Individual Accountability & Collective Responsibility

Individual Accountability & Collective Responsibility


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Full video transcript available below:

Welcome and thank you for joining today's webinar hosted by me, Joe Boyhan of MyComplianceOffice, and Gregory Brandman and Simon Collins of Eversheds Sutherland. 

Now, various concerns were expressed at the time as to whether mindful, but this regime for senior managers and nailing down individual accountability of senior managers was in some way going to undermine what has been historically been, at least from a UK law perspective, the collective responsibility of the board of directors for the management of the company. 

This next slide, hopefully it will appear on your screen quite shortly, which refers to the Agatha Christie novel "Murder on the Orient Express", is really there to emphasize that from the regulator's perspective you are all in it together. Spoiler alert for those of you who have not read the book. They all did it.

That's really the point here that the collective responsibility of the board is in no way inconsistent with the regulatory approach to ensuring that individual accountability is definable and remains at the top of the regulatory agenda. Individual members of the board, all of whom will typically hold senior management functions under this regime, will continue to be individually accountable for their contribution to collective decision-making within the board.

The two approaches are intended to be entirely consistent with each other, and ultimately the buck will continue to stop with the chairman of the board for ensuring that an appropriate culture exists within the company and that the board itself engages appropriately in the context of challenge and collective responsibility.

 

This webinar was co-hosted with Eversheds-Sutherland

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