Corporate Responsible Citizenship: Lessons from the Monaco Memo

In this article, we explore the changing landscape of corporate responsibility and accountability, driven by changes in values, societal expectations and stricter legislation. Due to this changing landscape, organisations face increasing pressure to demonstrate responsible behaviour and adapt their businesses, whilst making a positive impact. Organisations are expected to become ‘corporate responsible citizens’. These developments are also visible in the vision and approach of US enforcement agencies, and therefore affect corporate compliance programs. In the first part of this article, we outline the relevant developments in the area of value-driven accountability and corporate responsible citizenship. In the second part we address how these developments are reflected in the approach of US enforcement agencies. In the third and final part, we discuss how organisations can benefit from the guidance provided by these enforcement agencies in their way to becoming corpo...

Verder in dit artikel:

1. Changing societal expectations; organisations take your responsibility

1.1. The rise of value-driven accountability

1.2. The applicable legal framework as a baseline for responsible behaviour

1.3. Corporate Responsible Citizens(ship)

2. The enforcement perspective on corporate responsibility

2.1. The Yates Memo

2.2. The Monaco Memo

2.3. CRC is not limited by borders

3. Lessons from the Monaco Memo: Key elements of an effective compliance program

3.1. Guidance on individual accountability

3.2. Guidance on corporate accountability

3.3. Whistleblowing: a key element for responsible compliance

4. Key takeaways