There are hard requirements (like laws and such) and soft requirements, somewhat more mystical. If you want people to obey, make the requirements (or guidance) hard, which requires writing them down, and publish them on the web..
“China Put Investment Controls In Writing,” The Wall Street Journal, August 19, 2017 A1. Controls deal with overseas investment by Chinese companies and investors. Restricts investment overseas in property, hotels, entertainment, and sports teams. Allows investment in critical technologies.
Does your company operate based on unwritten guidelines?
“Infosys CEO Leaves In Row With Founder,” The Wall Street Journal, August 19, 2017 B3. Gibson Dunn had been investigating some internal improprieties. The former CEO, who was hired by Infosys from outside the company, will stay on as executive vice chairman. He is replaced by a long-time Infosys employee.
Seems a bit of a mixed message. The founder of the company, who left 3 years ago, complains about operations under the new (and now former) CEO, but the former CEO sticks around on the Board. Who’s really in charge? Change is hard.
Filed under Board, Controls, Corporation, Culture, Culture, Directors, Duty, Employees, Governance, Investor relations, Oversight, Third parties
In the case of another serial offender, “Mylan Settles U.S. Claims on EpiPen,” The Wall Street Journal, August 18, 2017 B5. Mylan pays $465 million for misclassifying the EpiPen as a generic, which affects how Medicaid reimbursements are made.
Funny how Mylan is so careful to not make mistakes that result in them getting less money. The current shareholders keep getting these large bills.
Filed under Accuracy, Business Case, Controls, Corporation, Culture, Definition, Duty, Governance, Information, Internal controls, Oversight, Protect assets, Risk
“Insider Charge for Ex-BofA Staffer,” The Wall Street Journal, August 17, 2017 B1. The staffer was a former IT consultant accused of getting tips from a confidential deals database and passing them on to his girlfriend’s father.
The former consultant pleaded guilty to criminal insider trading charges. The company fully cooperated in the government investigation, it says.
A bad weak for IT consultants.
Filed under Access, Controls, Corporation, Directors, Duty, Internal controls, IT, Security, Third parties, To report, Vendors
At Wells Fargo, the beat goes on.
“Wells Fargo Shake-Up Imperils Chairman,” The Wall Street Journal, August 11, 2017 B1. The person appointed non-executive chairman of the bank following the “retirement” of the former chairman in the wake of some of the Wells Fargo scandals is now on the verge of his own “retirement.” The shareholders didn’t support him.
Interesting that the shareholders have a voice, while their shares burn. Last one to leave, please turn out the lights.
“In China, Live Surveillance Feeds Are the New Entertainment,” The Wall Street Journal, August 11, 2017 A6. Apparently, the data feeds from surveillance cameras are available on the internet, and have now been collected and edited into a movie.
Are you a person of interest?
“LinkedIn Suffers Defeat in Data Case,” The Wall Street Journal, August 15, 2017 B3. A data mining company was scraping the public information posted by employees on LinkedIn and predicting when employees would leave. Microsoft, who now owns LinkedIn, sued to block the data mining company from accessing the site and lost its request for an injunction.
Apparently, Microsoft doesn’t own the publicly available information posted by third parties.