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Compliance expertise on the board of directors

Tom Fox | April 17, 2017

Compliance expertise on a board of directors is becoming a topic of much greater public debate. The recent corporate scandal involving Wells Fargo speaks to the direct need to have both compliance and ethics expertise on a public company board of directors. The failures of the Wells Fargo Board were laid bare in the recent Independent Directors of the Board of Wells Fargo & Company Sales Practices Investigation Report by the law firm of Shearman & Sterling.

The Wells Fargo Board failures were both on the strategic and tactical levels. On the strategic level, there was a failure by the board to comprehend how the impossible sales goal of eight Wells Fargo banking products per customer created the toxic culture the bank engendered with its employees and...

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