The Pulitzer-prize winning NY Times reporter David Barstow famously wrote in 2012 that Walmart was an “aggressive and creative corrupter, offering large payoffs to get what the law otherwise prohibited. It used bribes to subvert democratic governance — public votes, open debates, transparent procedures. It used bribes to circumvent regulatory safeguards that protect Mexican citizens from unsafe construction. It used bribes to outflank rivals.”
Entries in Audit Committee (10)
A pending case -- largely ignored by the compliance profession and the press -- brings before the courts one of the most troubling issues of the Wal-Mart investigation: Was the Wal-Mart Board of Directors misled during 2005-2012 regarding an alleged Mexican bribery scheme and subsequent cover-up? If so, was that due to intentional misconduct by some directors or senior executives reporting to the Board who either participated in or knew about the purported scheme?
Bio-Rad Laboratories Inc. said in its annual report Tuesday that it has added $15 million to its reserve for a potential Foreign Corrupt Practices Act settlement, bringing the total to $35 million.
Here's what Wal-Mart Stores Inc. said in its quarterly report (Form 10-Q) filed with the SEC on December 6:
The UK Competition Commission's investigation and preliminary report regarding competition between external auditors and the dominance of the Big Four accountancy practices, has generated some controversy. For starters, the Commission has recommended for FTSE-350 companies that there be a decennial re-tendering for external auditors rather than a rotation.
In its quarterly SEC filing Thursday, Wal-Mart again said it is investigating both alleged FCPA offenses in foreign subsidiaries and ‘whether prior allegations of such violations and/or misconduct were appropriately handled.’
LyondellBasell Industries NV, the Netherlands-based petrochemical maker, made this disclosure in its Form 10-Q filed with the SEC on October 26:
Here's the full FCPA disclosure by Avon Products, Inc. from its Form 10-Q filed with the SEC on November 1:
From Avon Products Inc's Form 10-Q filed with the SEC on August 1, 2012: