Canadian companies toughen corporate governance after “watershed” case

Author: | Published: 7 Sep 2011

An increasing number of Canadian companies are looking to revise their international corruption compliance procedures following a "watershed" enforcement under the country’s bribery statute, according to competition partners.

The change comes after Niko Resources pleaded guilty under the Corruption of Foreign Public Officials Act (CFPOA) in June for bribing the energy minister of Bangladesh. The company was fined C$9.5 million ($9.65 million) and required to implement a compliance program to be reviewed by an independent auditor under a three-year probation order.

Osler Hoskin & Harcourt partner Graham Reynolds said the sentence was a dramatic development...