Compliance and Corporate Governance

Since the 1990s and especially since the Siemens-matter in 2005/06, the worldwide and German attitude with respect to ethics and corporate governance has fundamentally changed. For business people and companies it has become a matter of fundamental importance to respect the law and to behave compliantly with respect to issues which are governed by mandatory law. As a result a new area of law has emerged: Compliance and Corporate Governance. It bundles all rules of mandatory law which companies need to respect. To do so, they often need to organise their business in a new and compliant way. For example a line of business often requires an additional and independent line of controlling in order to secure and document that the operative business men act in a lawful way. 

Companies which do not act compliantly may loose their license to trade and business.

Compliance has many facets. It includes, for example, exclusion of corruption, antitrust compliance (no agreement on pricing), respect of export control law, customs compliance, environmental compliance, prevention of money laundry.