Ericsson Successfully Completes U.S. Anti-Corruption Compliance Monitoring Program
June 5, 2024, 9:40 am
After four years of rigorous scrutiny, Ericsson, the Swedish telecommunications giant, has announced the successful conclusion of its U.S. anti-corruption compliance monitoring program. The program, which was initiated in 2020 following a settlement with the U.S. Department of Justice (DOJ) over alleged corruption in China, Vietnam, and Djibouti, came to an end on June 2, 2024.
The independent monitor appointed to oversee Ericsson's compliance with the anti-corruption agreement has certified that the company's anti-corruption compliance program meets all requirements and is functioning effectively. This certification, received on March 28, 2024, marks a significant milestone in Ericsson's journey towards enhancing its organizational integrity and transparency.
CEO Borje Ekholm expressed his satisfaction with the progress made during the four-year monitoring period, stating, "This is an important milestone in our journey to improve our organization. Over the past four years, we have implemented important compliance requirements and processes." Ekholm reiterated Ericsson's unwavering commitment to integrity and zero tolerance for corruption, fraud, or any other misconduct.
The conclusion of the monitorship and the certification of Ericsson's compliance program signal a new chapter for the company as it continues to cooperate fully with ongoing investigations by the DOJ and the Securities and Exchange Commission (SEC) into historical conduct. Ericsson remains dedicated to upholding the highest standards of ethical business practices and transparency in all its operations.
As the news of the successful completion of the compliance monitoring program spread, Ericsson's share price saw a 1.9% increase, outperforming the benchmark stock index in Stockholm. The positive market response reflects investor confidence in Ericsson's commitment to compliance and integrity.
Looking ahead, Ericsson is poised to build on the foundation laid during the monitoring period and further strengthen its global anti-corruption compliance program. The company's focus on ethical conduct and transparency will continue to guide its operations and decision-making processes, ensuring that integrity remains at the core of its corporate culture.
In conclusion, the conclusion of the U.S. anti-corruption compliance monitoring program marks a significant achievement for Ericsson and underscores the company's dedication to upholding the highest standards of ethical conduct. As Ericsson embarks on the next phase of its compliance journey, it remains steadfast in its commitment to integrity, transparency, and accountability.
The independent monitor appointed to oversee Ericsson's compliance with the anti-corruption agreement has certified that the company's anti-corruption compliance program meets all requirements and is functioning effectively. This certification, received on March 28, 2024, marks a significant milestone in Ericsson's journey towards enhancing its organizational integrity and transparency.
CEO Borje Ekholm expressed his satisfaction with the progress made during the four-year monitoring period, stating, "This is an important milestone in our journey to improve our organization. Over the past four years, we have implemented important compliance requirements and processes." Ekholm reiterated Ericsson's unwavering commitment to integrity and zero tolerance for corruption, fraud, or any other misconduct.
The conclusion of the monitorship and the certification of Ericsson's compliance program signal a new chapter for the company as it continues to cooperate fully with ongoing investigations by the DOJ and the Securities and Exchange Commission (SEC) into historical conduct. Ericsson remains dedicated to upholding the highest standards of ethical business practices and transparency in all its operations.
As the news of the successful completion of the compliance monitoring program spread, Ericsson's share price saw a 1.9% increase, outperforming the benchmark stock index in Stockholm. The positive market response reflects investor confidence in Ericsson's commitment to compliance and integrity.
Looking ahead, Ericsson is poised to build on the foundation laid during the monitoring period and further strengthen its global anti-corruption compliance program. The company's focus on ethical conduct and transparency will continue to guide its operations and decision-making processes, ensuring that integrity remains at the core of its corporate culture.
In conclusion, the conclusion of the U.S. anti-corruption compliance monitoring program marks a significant achievement for Ericsson and underscores the company's dedication to upholding the highest standards of ethical conduct. As Ericsson embarks on the next phase of its compliance journey, it remains steadfast in its commitment to integrity, transparency, and accountability.