The Department of Justice and the Securities and Exchange Commission Release FCPA Resource Guide Office of Public Affairs Wednesday, November 14, 2012 The Department of Justice and the Securities and Exchange Commission Release FCPA Resource Guide The Department of Justice (DOJ) and the U.S. Securities and Exchange Commission (SEC) today released A Resource Guide to the U.S. The Guide provides helpful information to enterprises of all sizes – from small businesses doing their first transactions abroad to multi-national corporations with subsidiaries around the world. “The fight against corruption is a law enforcement priority of the United States,” said Assistant Attorney General Lanny A. “Investors must have faith that the economic performance of public companies reflects lawful considerations of markets, price and product rather than a mirage resulting from bribery and corruption,” said Robert Khuzami, Director of the SEC’s Division of Enforcement.
Marks on Governance Norman Marks, CRMA, CPA, is a vice president for SAP and has been a chief audit executive and chief risk officer at major global corporations for more than 20 years. PwC has completed and published their 2012 Annual Corporate Directors Survey. Their overall comment is that “progress [has been] made, but challenges persist.” I am not sure that they got this right, as my observations as I look at the data are sometimes different from theirs. In any event, the report is worth reading and you should draw your own conclusions. Here are my comments and observations as I work through the report. The first observation PwC makes is that directors are reporting that they are dedicating more hours to their board duties. I am interested in your views and comments on the report and its conclusions.
Kozminski Center for Corporate Governance Our Goals Koźmiński Center for Corporat Governance is based in Warsaw, Poland. The aim of our research agenda is to develop understanding of economic phenomena involved in corporate governance, and create effective solutions in this area. Our Mission Koźmiński Center for Corporate Governance is a longterm research programme dedicated to international, creative thinking about corporate governance. Our Research In 2008, the Center was awarded a grant by the Ministry of Science to research board committees . The Center brings together research which used to be conducted in various departments. Our Faculty The faculty, who conduct research at the Center, share a common devotion to academic excellence.
Corporate governance There has been renewed interest in the corporate governance practices of modern corporations, particularly in relation to accountability, since the high-profile collapses of a number of large corporations during 2001–2002, most of which involved accounting fraud. Corporate scandals of various forms have maintained public and political interest in the regulation of corporate governance. In the U.S., these include Enron Corporation and MCI Inc. (formerly WorldCom). Their demise is associated with the U.S. federal government passing the Sarbanes-Oxley Act in 2002, intending to restore public confidence in corporate governance. Comparable failures in Australia (HIH, One.Tel) are associated with the eventual passage of the CLERP 9 reforms. Other definitions Economic analysis has resulted in a literature on the subject. One source defines corporate governance as "the set of conditions that shapes the ex post bargaining over the quasi-rents generated by a firm Continental Europe
Corporate Governance High quality corporate governance helps to underpin long-term company performance. The UK has some of the highest standards of corporate governance in the world, which makes the UK market attractive to new investment. The UK Corporate Governance Code has been instrumental in spreading best boardroom practice throughout the listed sector since it was first issued in 1992. It operates on the principle of 'comply or explain'. It sets out good practice covering issues such as board composition and effectiveness, the role of board committees, risk management, remuneration and relations with shareholders. Listed companies are required under the Listing Rules either to comply with the provisions of the Code or explain to investors in their next annual report why they have not done so. There are a number of advantages to the 'comply or explain' approach. A detailed explanation of the code-based approach, and how it fits into the UK's overall regulatory framework, can be found in