Businesses and compliance professionals should expect the Department of Justice’s new compensation clawback policies to be applied on a case-by-case basis, with broad discretion, according to legal experts.
Compensation
Posted inAccounting & Auditing
Credit Suisse discloses ICFR ‘not effective’ in 2022
Credit Suisse Group disclosed in its annual report its internal control over financial reporting was “not effective” for the fiscal year ending December 2022.
Posted inRegulatory Enforcement
DOJ sets new compliance criteria for criminal investigations
The Department of Justice announced changes to its evaluation procedures for corporate compliance programs in criminal investigations, including monitoring off-channel messaging by employees, executive compensation programs, and how the agency selects compliance monitors.
Posted inRegulatory Enforcement
DOJ to implement new clawback, compensation policies for corporate settlements
Corporate resolutions involving the Department of Justice’s Criminal Division will now include a requirement the resolving company develop compliance-promoting criteria within its compensation and bonus system, according to Deputy Attorney General Lisa Monaco.
Posted inAccounting & Auditing
Greenbrier Companies fined by SEC over CEO perk disclosures
Greenbrier Companies and its former chief executive officer will pay a total of $1.1 million to settle charges from the Securities and Exchange Commission the firm failed to disclose perks related to the use of a private jet owned by the CEO.
Posted inEthics & Culture
Reports: Morgan Stanley fines bankers up to $1M for off-channel communications
Morgan Stanley fined its employees up to $1 million for using unauthorized communication channels in violation of recordkeeping rules, according to multiple reports.
Posted inRegulatory Enforcement
McDonald’s avoids SEC fine for misleading statements related to fired CEO
The Securities and Exchange Commission found McDonald’s violated federal securities law when it failed to fully disclose material factors regarding the firing of former Chief Executive Stephen Easterbrook in 2019.
Posted inSurveys & Benchmarking
CCO/CECO salary data: Five noteworthy trends
Chief compliance officers are earning more than before compared to previous years of our “Inside the Mind of the CCO” survey, though trends like differences in gender pay persist.
Posted inAccounting & Auditing
SEC passes Dodd-Frank executive pay clawback rule
The Securities and Exchange Commission passed a rule to require public companies to recover incentive-based compensation doled out to current and former executives up to three years before issuing an accounting restatement.
Posted inSurveys & Benchmarking
Survey: Performance incentives drive general counsel compensation rise
Compensation among general counsel at some of the nation’s top corporations increased about 8.1 percent in 2021, compared to 2020 levels, according to the latest annual benchmarking report from Equilar.
