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Corporate Compliance Insights
Home Governance

Is More Corporate Governance the Answer? (Part 1 of 5)

by Glen Jenkins
August 12, 2014
in Governance
Is More Corporate Governance the Answer? (Part 1 of 5)

The United States has essentially gone through what some may consider a sustained period of corporate reform for more than 30 years from 1978 to 2008. Credit for an era of corporate reform began in the 1970s with one of the largest failed railroad mergers in the Northeast, as well as the Franklin National Bank debacle. The next decade saw the high-flying Wall Street investment banking firm Drexel Burnham Lambert and consumer electronic franchise chain Crazy Eddie rise to prominence and then topple due to participating in illegal activities. In 1998, Long-Term Capital Management a hedge fund in Greenwich, Conn., had purportedly discovered a scientific method of calculating derivative pricing. Ultimately this hedge fund – created by several Salomon bond traders, two future Nobel Memorial Prize in Economic Sciences winners, and a few other principals – failed and required the Federal Reserve Bank of New York to organize a $3.625 billion bailout to avoid a much wider collapse of the financial markets. The next significant wave of corporate scandals occurred in 2001 to 2002 with the likes of Enron and World Com.  The decade was not over before another round of corporate criminal activities perpetuated by HealthSouth in 2003 right through 2008 with Bernie Madoff, Bear Stearns and Siemens.

After each cycle of these corporate scandals and criminal activities, new proposed legislation and implemented corporate reforms took place. Each of these corrective measures had with them accounting provisions and implications that affected the financial and accounting professions and mandates on corporate business activities.

In 1977, the U.S. Congress passed the Foreign Corrupt Practices Act. The legislation was intended to strengthen transparency requirements under the Securities Exchange Act of 1934 and to address illegal bribery of foreign government officials.

Beginning in 1978 and completed in 1994, the American Law Institute (ALI) issued a treatise on corporate reform called the Principles of Corporate Governance (Principles). The ALI’s mission was to promote clarification and simplification of the law and its better adaptation of social needs. As noted in the forward to the Principles, Roswell B. Perkins indicated, “The project focused on issues of governance responsibilities and to state existing or recommended ground rules – some to be implemented by the courts, some by legislatures and some by corporations themselves.”

In 2003, in the wake of two of the biggest corporate scandals in decades, the Sarbanes Oxley Act (SOX) created new and enhanced standards for public corporations and the management of public accounting practices. The corporate scandals cost investors billions of dollars as stock share prices of several of the largest public companies collapsed, shattering the nation’s confidence in the public markets. Following shortly thereafter was the demise of one of the largest and most respected public accounting firms, caught in the middle of two of the largest scandals.

No more than a few years since the passage of SOX, another round of ground-breaking legislation aimed at, once more, restoring public confidence in the banking and financial markets (due to more scathing corporate scandals) began. The Dodd-Frank Wall Street Reform and the Consumer Protection Act was passed as a response to the financial crisis in 2008/2009 that propelled the U.S. and many European countries into what has been aptly referred to as “The Great Recession.”

For more than 40 years after 1934, there were no major sweeping corporate reforms, yet in just a 30-year span from 1978 to 2008 the U.S. passed four major significant corporate and financial reforms. Were all of these reforms necessary? And what might the future hold in terms of more corporate scandals and perhaps even more corporate and financial reforms? Read more in Part 2, coming soon.


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Glen Jenkins

Glen Jenkins

Glen Jenkins headshot 8-12-14Mr. Jenkins, former Director at Conway MacKenzie in the Atlanta, Georgia office.  Mr. Jenkins is a CPA, CVA and CFE and specializes in providing forensic accounting and business valuation services.  He has more than 16 years of experience and his practice includes complex commercial litigation, economic damage matters, fraud investigations and business valuations of tangible and intangible properties. He has provided expert testimony and financial advisory services in both civil and criminal matters. He has worked on an array of issues including white collar crime, corporate compliance, intellectual property infringement, breach of contract, shareholder disputes, financial motive, accounting malpractice, commercial insurance claims, and federal sentencing guidelines.
His industry experience includes defense contractors, construction, manufacturing, retail, internet commerce, insurance companies, financial institutions, hospitalities, restaurants, professional firms, medical facilities, agriculture, and wholesale distribution. In addition to his domestic U.S. engagements, he has led international assignments in eleven countries and four continents including emerging market areas in Africa and Asia.
Mr. Jenkins economic damage calculation experience includes breach of contract, non-compete and non-solicitation agreements, and intellectual property disputes.  Regarding intellectual property disputes he has addressed patent infringement, copyrights, trade secrets, trademarks and the misappropriations of trade secret and trade dress.  His analysis includes lost profits, reasonable royalties, price erosion, convoyed sales, corrective advertising, disgorgement and statutory damages.

Prior to joining Conway MacKenzie, Mr. Jenkins was Senior Manager in the fraud investigation and dispute services group at Ernst and Young. One of his key clients was a major U.S. defence contractor. He provided corporate compliance and risk assessment services for all four of their major divisions: Aerospace, Combat Systems, Information Systems and Technology, and Marine Systems. Prior to his professional business and accounting career, Glen was a military intelligence analyst and Russian linguist in the U.S. Army from 1988-1993.
Mr. Jenkins received a Bachelor of Business Administration in Accounting and a Bachelor of Business Administration in Finance and Economics from Kennesaw State University. He is a Certified Public Accountant, Certified Valuation Analyst, Certified Forensic Accountant, and Certified Fraud Examiner. He is a member of the American Institute of Certified Public Accountants, Georgia Society of Certified Public Accountants, Association of Certified Fraud Examiners, The Institute of Internal Auditors, and the National Association of Certified Valuation Analyst.

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