An increasingly common way for corporations to settle criminal and civil matters with prosecutors and regulators is to hire an independent monitor to oversee a reform movement.
But research by David Hess, assistant professor of business law and business ethics at Ross School of Business at the University of Michigan, indicates corporate monitors haven't been the change agents proponents of the practice had hoped.
Along with Christie Ford of the University of British Columbia, he interviewed both monitors and regulators. Their report, "Corporate Monitorships and New Governance Regulation: In Theory, Practice, and Context," takes an empirical look at how corporate monitors work.
Their study showed them a system focused more on checking boxes than changing corporate c