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An opportunity to assess and strengthen board oversight

Rebecca Walker (rwalker@kaplanwalker.com) is a partner in the law firm of Kaplan & Walker LLP, located in Santa Monica, California, and Princeton, New Jersey. She is a member of the Advisory Board of CEP Magazine.

Robust board oversight of a compliance program is critically important to creating adequate program independence and authority. With the recent Delaware court decisions in Boeing, Marchand v. Barnhill, and other cases, the importance of board oversight has been further underscored. These decisions create an important opportunity for organizations to review and update both their documentation and their practices regarding board oversight of compliance programs, including audit committee charters, compliance and ethics (C&E) program charters, and escalation protocols. This article provides a brief recap of two important recent cases, then discusses board oversight documentation and practices.

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