Recently, Mary Jo White, head of the U.S. Securities and Exchange Commission, told her audience at the Stanford Directors’ College that as board members, they were “essential gatekeepers” obligated to spot and prevent potential compliance failures. While the term “gatekeeper” is usually reserved for humorless auditors and lawyers, White views directors as the most important gatekeepers because they have a fiduciary responsibility to oversee the business and affairs of the company, including the compliance program.
White knows that compliance programs can protect companies against external and internal risks, become success stories for the business and build trust with stakeholders. The key elements of a compliance program flow from regulatory frameworks—such as the U.S. Sentencing Guidelines and the Foreign Corrupt Practices Act Guidance from the U.S. Department of Justice and SEC—and directors play a critical role in monitoring the program.
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