Walmart updates response to bribery allegations | Arkansas Blog

Tuesday, April 24, 2012

Walmart updates response to bribery allegations

Posted By on Tue, Apr 24, 2012 at 12:08 PM

Walmart has issued an updated response to allegations that the company covered up evidence of bribery in the course of building the retail chain's footprint in Mexico several years ago.

In short, the statement says the company works diligently to comply with the U.S. Foreign Corrupt Practices Act and has heightened its vigilance since the New York Times broke the story. The company emphasizes, again, that the actions date back six years. That doesn't fully address, of course, the allegation that current high management officials had knowledge of events.

WALMART STATEMENT

BENTONVILLE, Ark., April 24, 2012 — The following statement can be attributed to David Tovar, Vice President, Corporate Communications.

“Walmart has been working diligently on U.S. Foreign Corrupt Practices Act (FCPA) compliance and has a rigorous process in place to quickly and aggressively manage issues like this when they arise.

“In the last year, we have taken a number of specific, concrete actions to investigate this matter and strengthen our global FCPA compliance processes and procedures around the world and in Bentonville and Mexico.
“In Bentonville, we have added a series of new escalation and review protocols to ensure FCPA investigations are managed consistently and independently. This ensures investigations are conducted rigorously and the findings are appropriately addressed.

“We have created a new Global FCPA Compliance Officer position. This position will have responsibility for compliance with the FCPA in every market around the world and will oversee five FCPA compliance directors based in the international markets.

“In Mexico, we have taken a number of actions to establish stronger FCPA compliance. We have implemented enhanced FCPA compliance measures including:

robust policies and procedures;
internal controls;
training;
enhanced auditing procedures; and
issue escalation and remediation protocols.

“We established a dedicated FCPA compliance director in Mexico who reports directly to our new Global FCPA Compliance Officer in Bentonville.

“All of this is in addition to the worldwide review of our anti-corruption program that we initiated in March of 2011. We are taking a deep look at our policies and procedures in every country in which we operate. This includes developing and implementing recommendations for FCPA training, anti-corruption safeguards, and internal controls.

“We believe it’s also important to keep a few things in context:

The allegations in The New York Times story about the decisions made in Bentonville are more than six years old.
Six months ago, we launched an aggressive investigation under the auspices and supervision of the Audit Committee of the Board of Directors into the issues contained in the article. We are working quickly to determine what happened and are committed to getting to the bottom of this matter.

We are continuing to cooperate with federal law enforcement authorities.

“The Audit Committee of the board is overseeing the investigation and is comprised entirely of independent directors, who are assisted by outside legal advisors and forensic accountants. The Audit Committee is being briefed on this matter on a regular basis and they have instructed the Company to use whatever resources necessary to conduct an independent investigation.

“In March 2011, Walmart President and CEO Mike Duke directed the company to conduct a worldwide FCPA compliance review designed to ensure effective policies and procedures are in place in every country in which we operate. Mike is fully supportive of the independent investigation being conducted in Mexico with oversight by the Audit Committee, including ensuring that all resources necessary are available to pursue the independent investigation aggressively.

“We will not tolerate noncompliance with FCPA anywhere or at any level of the company.

“We are confident we are conducting a comprehensive investigation and if violations of our policies occurred, we will take appropriate action.”

Tags: , ,

From the ArkTimes store

Favorite

Comments (8)

Showing 1-8 of 8

Add a comment

 
Subscribe to this thread:
Showing 1-8 of 8

Add a comment

More by Max Brantley

Readers also liked…

  • Super Bowl line

    Over to you.
    • Feb 7, 2016
  • Auditor Lea caught not telling the truth

    State Auditor Andrea Lea, who began her tenure in statewide office with a degree of competence unseen in some other Republican counterparts (think Treasurer Dennis Milligan particularly), is becoming more deeply mired in a political scandal.
    • Mar 4, 2016
  • Another Republican miracle-working governor

    Great piece in Washington Post on the budget crisis in Louisiana. Big tax cuts and corporate welfare will do that to a state, particularly to a state whose previous governor, Republican Bobby Jindal, refused to join the Obamacare-funded Medicaid expansion. There's a lesson there for Arkansas.
    • Mar 4, 2016

Most Shared

  • ASU to reap $3.69 million from estate of Jim and Wanda Lee Vaughn

    Arkansas State University announced today plans for spending an expected $3.69 million gift in the final distribution of the estate of Jim and Wanda Lee Vaughn, who died in 2013 and 2015 respectively.
  • Bad health care bill, again

    Wait! Postpone tax reform and everything else for a while longer because the Senate is going to try to repeal and replace the Affordable Care Act one more time before September ends and while it can do it with the votes of only 50 senators.
  • Sex on campus

    Look, the Great Campus Rape Crisis was mainly hype all along. What Vice President Joe Biden described as an epidemic of sexual violence sweeping American college campuses in 2011 was vastly overstated.
  • The inadequate legacy of Brown

    LRSD continues to abdicate its responsibility to educate poor black students.

Most Viewed

Most Recent Comments

Blogroll

 

© 2017 Arkansas Times | 201 East Markham, Suite 200, Little Rock, AR 72201
Powered by Foundation