Swiss non-disclosure

What can force you to disclose your private information?

Swiss banks have long been known for their secrecy. But have also recently been the target of investigations, both US and other, into whether they have assisted their clients in evading taxes. And they are trying to expand their business into other jurisdictions, but encounter challenges by regulators.

What to do? You can’t be transparent without disclosing something, but you don’t want to disclose too much.  So, change from a partnership to a corporation after 209 years, and file public financials on overall operations.

“Pictet Sheds Cloak, Reports Financial Data,” Wall Street Journal, August 27, 2014 C3 http://online.wsj.com/articles/switzerlands-pictet-reports-financial-results-for-first-time-in-its-209-year-history-1409038201

Is this how your business would have handled the problem? Would you have decided to change to corporate form to force disclosure of some information, while keeping the real secret stuff secret?  Have they changed the company’s culture of “no disclosure”?

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Filed under Board, Business Case, Controls, Culture, Governance, Inform market, Internal controls, Legal, Protect assets, Protect information assets, Requirements, Risk, Third parties

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