13. contd No proper upward communication channel Unethical practices Upward communication allowed through meetings and hotlines Personal Integrity and customer focused approach
15. Organization & Processes Governance – Partners group of 35-40 senior executives was replaced by advisory council made from deputies from all areas of the firm. Legal – General Counsel(GC) was made by an outsider and made to directly report CEO, Haldeman who was also a member of the executive committee. Compliance – A long standing legal officer was made Chief compliance Officer to oversee investment compliance, Contract & control, regulatory compliance, operational compliance & two firms for ethics and international compliance.
16. Organization & Processes Human Resources - Fewer task forces, formerly drawn on time and attention of investment managers. External management consultants running the task forces were eliminated. Investment - Product –or-portfolio-oriented approach was used, with 12 portfolio teams each headed by chief investment officer. Professionals were abode by common investment principles. Bonus Structure - A new transparent bonus process replaced the traditional mysterious bonus process.
