The Changing Face of Corporate Compliance and Corporate Governance

WELCOME AND INTRODUCTORY REMARKSSean J. Griffith'Fordham University School of LawPANEL I: REVOLUTION: CHALLENGING CORPORATENORMS?Sean J. GriffithFordham University School of LawGeoffrey P. MilletvNew York University School of LawPANEL II: EVOLUTION: IMPACTING FINANCIAL SERVICESModeratorGerald ManwaFBarclaysPanelistsStuart Breslow1'Morgan StanleyAlan Cohen1"Goldman Sachs Group, Inc.Martin Grant"'Federal Reserve Bank of New YorkHenry Klehm IIIixJones DayAllen MeyexBarclaysKEYNOTE ADDRESSThomas C. Baxter, JrxiFederal Reserve Bank of New YorkWelcome and Introductory RemarksSEAN GRIFFITH: My name is Sean Griffith. I am the T.J. Maloney Chair and Professor of Law. I direct the Corporate Law Center and I am the faculty adviser for the compliance programs at Fordham University School of Law. It falls to me to welcome you to this interesting symposium on the changing face of compliance and corporate governance organized by the Fordham Journal of Corporate & Financial Law and also by the Corporate Law Center. We are especially proud of our Journal of Corporate & Financial Law, which is the number one cited student periodical on banking and financial regulation, and we are very grateful for the help of the Journal in organizing this event.Fordham Law School, I am proud to say, is a leader in the area of corporate compliance. The Law School offers a number of courses in the area of compliance and two degree programs in corporate compliance. In addition to offering a number of compliance programs for our JDs, the Law School launched the first LLM in corporate compliance in the United States just this past fall. Fordham Law School is also attempting to put together a degree program for non-lawyers, a Masters in Science of the Law, in the area of corporate compliance.This is an exciting area for us. Fordham Law School is a true believer in the importance of the compliance field. The School is just so pleased today to have so many real leaders in the business area, chief compliance officers from major financial institutions, and real thought leaders in this area in our panels. We are going to have two panels today followed by keynote remarks. Panel I will be academic in focus. It features three academic commentators in the area of compliance. Panel II will be more practitioner-focused with a greater real world orientation. It will be moderated by Gerald Manwah, a managing director in financial crime at Barclays and one of the directors of our compliance programs at Fordham. At the end of the morning, we will have keynote remarks by Tom Baxter, who is general counsel and executive vice president at the Federal Reserve Bank of New York. I want to thank you all for being here and I want to turn the festivities over to my colleague, Steve Thel.STEVEN THEL: Hi, I am Steve Thel. I teach here at the Law School and I want to welcome you too. As Sean said, Panel I, entitled "Revolution: Challenging Corporate Norms?," is a group of academics and the first speaker is Sean. After that, Geoff Miller from New York University School of Law and Miriam Baer from Brooklyn Law School will speak. Then we will have time for questions. With that, let us start out with Sean.Panel I: Revolution: Challenging Corporate Norms?SEAN GRIFFITH: I have fifteen minutes to present a paper that I have been working on for some time about the relationship between corporate governance and compliance as a legal academic in the area of corporate law. I have long focused on corporate governance, and the question I sought to answer is, what is the relationship between corporate law and corporate governance? The paper is partially motivated by a quotation that appeared in the New York Times about two years ago. The quotation is from somebody who is close to a banking board of a big financial institution. …