In today’s edition of Daily Compliance News:
Tag: Uber
In today’s edition of Daily Compliance News:
- VW says it wants to stop cheating?(NYT)
- Mario Rubio says you can’t trust a Chinese audit. (WSJ)
- Is it compliance or is it customer relations? Uber may fire you as a customer.(WSJ)
- What does the 2019 Guidance mean for Boards of Directors. (Harvard Law School Forum on Corporate Governance and Financial Regulation)
In today’s edition of Daily Compliance News:
- What is data security? Ask Jonathan Armstrong. (Financial Times)
- Uber tanks at IPO opening. What did compliance have to do with it? (WSJ)
- SEC Thursday fined Telefônica Brasil S.A. $4.125MM for World Cup tickets. (FCPABlog)
- What to do when the boss tells you to lie to the feds? Ask Don McGahn. (New York Times)
In today’s edition of Daily Compliance News:
- What to do when the founder is toxic? (New York Times)
- Michael Senna informs 3rdparty risk management. (Wall Street Journal)
- Exxon sues Cuban companies for expropriation. (Wall Street Journal)
- Model airplane enthusiasts stop drone delivery. (Financial Times)
APRIL 12, 2019 BY TOM FOX
In today’s edition of Daily Compliance News:
- Uber is under FCPA investigation. (FCPA Blog)
- Did you break the rules? Just rewrite them in your favor. (Wall Street Journal)
- Apple requires supply chain compliance re: climate warming emissions. (Washington Post)
- Halloween comes early this year for the UK. (New York Times)
APRIL 11, 2019 BY TOM FOX
In today’s edition of Daily Compliance News:
- New enforcement around Petrobras scandal ramping up. (Reuters)
- Is something is rotten at Airbus? (Reuters)
- How do you evaluate ‘Uber’ risk? (Financial Times)
- Trump Building Condo Tied to Scandal-Scarred Foreign Leader. (Financial Times)
Oversight – What compliance expertise has been available on the board of directors?”, you need to have not only the structure of the Board Level Compliance Committee but also the specific subject matter expertise (SME) on the Board and on that committee.
Finally, recognizing that compensation can be a powerful motive to induce ethical and even business appropriate behavior the Board recommended that it use compensation to hold senior executives accountable by “incorporating ethical business practices, diversity and inclusion, and other values from Uber’s Business Code of Conduct into its executive compensation program. This compensation program would be coupled with training on the company’s revamped ethical business practices, diversity, inclusion and other key corporate values.
As is often the case, it is the editorial board at the FT which has some of the best advice for businesses, both in the UK and the US. In a piece entitled “At Uber, counting the cost of winner take all” the paper said, there are three groups which can influence the behavior for Uber going forward: the company’s owners, largely Kalanack and his cronies; the Board of Directors, think about Bonderman at this point; and its customers, IE., you and me. As to the final group, we can vote with our pocketbook by changing over to other ride-sharing companies such as Lyft.
Most importantly, the Uber ownership structure is a forbearer of ownership being concentrated in the hands of a few key founders. If they do not put compliance and ethics into the ethos of the company at an early phase, they cannot be forced to do so by shareholders or investors. This anomaly will make independent Boards of Directors more critical for getting such companies ready to go public. For if such companies cannot meet the requirements of a public company, everyone loses.
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What role did the Uber Board play in its culture disaster and what role must it play going forward?
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© Thomas R. Fox, 2017]]>
