Ericsson extends compliance monitorship
Swedish telecommunications company Ericsson has agreed with the U.S. Department of Justice and Securities and Exchange Commission to extend the term of the company’s independent compliance monitor for one year, to June 2024.
In 2019 Ericsson entered into a Deferred Prosecution Agreement (DPA) with the DOJ and a Consent Judgment with the SEC to resolve violations of the FCPA.
As part of the resolution, Ericsson agreed to engage an independent compliance monitor for a period of three years while the company "strengthened its culture and established a rigorous anti-corruption, compliance and controls program," a press release reads.
The company states that this extension "will allow the company, under the monitorship, to further embed best in class governance, risk management and compliance frameworks across the organization," and "remains committed to cooperating with the DOJ in connection with the resolution of the breach notification."
Ericsson CEO, Börje Ekholm says in the press release that the company "wants to get this right".
“This extension is consistent with our commitment to continuous improvement of Ericsson’s Ethics and Compliance program. We have made significant progress in changing our culture and implementing an enhanced compliance framework and system of internal controls, and we will use this additional time to ensure these improvements are ingrained in our organization, our daily interactions and the way we do business. We want to get this right and, to be a true industry leader, we have to conduct our business in the right way.”