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Compliance on the VW board

Tom Fox | November 27, 2016

Every level at a company has a role in compliance. As the Justice Department and the SEC noted in the FCPA Guidance, compliance goes from the boardroom to the shop floor. The Man From FCPA was reminded of the role of a board in a recent article in the New York Times, which reported that “that the chairman of the supervisory board, Hans Dieter Pötsch, is suspected by German prosecutors of violating securities laws.” These violations were around the company’s failure to keep shareholders abreast of the emissions-testing scandal and its potential costs. VW has continued to hold to its line of the ‘rogueness’ defense; evolving from one or two rogue engineers to some un-named group mid-level engineers to their managers.

Moreover if knowledge of the scandal went up to the board level before it became public the cost to the company could increase...

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