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This is the World Bank's blog on governance and anti-corruption. It aims at providing a space for debate and knowledge sharing on this critical field of development. | Learn more...

self-regulation

From self regulation to government regulation: Mary Shapiro move to the SEC as a metaphor?

Submitted by Kaufmann on Tue, 2009-01-27 12:59

Mary Shapiro, unquestionably a highly qualified choice, was confirmed by the US Senate and is expected to be sworn in the next days as the new chairman of the Securities Exchange Commission (SEC).  She would literally be moving from a chief self-regulator to a chief government regulator.  Her previous position was as CEO of the Financial Industry Regulatory Authority, FINRA, the largest independent and non-governmental regulator for securities firms in the US.  In her Senate hearings, Shapiro indicated that she would give priority to the regulatory problem in the country and that she will reinvigorate the SEC enforcement divisions.  But according to a Wall Street Journal article, Shapiro showed a light regulatory touch at FINRA.

 

Siemens and the illusion of CSR and codes of business integrity

Submitted by Kaufmann on Tue, 2008-12-16 12:36

Siemens just settled on a major international corruption case.  It turns out that over the past decade Siemens and some of its subsidiaries made at least 4,283 payments either to public officials or “agents” to secure or retain contracts.  The estimated amount of the payments made in more than ten countries surpassed $1.4 billion.  During the current case, the criminal damages from Siemens were calculated to amount for up to $2.7 billion.  Now fines totaling $1.6 billion have been charged; Siemens cooperation with the authorities is cited as reason for the somewhat reduced fine...