SESSION 1 – Business Integrity as a Corporate Governance Matter
Many people believe integrity or ethical practices in business are a matter of policies and procedures and an organisation can and should prescribe the behaviour of the employees, suppliers, partners etc. in a way that deter the undesired behaviours and outcomes. In many respects, ethically sound business practices are a matter of Corporate Governance, but not in terms of prescription. They are a matter of stewardship and control, of capital structure (not only in terms of financial capital) and organisational processes, of consistency in strategic and managerial conduct.
This opening session is meant to link in a clear way business integrity and corporate governance, not as two separate things united by a line, but as elements of the same whole. Business integrity is essential not just for the reputation of a company because, but also for the controlling and directing mechanisms that are the basis of any for-profit and not-for-profit organisation.
Day 1 | Thursday, November 10, 2016
Alex SERBAN (Serban & Musneci Associates)
Ethics as a Cornerstone of Corporate Governance
Sorana BACIU, State Secretary (Prime Minister’s Chancellery)
‘Tone at the Top’ as a Matter of Governance and Business Integrity
Burcin ATAKAN (Partner, EY Romania)
Several pieces of legislation have been continuously adapted to fight against corruption worldwide, one of the latest is suggestively called “Clean Company Law”, prohibiting Brazilian citizens in offering bribes to foreign or domestic public officials. The most enforceable regulation still remains the Foreign Corrupt Practices Act, having the Security and Exchange Commission as the leader in its enforcement. Similar regulations are implemented in the European Union member states, including Romania. Still, there are numerous cases of corruption world-wide which draw our attention and keep up the newspaper headlines. More and more, it becomes a necessity for the business units to embed ethical values as a foundation of their corporate cultures, and communicate them towards the ultimate line of business, cascading the expectation from the CEO of the company to middle management, and the people working in the field. Definitely, the executives maintain the most significant role in modeling and inspiring the business behavior of their employees! The compliance culture cannot be imposed, but it can be embraced if the Tone at the Top approach is appropriately acknowledged!
Law and Compliance: Hot Topics on the Agenda of Senior Management
Livia ZAMFIROPOL, Partner (DLA Piper Dinu)
The presentation will deal with the approach of several hot compliance topics on the agenda of senior management, such as anti-corruption, tax compliance, competition law, public procurement, data privacy. The legal framework in all areas is becoming increasingly complex, thus impacting the capacity of the senior management of ensuring an efficient supervision within the organization.
In this context, the authorities play a very important role as regards the enactment of a legislative framework which encourages compliance and facilitates the prevention actions, as well as the compliance programs.
Moreover, predictability is essential, so that the authorities must take over the responsibility to interpret the unclear legal provisions and also to facilitate the access to previous decisions and case law.