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Corporate Boards Do NOT Need ISO 37001 To Act Consistent With Fiduciary Duties

Boardrrom

Since ISO 37001 was released in October 2016 (see here), there have been many creative attempts to market ISO 37001 services.

This recent article with the click bait headline “How ISO 37001 Might Protect You From Shareholder Lawsuits” is the latest example.

However, contrary to the suggestion in the article, corporate boards do not need ISO 37001 to act consistent with fiduciary duties. Moreover, as discussed below, the article contains incomplete and inaccurate statements of law.

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Friday Roundup

Roundup

Guilty plea, Petrobras civil settlement, Alstom is done reporting, scrutiny alert, SEC FCPA enforcement, from the docket, checking in up north, and for the reading stack. It’s all here in the Friday roundup.

Guilty Plea

As highlighted in this prior post, in January 2017 the DOJ announced an FCPA and related enforcement action against four individuals for their roles in a scheme to pay $2.5 million in bribes to facilitate the $800 million sale of a commercial building in Vietnam (the so-called Landmark 72) to a Middle Eastern sovereign wealth fund.

Today, the DOJ announced: “Joo Hyun Bahn, aka Dennis Bahn, 39, of Tenafly, New Jersey, pleaded guilty in federal court in Manhattan to one count of conspiracy to violate the Foreign Corrupt Practices Act (FCPA) and one count of violating the FCPA.  U.S. District Judge Edgardo Ramos of the Southern District of New York accepted the guilty plea.  Sentencing is scheduled for June 29 …”.

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Friday Roundup

Roundup

Former SEC FCPA Unit Chief Kara Brockmeyer on declinations and voluntary disclosure, Wal-Mart’s global chief ethics and compliance officer on increased standardization in global anti-corruption efforts, scrutiny updates, French first, and for the reading stack.

It’s all here in the Friday Roundup.

Former SEC FCPA Unit Chief Kara Brockmeyer On Declinations and Voluntary Disclosure

Brockmeyer is profiled in this recent Corporate Crime Report Q&A. (See here for a recent FCPA Flash podcast with Brockmeyer).

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Friday Roundup

Roundup

Quotable, SEC Annual Report, it’s called the rule of law – deal with it, across the pond, more ISO 37001 puff pieces, monitor related, for your viewing pleasure, and for the reading stack. It’s all here in the Friday roundup.

Quotable

To those still hyperventilating about Foreign Corrupt Practices Act enforcement in the Trump administration (see here and here), perhaps this might calm you down. As reported here by Wall Street Journal Risk & Compliance: “[FCPA Unit Chief Daniel Kahn dismissed the suggestion that President Donald Trump‘s previous criticism of the FCPA has had any effect on the department’s enforcement of the law. Mr. Kahn said he “spanned both administrations,” referring to Mr. Trump’s predecessor, President Barack Obama, adding, “I am continuing to do what I do.”

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Friday Roundup

Roundup

Funny headline, just plain silly, new SEC FCPA Unit Chief, parallel, scrutiny alerts and updates, company continues to “boil the ocean,” and ISO 37001 related. It’s all here in the Friday Roundup.

Funny Headline

This Global Investigations Review post contains the headline “Former FCPA Unit Chiefs Defend the ‘Revolving Door’”.

That’s funny. I suppose if I moved from a government enforcement attorney position to a multimillion dollar position in FCPA Inc. defending companies against the enforcement climate I helped create, I might defend the practice as well.

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