The pro-business U.S. Chamber of Commerce is running a high-profile campaign to weaken the Foreign Corrupt Practices Act. But not everyone in the business world is happy about that.
Walden Asset Management — a division of Boston Trust & Investment Management Company — recently said IBM’s role in supporting the Chamber of Commerce is inconsistent with good corporate citizenship.… Continue Reading
During the first quarter of 2011, two earlier FCPA-related indictments were disclosed. And there were four corporate actions, four guilty pleas, including two shot-show defendants and the former KBR middleman Jeffrey Tesler, who was hit with the biggest forfeiture order in FCPA history, and two sentencings of individuals to prison.… Continue Reading
In 2007, we listed ten elements of an effective compliance program. Several elements made it clear that high-level oversight is always critical. In IBM’s case, that oversight was missing.
IBM today resolved civil charges brought by the SEC for violating the books and records and internal control provisions of the Foreign Corrupt Practices Act.
The company admitted making improper cash payments to government officials in South Korea and China, and giving gifts and paying travel and entertainment expenses that violated the FCPA.… Continue Reading