The recently re-modelled offices of Porzio R\u00edos Garc\u00eda in Las Condes, Santiago were the venue for this discussion where a \u2018full house\u2019 of attendees included L\u2019Or\u00e9al, JP Morgan, Mall Plaza, Pacific Hydro, Compass Group, CGE, Nestl\u00e9 Chile, Farmacias Ahumada and insurance group Consorcio, Pfizer, BHP Billiton and Anglo American, among others. Key topics under discussion included the evolution of compliance, the application of foreign extra-territorial laws, how to successfully inculcate ethical behaviour and corporate integrity, and on a more concrete level, whistle-blowing procedures. (The latter provided a moment of humour when one GC noted that the Chilean operation of the regional company for which he worked was lauded for reporting zero denunciations year-on-year\u2026 until it was realised that one of the digits in the publicised hot-line number was incorrect and so reporting abuse by that means, impossible!)<\/p>\n
\u00bfDe que hablamos cuando hablamos de cumplimiento? \u2013 \u2018What do we talk about when we talk of compliance?\u2019 The question is more substantial -and complex- than it may appear. Certainly, on the strength of this event, every corporate counsel has a very distinct response to the enquiry, leading -moreover- to a vast range of responses and states-of-preparedness in the face of the deluge of requirements resulting not only from international law (most notably, the US Foreign and Corrupt Practices Act and the UK Bribery Act), but also, increasingly, EU and domestic data privacy legislation, along with local regulation, Ley 20.393. However, while many of these differences stemmed from the nature of the business sector concerned (and to a lesser extent, the size of the organization involved), beyond this a significant -and arguably worrying- divide emerged between the readiness of multinational businesses and the weakness of compliance structures (and concomitantly attitude) displayed by local businesses and certain subsidiaries: this in what is widely and probably correctly regarded as the most sophisticated legal market in South America. For some, \u201880% of compliance\u2019 comprised ensuring that bribes were neither offered or received; a surprising attitude given that, while Chile has avoided the excesses of the Lavo Jato scandal (Odebrecht never gained entry to the Chilean market), the country has not been without its own corruption matters, such as the Cascadas and Pentagate affairs. As the session came to a close there was certainly a broader understanding that compliance is not a fashion, something that will come-and-go, a dawning recognition that compliance is the new normal\u2026 and that beyond that, in the face of the very real risks of sizeable fines and reputational damage, it also makes good business sense.<\/p>\n
\u2018A very useful and entertaining session\u2019, commented one GC subsequently; while another noted \u2018this type of event simply doesn\u2019t exist in Chile, so this initiative really serves a purpose\u2019. We look forward to doing more of these events in the near future. In the interim, I would like to thank all those who attend sharing their perspectives and vision so freely, and of course note our gratitude to sponsor firm Porzio, R\u00edos, Garc\u00eda, without whom this event would not have been possible.<\/p>\n","protected":false},"featured_media":0,"template":"","class_list":["post-382","event_report","type-event_report","status-publish","hentry"],"acf":[],"_links":{"self":[{"href":"https:\/\/my.legal500.com\/events\/wp-json\/wp\/v2\/event_report\/382","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/my.legal500.com\/events\/wp-json\/wp\/v2\/event_report"}],"about":[{"href":"https:\/\/my.legal500.com\/events\/wp-json\/wp\/v2\/types\/event_report"}],"version-history":[{"count":0,"href":"https:\/\/my.legal500.com\/events\/wp-json\/wp\/v2\/event_report\/382\/revisions"}],"wp:attachment":[{"href":"https:\/\/my.legal500.com\/events\/wp-json\/wp\/v2\/media?parent=382"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}