Oftentimes, a code of conduct is the first step that companies take when implementing an anti-corruption compliance program. The Resource Guide to the FCPA refers to the Code as a key document – “a company’s code of conduct is often the foundation upon which an effective compliance program is built.” There are certain best practices that companies should consider when establishing or updating their codes of conduct. This post highlights seven.
Identify areas to be addressed. When establishing a code of conduct, one of the first steps is to identify which areas will be addressed in the document. In addition to anti-bribery, there might be other important areas that will vary from company to company. For a mining company, for example, environmental-related aspects may be key. Professionals drafting the code should talk to different areas of the company to identify main aspects of the operations and address...Read more
While the world awaits Brazil’s first enforcement action under the new Brazilian Clean Companies Act (the BCCA), local authorities are busy pursuing corruption cases against individuals. Prosecutors are making clear their interest in holding individuals accountable for international bribery.
Ex Petrobras Director: Brazilian authorities have arrested Paulo Roberto Costa, the former refining chief of Petrobras. The allegations involve bribery and money laundering related to the company’s purchase of an oil refinery in Texas for US$1.7 billion. The company appears to have overpaid significantly and has already had to write off US$500 million of the investment. Based on reports, Mr. Costa recently admitted to accepting US$636,000 in bribes related to the purchase. He is reported...Read more
Political contributions are often an area of anti-corruption compliance concern in Brazil. As highlighted by Lucio Rennó, Associate Professor in the Program on the Americas at University of Brasília, in his book Corruption and Democracy in Brazil: The Struggle for Accountability, “it is impossible to understand the Brazilian election without considering the impact of corruption.”
Given that Brazil is now in election season (elections for the Senate, Federal Congress and State Congresses took place on October 5 and the second round of voting for president and governor in some states takes place on October 26), this post provides a list of areas that compliance personnel should take into consideration with respect to political contributions here.
Pay attention to local law. Local legislation limits political contributions of companies to 2% of the gross of their revenue (or, for individuals, 10% of their income) o...Read more