Competition Law Compliance on Corporate Governance Agenda

Sergiy O. Glushchenko

Competition law and corporate governance are two relatively separate bodies of law. The former concerns companies’ external conduct in the market and prohibits certain anti-competitive actions. In contrast, the latter primarily concerns internal relationship between officers, directors and shareholders. What links them both is corporate compliance, a tool to equally address risks associated with costly managerial mistakes and welfare-reducing behaviour. Ever-increasing fines imposed by competition agencies across the globe have lifted competition law to the top of corporate compliance agenda. Along with other legal areas (e.g., anti-bribery and corruption, data privacy, security and financial fraud, health security and safety, etc.), competition law and competition compliance programmes (CCPs) are among the main elements of business risk management…