2007 Issue 1 - New York City Bar Association

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L A W Y E R ’ S R O L E I N C O R P O R A T E G O V E R N A N C E erate and the client says no. The ethical principles need not be bent for internal investigations. Counsel who prevails, through hard-nosed advice, is the best counsel for corporate governance regardless whether in a particular case the advice is to cooperate or not. November 2006 The Task Force on the Lawyer’s Role in Corporate Governance Thomas H. Moreland, Chair Peter G. Smith, Secretary* Arthur Ainsberg Robert J. Anello Wayne M. Carlin John J. Clarke, Jr. J. Peter Coll, Jr. Eric O. Corngold** Jill E. Fisch Charles W. Gerdts, III <strong>Bar</strong>bara S. Gillers* Nicole A. Gordon Julie M. Gresham Peter R. Haje Dorothy Heyl* Roberta S. Karp Daniel J. Kramer* Edward Labaton Lewis J. Liman Michele C. Mayes* Robert H. Mundheim Jed S. Rakoff** Christine D. Rogers* Roy D. Simon Claudius O. Sokenu Darnley D. Stewart Scott R. Weiser, (Ass’t Sec.) Betty A. Whelchel* Fredric W. Yerman Mark P. Zimmett* *Subcommittee chairs. **Abstained from voting on the Task Force’s report. The Task Force gratefully acknowledges the counsel of James A. Grayer, and the drafting and research assistance of Joshua Hill, Joshua A. Naftalis and Alexander Solomon. T H E R E C O R D 208
L A W Y E R ’ S R O L E I N C O R P O R A T E G O V E R N A N C E APPENDIX H Government and Exchange Guidelines on Corporate Cooperation and Internal Investigation A. DEPARTMENT OF JUSTICE AND U.S. SENTENCING GUIDELINES FOR ORGANIZATIONS 1. Thompson Memo In 2003, then Deputy Attorney General Larry Thompson issued a memorandum, entitled “Principles of Federal Prosecution of Business Organizations,” that revised 1 the guidelines prosecutors are to follow in considering charges against corporations. 2 Now referred to as the Thompson Memo, this document clarified that prosecutors should always consider the company itself as a potential defendant, and it underscored that a company’s cooperation is a key factor that the government will consider in its charging decisions. The Memo also explained that “[t]he main focus of the revisions is increased emphasis on and scrutiny of the authenticity of a corporation’s cooperation.” 3 In addition to these two goals, the revisions to the policy “address the efficacy of the corporate governance mechanisms in place within a corporation, to ensure that these measures are truly effective rather than mere paper programs.” 4 The Memo indicated that, in addition to the considerations applicable to individuals, 5 federal prosecutors should weigh nine factors in deciding whether to investigate, charge, or negotiate a plea with a com- 1. On June 16, 1999, Deputy Attorney General Eric E. Holder, Jr. authored the predecessor memo, entitled “Federal Prosecution of Corporations.” Memorandum from Eric E. Holder, Jr., Deputy Att’y Gen., to All Component Heads & U.S. Atty’s (June 16, 1999). 2. Memorandum from Larry Thompson, Deputy Att’y Gen., to Heads of Dep’t Components & U.S. Atty’s (Jan. 20, 2003) (“Thompson Memo”), available at http://www.usdoj.gov/dag/ cftf/ business_organizations.pdf. 3. Id. 4. Id. 5. The Thompson Memo noted the following factors “normally considered in the sound exercise of prosecutorial judgment”: “the sufficiency of the evidence; the likelihood of success at trial; the probable deterrent, rehabilitative, and other consequences of conviction; and the adequacy of noncriminal approaches.” Id. at II.A. 2 0 0 7 V O L. 6 2 , N O. 1 209
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2007 Issue 1 - New York City Bar Association

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