TheCorporateCounsel.net

Every few years, we survey developments in whistleblower policies & procedures (we’ve conducted several surveys in this area). Here’s the results from our latest one:

1. Over the last year, when it comes to our whistleblower policy, our company:

– Has changed existing policies to address the latest whistleblower developments – 6%
– Hasn’t yet, but intends to change existing policies within the next year – 6%
– Not sure yet if will change existing policies – 53%
– Has decided not to change existing policies – 35%

2. The board committee charged with consideration of the SEC’s whistleblower rules is:

– Audit Committee – 88%
– Corporate Governance Committee – 12%
– Risk Committee – 0%
– Compliance Committee – 0%
– Compensation Committee – 0%
– Board as a whole – 0%

3. Our company:

– Has provided incentives for whistleblowers to report internally first – 6%
– Hasn’t yet, but intends to provide incentives for whistleblowers to report internally first – 6%
– Has decided to not provide incentives for whistleblowers to report internally first – 88%

4. Our company:

– Has created a system to alert employees of the benefits of reporting internally (eg. sign updated employee handbook, fill out compliance questionnaires) – 31%
– Hasn’t yet, but intends to create a system to alert employees of the benefits of reporting internally – 6%
– Has decided not to create a system to alert employees of the benefits of reporting internally – 63%

5. Since the SEC adopted its whistleblower rules, our company has had:

– More whistleblower claims reported internally – 6%
– Same number of whistleblower claims reported internally – 94%
– Fewer whistleblower claims reported internally – 0%

Please take a moment to participate anonymously in these surveys:

– “Quick Survey on Political Spending Oversight”
– “Quick Survey on Board Fees for CEO Search“

Corp Fin Comment Letters: Now Few & Far Between?

This “Audit Analytics” blog takes a look at macro trends in 10-K, 10-Q and 8-K comment letters. The average number of days to resolve comments has dropped significantly over the last seven years – from 86 days in 2010 to only 44 days last year.

The total number of comment letters has also steadily declined during that time period. This decrease is due in part to the declining number of public companies – but it also results from Corp Fin’s more recent principles-based approach to comments and a big drop-off in Regulation G-related comments during the last year. Don’t get too carried away with non-GAAP, though – the number of 8-K comment letters on this subject is still well above the low-water mark.

A View on Professors as Expert Witnesses

In this podcast, Professor J.W. Verret discusses Veritas Financial Analytics – the only expert witness firm operated by professors – and more:

– What’s it like being a professor?
– What type of dealings do you have with Congress?
– Why should professors run an expert witness firm?
– How does Veritas Financial Analytics differ from other expert witness firms?

– Liz Dunshee