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European Perspective

The German legislative environment relating to corporate governance has been rapidly evolving over recent years.   Amendments to the Corporate Governance Code (DCGC) place increasing personal responsibility on supervisory boards to ensure businesses meet their legal obligations and comply with internal policies.  This has led to a steady increase in the number of German businesses appointing compliance officers and implementing various measures to ensure they meet their legal obligations.   Earlier in the year, in a direct response to demand from the business community for clarity on what constitutes a robust compliance management system, the German Public Audit Institute (IDW) published a new assurance standard (PS980), the aim of which is to establish a recognised framework for compliance management aligned with internationally recognised principles.


In a much-awaited decision handed down by the Tribunal correctionnel in Paris on September 5, 2012, Safran (formerly Sagem) was found guilty of bribing Nigerian civil servants between 2000 and 2003 to win a 214m$ contract for 70 million ID cards.


‘On your marks, get set, go.’ Let the first social media games begin. Actually, the social media games had begun some time back when the athletes got into serious training, but expect to see a huge increase of traffic on social networking sites as the 2012 Olympic Games get underway in earnest this week. London 2012 has been labelled the first ‘social media Olympics’ as the IOC have embraced social media with presence on networks such Facebook, Twitter and Google+ and users of Twitter can follow the 10,500 athletes as they prepare and take part in the Games.


The recent furore surrounding the enforcement of the UK Bribery Act has rather overshadowed the countdown to another significant piece of legislation which will have far-reaching ramifications for EU businesses. Whilst the Dodd-Frank Act has its origins on the other side of the Atlantic, its impact will be felt by non-US financial institutions and investment managers globally and is sure to represent a significant challenge for financial services firms in our region.


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