A ticking time bomb? Whistleblowing in 2018

May 10, 2018

As Jess Staley of Barclays has recently found to his detriment, whistleblowing systems are starting to receive more more support from Boards and by control functions in order to protect companies and encourage people (employees and others) to speak up.  Perhaps we would not have had the Wells Fargo, Volkswagen and other fiascos if properly designed and supported systems were in place, together with a braver Board.  We dare to guess that Barclays was forced into a corner when Staley's double attempt to discover the whistleblower became known to the public (leading to his censure, cut in bonus and later shareholder ire at the AGM), however the subsequent discussion about culture became a necessary and welcome addition to the Board agenda as essentially everything comes down to ethics and culture. 

 

A good summary of some other recent and historical events is noted in Fraud Magazine at http://www.fraud-magazine.com/cover-article.aspx?id=4295001035.

 

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