opportunity.  Support of this initiative is in keeping with the spirit of good corporate citizenship that characterizes the best companies on both sides of the Atlantic. 

Today, as Ambassador for my country, I am proud to see those principles reflected in the State Department’s official goals.   

One of an Embassy’s traditional functions is to promote trade and business.  By supporting economic growth, we also support democracy.  The strongest foundations for the stability necessary for a sustainable business environment are democratic governments.  U.S. businesses abroad reinforce our commitment to human rights, worker protection, improved living standards, disease prevention, literacy programs, environmental stewardship, innovation, and ethical business practices.  Last week, I sat in on the President’s meetings with Chancellor Merkel at the White House. They talked at great length about how the transatlantic partnership can promote prosperity and peace. 

Our economic relationship is already the most important in the world by far.  It fuels the engines of the world's economy.  Together we can set an example to the world. 

I am very proud to serve my country as Ambassador.  The members of the American Chamber of Commerce, however, and their employees also serve as ambassadors in the communities where they live and work. 

I commend you all for contributing to one of President Bush’s primary goals, namely to draw both our countries closer together.  That is my mandate from the President.  Thank you for helping me to do my job.