Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Tag: UK
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance brings to you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen in to the Daily Compliance News. All, from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Welcome to the Daily Compliance News. Each day, Tom Fox, the Voice of Compliance, brings you compliance-related stories to start your day. Sit back, enjoy a cup of morning coffee, and listen to the Daily Compliance News. All from the Compliance Podcast Network. Each day we consider four stories from the business world, compliance, ethics, risk management, leadership, or general interest for the compliance professional.
Stories we are following in today’s edition of Daily Compliance News:
Tune in every quarter to learn how David Simon, a 53-year-old lawyer from the US, navigates the ancient world of Oxford University in pursuit of an MBA. David is a Partner at the law firm Foley and Lardner, who has dedicated his career to white-collar compliance with a heavy international focus. In A Yank in Oxford, David and host Tom Fox will discuss what inspired his decision to pursue an Executive MBA and his hopes for where the journey may lead.
In this Episode 5, David reflects on the one-year mark in his Oxford MBA Program.
- Reflections at the one-year mark.
It has been amazing in so many ways. I love my classmates, and the core value proposition is my interactions with them. I love Oxford and feel lucky to spend time soaking up the atmosphere. Riding the bus into town makes me feel smarter. And I’ve learned so much – about technical business and commercial issues like accounting, finance, and statistics- but also about the macro-level, big-picture issues that drive society and thus drive business.
- Favorite courses so far.
Governance and Ethics.
Global Rules of the Game.
Accounting was surprisingly good.
M&A – mini-MBA in itself.
- The Physical Environment
* Oldest coffee house in the UK is in Oxford. There’s a theory about the coffee house’s importance to the Enlightenment’s emergence. Lots of people with different ideas bouncing around but similar themes. Brilliance of being immersed in an environment of smart, curious, open people.
* Thinking about all kinds of issues in different ways and thinking deeply and reading deeply about big societal issues that massively affect business enterprise – my clients – and government and policy.
* Presentations and Papers on:
- Supply chain and geopolitical risk.
- US/China relations and decoupling.
- ESG – theory, and practice.
- Human Rights – Forced Labor/Child Labor in Supply chains and the ethics and practical compliance challenges.
- The Beatles and the Get Back documentary and leadership lessons learned.
- Techniques for promoting virtue and ethics in organizations.
- CSR is a means to develop a sustainable competitive advantage for a business.
- What’s coming up?
Global Opportunities and Threats Oxford: Apply systems thinking too big complex problems. We’re focusing on food security.
Vietnam – Emerging Markets course
- What has been some fun stuff?
- Rowing
- College dinners
- Wimbledon
- Queen’s funeral – being in the UK
In today’s edition of Daily Compliance News:
- Corruption and money laundering are destroying the planet. (FCPA Blog)
- UK to ‘rethink’ replacing GDPR. (TechCrunch)
- Meta appeals €405 million fine. (Cordery Compliance)
- More whistleblowers at EY (FT)
In today’s edition of Daily Compliance News:
- Queen Elizabeth’s funeral. (All Papers)
- New British PM Chief of Staff witness in a bribery probe. (FT)
- DOJ wants clawbacks. (DOJ Press Release)
- Activity is not productivity. (WSJ)
In today’s edition of Daily Compliance News:
Jonathan Armstrong and Tom Fox return for another episode of Life with GDPR. In this episode, they celebrate the 10th anniversary of the initial proposal of the law, which became GDPR. Some of the issues they consider include:
- What was in the original proposal that did not become enacted in the final law?
- Reduction in costs-what happened?
- Right to be Forgotten morphed into something very different than intended.
- Fines, Fines, Fines.
- Evolution of regulatory sophistication.
- Criticism of regulators.
Resources
Check out the Cordery Compliance client alert on this topic; click here. For more information on Cordery Compliance, go to their website here. Also, check out the GDPR Navigator, one of the top resources for GDPR Compliance, by clicking here.
Bryan Sillaman, Head of the Paris office of Hughes Hubbard & Reed LLP, returns to the show to share the breadth and scope of some of the regulatory frameworks already in place, what the green taxonomy is all about and how it relates to an overall ESG program.
▶️ Exploring ESG from the European Perspective with Bryan Sillaman.
Key points discussed in the episode:
(00:30) Bryan Sillaman shares his current practice and interesting evolution from a white-collar defense lawyer to an ESG aficionado.
(01:28) The key differences in the regulatory approach to ESG between the EU and US.
(02:34) The robust and rigorous exercise at a scientific and technical level to define sustainable activity versus not generating different opinions & viewpoints. Bryan expects this lengthy process in the EU in 2021 to become a lot more in 2022.
(03:49): The EU has been ahead a bit on the front where the United States is in terms of the ESG regulatory approach. Sillaman shares that this is part of what’s driven by the regulatory framework, but even more so, as companies face pressure from their investors, employees, unions, NGOs and various stakeholders.
(05:04): Companies claim to be involved in sustainable activities but not really involved. And it comes back to the concern of greenwashing and establishing the taxonomy set out to define at a technical and scientific level what is sustainable and what is not.
(08:07) The sustainable financial disclosure regulation and its operation into an overall ESG framework. It requires asset managers as financial market participants to first disclose how much of their activities are aligned with the taxonomy.
(09:19) The Corporate Sustainability Reporting Directive and how it fits in.
(10:50) With directives defined, Bryan shares where he sees EU reporting standards for ESG headed and envisioned as the technical criteria will evolve over time.
(12:57) ESG has become a really top-of-mind issue for many companies and institutions. Sillaman shares that this is part of what’s driven by the regulatory framework, but even more so, as companies face pressure from their investors, employees, unions, NGOs and various stakeholders.
(14:13) Interesting trends for 2022 following the regulatory Bryan cites interesting cases and lawsuits brought by NGOs to pursue reductions in carbon emissions and other damages against companies.
(17:30) Several countries pass enhanced disclosure and due diligence requirements on the supply chain, and companies are operating in their jurisdiction focus on human rights issues.
(19:20) The S or social aspect part of ESG gets more attention, perhaps not as much as the environmental or E piece that focuses on gender issues
(20:36) A company that wants to start an ESG Program should first figure out who the key stakeholders are. It covers a broad set of issues that naturally implicates a lot of different stakeholders within the company.
Bryan J. Sillaman is Managing Partner of the firm’s Paris office. During his time at Hughes Hubbard, Bryan has counseled clients across a range of governance and compliance issues, including the development of policies and procedures, due diligence relating to third-parties and joint venture partners, and internal reviews and audits of their global operations. Bryan has spent significant time advising clients in connection with independent corporate monitorships and has traveled extensively in connection with his activities, including to Angola, Brazil, China, Indonesia, Malaysia, the Middle East, Nigeria, Russia, Thailand and Venezuela.
Prior to joining Hughes Hubbard, Bryan was an attorney in the Division of Enforcement of the US Securities and Exchange Commission (SEC) where he earned a Division Director Award.
Connect: bryan.sillaman@hugheshubbard.com
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