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Boards, compliance, and ongoing strategy

Tom Fox | May 18, 2017

Increasingly boards of directors are becoming more involved in compliance and risk issues. Probably the most recent examples are Barclay’s chief executive, Jes Staley, who had his compensation docked by the board for his attempt to unmask a person who had reported a concern through the company’s internal and anonymous reporting system. Another example is United Airlines Chief Oscar Munoz, who was denied the role of chairman of the board after his publics relations disaster from the passenger physically removed from a United flight for “re-accommodation.” Finally is the Wells Fargo, board-commissioned investigation of the bank’s fraudulent accounts scandal, which criticized the board’s role in allowing the scandal to unfurl in the manner which it did.

The Man From FCPA has observed boards again and again show themselves to be unable or unwilling to fulfill their duties in the tripartite system of corporations: shareholders, senior management, and noards. Board members must...

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