- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Jaclyn Jaeger2020-01-09T19:42:00
Samsung Group has announced its intent to establish a corporate compliance oversight committee as the company seeks to clean up its tarnished reputation following a slew of scandals.
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Jay Lee, the heir and de facto leader of family-owned conglomerate Samsung, was sentenced to prison for 2 1/2 years in a retrial regarding his role in a bribery scandal involving the former president of South Korea.
Lee Jae-yong, the heir and de facto leader at Samsung, was indicted by South Korean prosecutors on charges related to a 2015 merger of two subsidiaries and alleged irregularities in accounting practices at another subsidiary.
Jay Lee admitted Samsung “has not strictly complied with laws and ethics” at a press conference organized by the company’s new compliance oversight committee.
It’s been a trying time for staff at firms with redundancies, affecting morale as layoffs mount amid an effort to silence dissent in the ranks for those departing.
Codes of ethics and conduct are becoming ubiquitous, yet instilling high standards of corporate integrity still seems an elusive goal. Why is corporate culture such a challenge?
Keeping track of regulations and understanding how they affect your business can be a hot mess without proper organization and collaboration, experts said at Compliance Week’s Women in Compliance Summit, held June 3-4, in Atlanta.
