The Importance of a Board Compliance Committee

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1 Response

  1. Myron Betshanger says:

    Hi Micheal
    I regard this as a “eurika” moment in corporate governance, particularly in view of the growing trend to separate the Chief Compliance Office function from that of the General Counsel. The establishment of a separate Board Compliance Committee is only the next logical step in order to ensure real time reporting on significant compiance risks and issues that faces a company. To further enhance corporate governance and corruption risk management I would like to suggest placing the CSR (Corporate Social Responsibity) function under the oversight of the Chief Compiance Officer and thus under the Board Compliance Committee. This may be of paricular importance in view of the fact that the CSR function can be seen as a major corruption risk area for companies operating in developing countries. The increasing transparency requirements placed on multinational corporations as regards their payments to foreign governments of countries in which they operate may further warrant the latter proposition.