Richard Masters - Let the chips fall where they fall
So said Jack Warner former Fifa Vice President last night as he pledged an avalanche of evidence in the growing Fifa scandal. By the looks of things so far it seems unlikely that the chips will fall kindly for him. The implications for him and others, reputationally, financially and in terms of personal liberty may well turn out to be severe.
For Fifa itself the implications may be cataclysmic. The reputational damage is immense and if sponsors start to vote with their feet and commercial deals unravel who knows what the end position may be?
If Fifa were a large corporate it is hard to imagine that it could survive allegations of corruption on the scale suggested - you need look no further back than Enron for evidence of that and how Arthur Anderson's association with that organisation took them down with it.
It's even harder to imagine that any Chairman/Chief Executive at the helm of such an organisation would not have gone immediately - not enjoying a run off over a 9 month period to "fix" a problem organisation they'd been at the top of for 17 years.
Whilst the corruption involved at Fifa sounds like it may have been on an industrial scale, the lessons for all are obvious - set the right tone at the top, take a zero tolerance approach to corruption, embed your policies and procedures to support it. And just as importantly be able to demonstrate you've done so.
Richard is Executive Chairman of Cerico and the views expressed are his own.
- Corporate Counsel Exchange 2015
- Cerico wins at FT Legal Innovation Awards
- Tom Stocker – Swapping lap dances for prison; corruption in Scotland
- Richard Masters - Let the chips fall where they fall
- Pinsent Masons takes majority stake In cloud-based compliance venture
- Directors under pressure as health and safety watchdog bares teeth
- Courts prepare for guilty pleas ahead of £20m penalties
- Cerico and Thomson Reuters collaborate on KYBP solutions