Third Party and Appointed Monitorships
Chapter 53, CAMBRIDGE HANDBOOK ON COMPLIANCE (D. Sokol & B. van Rooij eds., forthcoming)
23 Pages Posted: 1 May 2020
Date Written: April 24, 2020
Abstract
This chapter outlines the history and use of monitors in various contexts, beginning with the original conception of a court-appointed monitor and ending with the more recent development of the public relations and modern-day court-ordered monitor. It next discusses how the specific type of monitorship alters the duties and confidentiality expectations of the parties to the monitorship in both formal and informal ways. Next, it analyzes the sparse regulation of monitorships, suggesting that reputation may currently be the most effective limit on monitor overreach and capture. Finally, it ends by proposing two areas for scholarly focus going forward: (1) mechanisms for formally regulating monitors, and (2) empirical study of the overall effectiveness of monitorships.
Keywords: Monitor; monitorship; compliance; corporate compliance; corporate monitor; independent monitor; corporate compliance monitor; independent consultant
JEL Classification: K14 K20 K40
Suggested Citation: Suggested Citation