The CEO arranged to hire one of his buddies for a senior job with the company. Someone ( employees? a shareholder?) sent a letter to a member of the Board complaining about the hiring. The CEO asked Security to find out who wrote the letter, despite being told by Compliance and the General Counsel not to. He persisted.
“Barclays CEO Hit With Penalties of $1.5 Million,” The Wall Street Journal, May 12, 2018 B1. UK regulators fined him nearly $870,000 for a ”serious error of judgment.'”
What does it say about a company when the CEO doesn’t listen to the company’s General Counsel or Compliance department? Is this a governance problem, a compliance problem, or an HR problem? Costs the shareholders about the same. And did either the General Counsel or Compliance advise the Board that the C? What happened to them?