Patton Speaks to Ethics Resource Center
On September 24, 2002, Tom Patton, a senior partner of Tighe Patton Armstrong Teasdale gave a luncheon address to the members and staff of the Ethics Resource Center (ERC), a Washington, D.C. non-profit organization dedicated to furthering ethics in personal and institutional conduct. The discussion centered on the new Sarbanes-Oxley bill adopted on July 31, 2002 as the keystone of corporate financial reform. Also included in the discussion was an update on best corporate practices under the federal Foreign Corrupt Practices Act (FCPA) that prohibits payments to foreign government interests to induce awards of business.
Mr. Patton expressed agreement with the views of the Ethics Resource Center that all of these extensive laws do not themselves address the underlying requirements of ethics and integrity that are indispensable. Mr. Patton reviewed the increased criminal liabilities and coverage of the Sarbanes-Oxley act, particularly in the fields of securities and financial fraud. He also reviewed the increased responsibilities of corporate boards and audit committees, and the remedies provided for whistleblower-employees.
The address was in an informal give-and-take discussion in order to stimulate the interactive exchange of ideas. The Ethics Resource Center's work and mission may be reviewed at www.ethics.org.