Regulators on the panel said that while the Yates Memo did gain attention and emphasize individual accountability, governmental investigations have not changed much as a result.

“I don’t think we ever took on a corporate case without looking at individuals,” said Winston Paes, chief of the business and securities fraud section in the U.S. Attorney’s Office in the Eastern District of New York. “You’d be hardpressed to find a prosecutor who doesn’t want to prosecute individuals.” He continued: “I don’t think the Yates Memo changed our focus and all of the sudden we were looking at something we weren’t looking at before.”

When it comes to whistleblowers, Michael said companies should be mindful of self-disclosing an issue to regulators too soon. He said companies do not have the same resources for an internal investigation that government agencies have. A company’s findings might only be “the tip of the iceberg,” he said.

“Know what you’re presenting to the DOJ has real legs for an investigation,” Michael said. “The flip side is you don’t want to get caught in the DOJ’s eyes as being less than cooperative.”

The relationship with regulators extends to outside counsel. When Michael is choosing outside attorneys, he said he is looking for lawyers who can balance between being aggressive while also being able to have an “effective dialogue” with regulators.

21st Century Fox wants lawyers who can “fight if the fight is to be had,” Michael said. But he acknowledged that it isn’t necessary to be on the defense from day one. “I don’t think you need to rush in with that approach,” he said.

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