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Editor’s Note: The story has been updated with comments from WPP
WPP has agreed to pay more than $19 million by the Securities and Exchange Commission over anti-bribery charges in relation to its acquisitions in high-risk markets.
The SEC claimed that WPP had violated parts of the Foreign Corrupt Practices Act (FCPA) when it acquired majority stakes in agencies in China, Brazil and Peru.
It also claimed that WPP failed to ensure the subsidiaries followed “internal accounting controls and compliance policies” when it apparently allowed chief executives and founders of the agencies acquired “to exercise wide autonomy and outsized influence.”
“Structural
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