Walmart Creates Compliance Position

Wal-Mart Stores is creating a new global compliance officer position following reports that the world's largest retailer allegedly covered up results of an internal probe proving that its Mexican subsidiary bribed officials there. The new global leader, who has not been named, will make sure the discounter is in compliance worldwide with the U.S. law that forbids U.S companies from engaging in bribery and other corrupt practices overseas.

The new executive will oversee five regional compliance directors. The company said it also is adding new protocols to ensure investigations into possible violations of the 1977 Foreign Corrupt Practices Act are managed "consistently and independently."

Read the whole story at CBS Money Watch »
Tags: retail
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