Within large mutual fund organizations, only in- house legal counsel is in a position to monitor manager personal trading compliance with the code of ethics.
"You're paying for reputation, " says Michael Garretson, compliance engineering manager at RadiSys, a telecom-equipment maker.
One thing is for sure: Kudos to the Merrill Lynch manager for following better compliance practices and not sleepwalking through supervision .
"The pressure is very intense to begin considering clean coal technologies as an alternative, " says James Holtkamp, a partner and manager of the environmental compliance group at the law firm of Holland and Hart.
Volvo's U.S. manager of product safety and compliance, Adam Kopstein, says his company's engineers began doing tests to simulate small-overlap crashes in the 1980s after analyzing data collected from car accidents in Sweden and other countries.
In the Gazipur district north of Dhaka, Garments Export Village Ltd. was surprised to find its name on Wal-Mart's list and feared it would hurt the company's reputation, said Emrul Kayes Sujan, manager of human resources and compliance for Amtranet Group, the factory owner.
Mexican authorities detained a branch manager, Pedro Alatorre, and a compliance officer, Amador Vazquez, saying they were under investigation for drug-money laundering.
Joining me were Mary Capozzi, senior director of CSR, Leo Raudys, senior director of environmental sustainability and services compliance, and Hamlin Metzger, senior manager of corporate responsibility.
The SEC should establish clear minimum standards regarding personal trading that every mutual fund money manager must meet and be more diligent in monitoring compliance with these standards during its inspections of managers.
FORBES: Early Warnings of Mutual Fund Illegalities (October 1, 2003 )
There are no penalties for noncompliance and no manager has ever been sanctioned or terminated for non-compliance.
"Every time a different brand's audit team goes into a factory, the factory has to move the fire extinguishers to be in compliance, " said Sandra Cho, corporate responsibility manager for Columbia Sportswear, which manufactures some clothing in Bangladesh.
We had spent a considerable amount of time researching the development of an emerging or minority manager-of-managers product, including reviewing the registrations and compliance histories of approximately 100 emerging and minority money managers.
FORBES: The Politics of Minority or Emerging Manager Programs (August 2, 2004 )
The compliance director, a lawyer, patiently explains that as an employee of the manager there is little he can do other than discuss the matter with senior management-a small group which includes the guilty portfolio manager.
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