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Due to the case of the notebooks, companies are accelerating their anti-corruption policies

Since March, when the Criminal Business Law was enacted, demand has increased for Ethics and Transparency certifications. It exploded after the ‘Gloriagate’ incident


Apertura | September 17, 2018



The Apertura article, “Due to the case of the notebooks, companies are accelerating their anti-corruption policies," quoted Russell Reynolds Associates Consultant Edgar Medinaceli on the effect of a recent scandal on Argentinean companies and their need for compliance officers. A translated excerpt of the article is below.

The case of the notebooks opened a new chapter for the corporate world. After the episode, there were companies - including some directly involved in the scandal - that announced the creation of codes of ethics and conduct. Others, meanwhile, took advantage of the situation to accelerate the integration of Chief Compliance Officers, which had to be added for regulatory reasons. Demand has also increased for specific courses and activities related to government and transparency best practices.

...

Some companies - especially domestic ones of considerable size that do business with the State - are already searching for Chief Compliance Officers (CCO). The position could cost $200,000 to $350,000 per month, not including bonus, indicated Edgar Medinaceli, a headhunter for Russell Reynolds. A CEO averages $680.00 [sic: $680,000] per month (with bonus), according to Korn Ferry.

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Cases

This month, YPF integrated a person for the CCO position. Meanwhile, Tenaris-de Techint, one of the groups involved in the case of the notebooks - and the low cost airline Flybondi - are openly searching for audit managers.

“There is an unsatisfied local demand,” Medinaceli observed, for the required profiles. “If this expands, the situation will become exacerbated,” he added. Rozen estimates that there are 10,000 positions to be filled.

The entire article in its original Spanish can be found here.

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Due to the case of the notebooks, companies are accelerating their anti-corruption policies