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When a Board Member Goes Bad

Joe Mont | October 27, 2015

Investigations into rumors of misconduct are part and parcel of a compliance officer’s job. Seldom, however, is the task as delicate as when investigating a board member.

The nightmare scenario is this: that an issue is raised—either internally by a whistleblower, or worse, externally by a regulator—and the problem traces back to a board member suspected of bribery, insider trading, or financial fraud. The list of investigative duties then explodes, from overseeing the probe itself to assessing D&O insurance policies to understanding required disclosures, and more. Maybe you need to help create special board committees; maybe the audit firm is clamoring for detail. Absolutely you want to keep the media and the directors as far apart as possible.

Put simply, investigating directors is a mess.

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