Back to result
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Year
2013
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Languages
Inglés
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Pages
11
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Industry / Sector
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Region, City and Country
No determinada,
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Source
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Price USD
7.00
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Nota Técnica
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Política de Empresa ING,
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Corporate Governance and Compliance
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Kleinhempel, Matthias
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IAE-N111-04508-EN
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Summary
Frequent regulation violations by employees and executives have an impact on companies’ boards and their members. Rajat Gupta, renowned for his philanthropic contributions, member of several boards, including Goldman Sachs’, and former McKinsey CEO was sentenced to two years in jail for providing confidential information to a trader.
As a result of rogue trader Kweku Aoboli’s famous incident at UBS’ London affiliate in 2011, the Swiss bank’s CEO was forced to resign. Only a year before, when he took over, he had pledged to improve the bank’s oversight system, which failed yet again, proving the resilient inefficiency of controls. In 2011, Pfizer, the pharmaceutical behemoth, settled with the U.S. Securities and Exchange Commission (SEC) for US$ 2.3 billion for failing to adequately respond to government inquiries at an investigation into illegal drug promotional marketing and to have a suitable compliance program in place. Siemens fired nearly all its board members on the wake of a corruption and bribery scandal exposed in 2006. Examples abound, and, with every one of them, the list of tarnished boards, corporate governance bodies, and individuals grows longer.
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Keywords
: Compliance, Compliance Officer
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