Using the massive emissions-regulation evasion scandal at Volkswagen as a backdrop, a panel of experts will discuss recent compliance/ethical breakdowns at companies and the important lessons learned in the areas of compliance and governance, as well as outlining steps for avoiding such problems.

The program will take place from 9:30 a.m. to noon, Tuesday, April 25, at the University of Delaware’s Newark campus.

Titled “Volkswagen Emissions Scandal: Lessons for Investors, Boards, Chief Legal Officers and Compliance and Governance Professionals,” the program will be held in Gore Recital Hall of the Roselle Center for the Arts.

The discussion is co-hosted by the University’s John L. Weinberg Center for Corporate Governance and the Association of Corporate Counsel, a global legal association representing more than 40,000 in-house counsel in 85 countries, and is sponsored by Bloomberg Law.

Attendance is free of charge, but seating is limited, and those planning to attend should register at this website.

“That such a pervasive and highly developed scheme to evade emissions standards could occur over such an extended period of time and through so many levels of the organization attest to a management and board culture gone awry,” the event organizers say.

The panel is expected to address such questions as: Why did such a problematic culture exist at Volkswagen? What about the culture at other companies where recent compliance breakdowns occurred? What role did the board play and was the board actively monitoring management?

Also, what role did Volkswagen’s unique governance structure play? Did the use of dual class stock exacerbate the problems? What impact did the executive compensation structure have on the compliance culture at these companies?

Panelists will discuss the importance of appropriate board composition, theory, structure and appropriate compensation incentives in assuring an ethical corporate culture that promotes integrity and ultimate company success.

They will also discuss steps that boards, chief legal officers and compliance and governance professionals can take to avoid similar problems. 

The panel will include:

• Robert E. Bostrom, senior vice president, general counsel and corporate secretary, Abercrombie & Fitch Co.;

• Charles M. Elson, Edgar S. Woolard Jr. Chair in Corporate Governance, director of the John L. Weinberg Center for Corporate Governance and professor of finance, University of Delaware; and co-author and co-presenter of the paper “The Bug at Volkswagen: Lessons In Co-Determination, Ownership and Board Structure”; 

• Nicholas Goossen, student, University of Delaware; co-author and co-presenter of “The Bug at Volkswagen: Lessons in Co-Determination, Ownership and Board Structure”;

• Meredith Miller, chief corporate governance officer, UAW Retiree Medical Benefits Trust;

• Gloria Santona, retired executive vice president, general counsel and secretary, McDonald’s Corp.;

• Christian Strenger, professor and academic director, Center for Corporate Governance, HHL Leipzig Graduate School of Management;

• Anton R. Valukas, chairman of the firm Jenner & Block; and

• The Hon. James T. Vaughn Jr., justice, Delaware Supreme Court.

Elson will also serve as moderator of the panel discussion.

For those attending the program, there will be a complimentary lunch, and CLE credits for certain states will be available, as well as CPE credits provided by event partner Sallie Mae

For questions or to receive additional information about the event, contact Louisa Cresson, assistant to the John L. Weinberg Center, at lcresson@udel.edu.