Explore how a toxic corporate culture at the world’s biggest fast-food chain led to the establishment of oversight duty for chief compliance officers
McDonald’s Case Creates Super-Sized Opportunity
What’s in this report from podcaster and compliance expert Tom Fox:
The past year has been a whirlwind for chief compliance officers and compliance professionals across all industries, from statements and actions by the DOJ and SEC to cases with massive ripple effects.
And the latest shoe to drop might just be the biggest of them all, Fox writes, as a decision by the Delaware Chancery Court, in a case involving fast-food giant McDonald’s, has empowered (or burdened) compliance officers with the same duty of oversight traditionally given to CEOs and board directors.
Fox writes, “The Delaware court decision creating the duty of oversight was not designed to increase the scope, reach and importance of a CCO, but the more I look at the case, the more I believe that will be its most lasting legacy. When you look back over the past 12 months, you see that the CCO has more stature and responsibility than it has ever had before.”