Appointment Blogs | Compliance Week – Page 223
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Hitachi Settles Case With African Development Bank
The African Development Bank Group (AfDB) announced this week that it reached a settlement agreement with Japan-based Hitachi. The African Development Bank (AfDB) Integrity and Anti-Corruption Department alleged that Germany-based Hitachi Power Europe, and its South African subsidiary, Hitachi Power Africa, engaged in sanctionable practices in exchange for a boiler ...
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SFO: Sweett Group Admits to Bribery
The U.K. Serious Fraud Office this week confirmed that Sweett Group, a British property management, construction and surveying company, admitted to violating the Bribery Act, regarding conduct in the Middle East. The resolution would mark the SFO’s first conviction since enactment of the Bribery Act in 2011. More inside.
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Lincoln Financial Group Names General Counsel
Lincoln Financial Group has named Kirkland Hicks as general counsel, effective Dec. 10, 2015. In this role, Hicks will oversee all activities for the law, compliance, government relations, and corporate secretary functions of the company, as well as provide strategic counsel to the CEO and senior management team. Details inside.
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FreightCar America Names General Counsel and Corporate Secretary
FreightCar America, a manufacturer of freight cars for the railway industry, has named Georgia Vlamis as general counsel and corporate secretary, effective as of Dec. 1. In her role, Vlamis serves as a key member of the company’s leadership team, with responsibility for all aspects of the company’s legal affairs. ...
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GfK Names General Counsel for the Americas
Research company GfK has appointed Anna Maria Vitek as senior vice president and general counsel for the Americas. Vitek joins GfK from Avon Products, where she was general counsel and chief compliance officer, Latin America. Details inside.
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SynerMed Names Chief Compliance Officer
SynerMed, a healthcare platform provider for government-sponsored healthcare programs, has named Renée Delphin-Rodriguez as general counsel and chief compliance officer. Reporting to the Chief Executive Officer James Mason and the board of directors, she will oversee the company’s legal, regulatory affairs and compliance functions. Details inside.
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Ollie's Appoints Chief Accounting Officer
Ollie's Bargain Outlet Holdings has hired Jay Stasz as senior vice president of finance and chief accounting officer. In this capacity, Stasz will report to Executive Vice President and Chief Financial Officer John Swygert.
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The Press and Exposure of Corruption: BAT Is Next
Allegations of bribery can come to light in many ways, but one way not usually mentioned—that was prominently featured last week—is through news reports. This time the media outlet was the BBC, and the allegations were that bribery at British American Tobacco Co. had occurred in violation of the Bribery ...
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SEC Charges Grant Thornton, Two Partners
The SEC delivered a heavy blow to Grant Thornton and two of its engagement partners last week with charges they ignored red flags and fraud risks at two public companies that ultimately faced enforcement actions of their own. Grant Thornton agreed to a penalty of $3 million, forfeited $1.5 million ...
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PwC Reports on Efforts to Raise Audit Quality
Image: PwC has issued a report to answer questions about what it is doing to better address regulatory demands for better audits. The company is investing in technology, developing talent, and adjusting its audit approach to meet rising expectations. “We understand the importance of maintaining our focus on delivering quality, ...
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Signs of Life for SFO, Enforcement of Bribery Act 2010
This week has seen a trio of significant "firsts" from the UK's Serious Fraud Office, including its first-ever Deferred Prosecution Agreement and two cases brought under section 7 of the Bribery Act 2010.
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Report: Whistleblowing Seen as “Disrespecting Authority” in Latin America
Latin America remains a hot spot for investors from every industry and markets around the world. But corruption in this region continues to run rampant and creates greater compliance risk for multinationals doing business in Latin America. According to a recent report, the top seven compliance risks for companies ...
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Internal Audit Needs to Better Measure Performance, IIA Says
Internal audit departments might better demonstrate the value they bring to public companies if they had a more robust way of measuring their own performance.
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RBS and StanChart on BoE Stress Tests: Resiliency is key
The Bank of England (BoE) recently released the results of its latest round of stress tests, which involved seven of the biggest U.K. lenders. While some of the banks emerged from the tests relatively unscathed, Royal Bank of Scotland and Standard Chartered fell below the minimum capital requirements needed to ...
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Regulator Calls on ECB to Tighten Its Rules of Engagement
Image: The European Central Bank’s transparency woes continue as Ombudsman Emily O’Reilly is urging the central bank to build a robust rules of engagement practice by putting a stop to banker meetings ahead of setting policy. O’Reilly said ECB officials should not give investors any advantage over rivals prior to ...
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NY’s New AML Rules Seek Enhanced Monitoring, Attestations
Image: New York Governor Andrew Cuomo has proposed a slate of new anti-money laundering and anti-terrorism regulations for financial institutions that fall under that state’s supervision. They include a requirement that senior financial executives certify their institutions have sufficient systems in place to detect, weed out, and prevent illicit transactions, ...
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Aguilar Explains It All: Advice for Future SEC Commissioners
Image: As he moves on from the Securities and Exchange Commission, Luis Aguilar has a parting gift for future commissioners who will follow in his footsteps. He has issued a public statement, likely his last as a commissioner, to share what he has learned about navigating the unique challenges that ...
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Law Firm Slater & Gordon Now Taking Its Lumps as Public Company
Slater & Gordon, a publicly-traded Australian law firm that is a major player in the plaintiffs’ securities class action area, must now contend with the consequences of its own stock price plummeting.
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Prepping the Audit Committee for 2016 Proxy Season
The 2016 proxy season will bring much scrutiny as usual, but two developments in corporate governance—the new COSO framework, and the Audit Quality Indicator project—might help committees manage the workload better. Inside, columnists Stephen Davis and Jon Lukomnik review how compliance officers can use those tools to help audit committees ...
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Checking Up on GSK in China
When thinking through an FCPA risk assessment, one thing usually not considered adequately is a company’s sales culture. To see the consequences of that, one need look no further than GSK’s corruption troubles in China—but, CW blogger Tom Fox writes, the reforms GSK has implemented with its sales force are ...