News Corp boosts compliance teams – FT.com
News Corps Chief Compliance Officer and General Counsel announced a new team of five in a centralized Compliance structure:
The company’s previous compliance scheme was decentralised and varied market to market, he said. “I made it clear that we needed to create a much more centralised and robust structure for managing global legal risk. There’s no such thing as a local legal problem . . . legal risk has become globalised.”
News Corp shared details of its revamped compliance structure several months ago with Ofcom when the UK media regulator was investigating whether British Sky Broadcasting, the UK media group in which News Corp holds a 39.1 per cent stake, was “fit and proper” to hold a broadcasting licence. The Ofcom report heavily criticised James Murdoch’s conduct as chairman but ultimately cleared News Corp of any legal wrongdoing.