Recent scandals in the corporate world, such as WorldCom, En
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Recent scandals in the corporate world, such as WorldCom, Enron and Hewlett-Packard have resulted in a large number of high profile criminal prosecutions and stiff prison sentences for corporate officers.
How much responsibility/liability should a corporate officer have over their own actions and the actions of their subordinates? Is it ever appropriate in the business world to hold a superior liable for a subordinate's criminal action (as may often be the case in a military structure), or should we each just be responsible for our own actions?
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Recent scandals in the corporate world, such as WorldCom, Enron and Hewlett-Packard have resulted in a large number of high profile criminal prosecutions and stiff prison sentences for corporate officers.
How much responsibility/liability should a corporate officer have over their own actions and the actions of their subordinates? Is it ever appropriate in the business world to hold a superior liable for a subordinate's criminal action (as may often be the case in a military structure), or should we each just be responsible for our own actions?
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How much responsibility/liability should a corporate officer have over their own actions and the actions of their subordinates?
-- The corporate officer should be held liable for full accountability for their own actions, and should also be held to a high percent of liability for their subordinates. Corporate officer responsibility was the main reason that the Sarbanes-Oxley Act was created. In order for companies to remain in compliance with SOX, the CEO and the CFO must both sign an affidavit certifying that they are aware and responsible for the financial data and information contained in the company's financial statements. Ignorance, as we saw in Enron, is no longer an ...
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