Recent scandals involving corporate misconduct both globally and in Chile have increased mistrust in business among investors, consumers and the community in general. In mid-May, the Santiago Center organized a conference entitled “Corporate Governance and Corruption: Global Trends and Local Challenges” featuring Evan Epstein, Executive Director of the Rock Center for Corporate Governance at Stanford University; Hector Lehuedé, Senior Manager at the OECD’s Corporate Affairs Division; Andrea Repetto, member of the Presidential Commission against Conflicts of interest, Influence Trafficking and Corruption; and Karen Poniachik, the Center’s Director.
The event was held in association with in association with the Universidad Católica’s Center for Corporate Governance and the North American-Chilean Chamber of Commerce (AmCham). Panelists discussed global trends in the fight against corruption and economic fraud; international standards applicable to Chilean companies such as the Foreign Corrupt Practices Act (FCPA) and the OECD Anti-Bribery Convention; the shortages of local regulatory framework and practices; compliance programs and internal controls that companies must incorporate to prevent, detect and remediate frauds; and the role board members in promoting values and an ethical internal culture.
