Archer Daniels Midland (ADM) is one of the largest agricultural processors in the world, and has recently gotten into hot water over allegations of bribery. In light of these recent difficulties, ADM has appointed a new chief compliance officer, Benjamin Bard.
In December of 2013, ADM and one of its subsidiaries settled bribery charges with the Department of Justice (DOJ) and the Securities and Exchange Commission, to the tune of more than $54 million. In the case, the ADM subsidiary was accused of paying bribes through vendors to Ukrainian government officials in order to obtain value-added tax refunds. This was a clear violation of the Foreign Corrupt Practices Act (FCPA). As a result of the settlement, ADM entered into a non-prosecution agreement with the DOJ regarding failure to implement a system of internal controls.
The company also conducted an internal probe from 2008 through 2011, looking into transactions involving feed and grain exports that may also have violated the FCPA. With these violations in the mirror, it is no surprise that ADM decided to take the bull by the horns and revamp its compliance program.
As part of this retooling, the company brought on Bard, who had most recently worked as ethics and compliance counsel for Coca-Cola and had previously acted as a regional compliance officer for Capitol One. Bard is scheduled to begin his tenure with ADM on Jan. 20 and will report to general counsel Cameron Findlay.
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