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Trend emerges to split GC role
JP Morgan and Goldman Sachs are being held up as organisations which have wisely split the role of General Counsel into two posts.
Goldman Sachs: Splitting the GC role Sean Pavone Photos
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The banks have worked out, says the Globe and Mail, that 'allowing the general counsel to also run regulatory compliance invites trouble'. The newspaper continues: 'Interpreting the rules and ensuring they’re followed too often conflict. Rival financial institutions – and companies in other industries, too – should follow suit.' It also points to the example of the GC at Tenet Healthcare who 'was forced to resign' in 2003 after facing a conflict as the company's defender and ethical watchdog in a probe on fraud.
