Partner Richard Cannon comments on the implications of the new Petrofac fine, including a rise in the firm’s stock prices, in Compliance Week.
Richard’s comments were published in Compliance Week, 8 October 2021, and can be found here.
“You know a corporate criminal conviction is too soft when investors treat it as they would any other positive corporate announcement.”
“What kind of message does it send when a company’s share price rockets after it admits multiple counts of bribery going on over years? If the markets don’t care about illegal corporate activity, why should an offending company? What does that say about the need for compliance? It is very worrying when breaking the law comes second to financial performance.”