The Need for Corporate Compliance Committees

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1 Response

  1. Anonymous says:

    Having lived through a compliance nightmare, I can not agree more with your views on a compliance committee. This particular SWF established a compliance committee with no less than 26 members all non-lawyers coming from within each business unit. To the extent that HR managers, token nationals put in positions to fly the flag of nationalization, are held up as knowledgeable, aware and experts in the area of compliance, corporate governance and corruption. There is limited if any training or understanding on the part of this committee, at best the most pathetic attempt at window-dressing I have ever seen. Having recently been walked out the door due to blowing the whistle on illegal practices in Indonesia and Malaysia by a SWF who now hides behind their ME home jurisdiction to avoid the reach of the US and UK yet they issue term notes in the US and Europe and avoid reporting requirements yet still chase profits by corrupt means. Unfortunately, the senior management bear personal liability as they comprise of both US and UK persons who were actively involved in the illegal activities, were advised to cease and desist yet defied this advise for the sake of self-interest, greed=bonuses. I now sit in waiting for the SEC to take action. Having been terminated for what the SWF labelled as "unethical behavior" and now the subject of threats of being thrown in a UAE jail, I can sit and wait for the SEC and DOJ to act. I now appreciate the stress and fear Peter Barker-Homek faced when dealing with the UAE. SWF's want to play in the global economy yet they wont play by the rules. How can finance houses like Goldman's and Citigroup take investors funds and pump it into SWF's who fail miserably on the compliance front. Simply fueling corruption, illegally gained profits and advantages and breeds ever-growing social injustice and poverty. Financial institutions need to take a long hard look at themselves in the mirror as well as foreign workers who flock to SWF's in the ME to chase large pay packets yet leave their ethical, moral and professional obligations at reception, if they had any.