Wal-Mart Says It Is Tightening Internal Controls [View all]
Source: New York Times
Allegations of widespread bribery at Wal-Mart’s Mexican subsidiary continued to reverberate on Tuesday, with the company beginning a campaign to limit the damage as its shares declined further.
In a statement, Wal-Mart said it had beefed up its internal controls to make sure it was complying with the Foreign Corrupt Practices Act, which prohibits American companies from engaging in bribery and other illicit acts overseas. A new top-level compliance position will be responsible for ensuring that the company is abiding by the law and will oversee five regional compliance directors based in international markets.
In Mexico, the retailer said it had bolstered its practices and training to ensure better compliance.
“We are taking a deep look at our policies and procedures in every country in which we operate,” said David Tovar, Wal-Mart’s vice president for corporate communications.
Read more: http://www.nytimes.com/2012/04/25/business/wal-mart-says-it-is-tightening-internal-controls.html
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