This 2020 post highlighted how SEC Commissioner Hester Peirce objected (in whole or in part) to approximately 65% of the corporate FCPA enforcement actions she voted on during the prior fiscal year.
This 2021 post checked in on Peirce’s FCPA voting record as a Commissioner and highlighted how Peirce objected (in whole or in part) to another large batch of corporate FCPA enforcement actions during the prior fiscal year.
This 2022 post checked in on Peirce’s FCPA voting record and highlighted how Peirce objected (in whole or in part) to the bulk of corporate FCPA enforcement actions during the prior fiscal year.
This post checks back in on Peirce FCPA voting record as a Commissioner and once again highlights how Peirce has objected (in whole in part) to a large majority of corporate FCPA enforcement actions during the prior fiscal year.
In the March 2023 $15 million SEC enforcement action against Rio Tinto (see here and here for prior posts), Peirce voted “not approved.”
In the March 2023 $4 million SEC enforcement action against Flutter International (see here and here for prior posts), Peirce voted “approved.”
In the April 2023 $8 million SEC enforcement action against Frank’s International (see here and here for prior posts), Peirce voted “not approved.”
In the May 2023 $62 million SEC enforcement action against Phillips (see here and here for prior posts), Peirce voted “not participating.”
In the May 2023 $2.5 million SEC enforcement action against Gartner (see here and here for the prior posts), Peirce voted “approved” “except for the [antibribery] charge and the disgorgement and prejudgment interest.” The entire settlement amount was disgorgement and prejudgment interest.
In the August 2023 net $20 million SEC enforcement action against Corficolombiana / Grupo Aval (see here and here for prior posts), Peirce voted “approved” “except as to the disgorgement and prejudgment interest.” The entire settlement amount was disgorgement and prejudgment interest.
In the August 2023 $6.5 million SEC enforcement action against 3M (see here and here for prior posts), Peirce voted “not approved.”
In the September 2023 $26 million SEC enforcement action against Clear Channel Outdoor (see here and here for prior posts), Peirce voted “approved” “except as to the disgorgement and penalty.” The entire settlement amount was disgorgement and prejudgment interest.
In the September 2023 $103 million SEC enforcement action against Albemarle (see here and here for prior posts), Peirce voted “approved” “except as to the disgorgement and prejudgment interest.” The entire settlement amount was disgorgement and prejudgment interest.
All told, as an SEC Commissioner, Peirce has voted on 51 corporate FCPA enforcement actions. In 13 of the actions (approximately 25%) Peirce voted not to approve. In 29 of the actions (approximately 60%), Peirce objected to certain aspects of the enforcement action. In other words, Peirce has objected (in whole or in part) to approximately 85% of corporate FCPA enforcement actions during her tenure as an SEC Commissioner.
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Peirce is not the only SEC Commissioner who has objected to various aspects of recent SEC FCPA enforcement actions.
Commissioner Mark Uyeda (sworn into office on June 30, 2022, after being nominated by President Biden and confirmed by the U.S. Senate) voted:
- not to approve the Frank’s International enforcement action;
- “approved except for the [anti-bribery] charge and the disgorgement and prejudgment interest” in the Gartner enforcement action; and
- “approved except as to the disgorgement and prejudgement interest” in the 3M enforcement action.
