GDPR & Board Privacy Awareness

eBriefing

May 29, 2018
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Featured Article

GDPR Fallout Shines Spotlight on Board Privacy Awareness

By Eve Tahmincioglu

I had a conversation with a top privacy lawyer for a US company last week who was proud to share that almost every employee in the organization had completed GDPR, the European Union’s far-reaching data privacy regulation, training before it kicked in Friday.

When I asked her if the board received the training she said: “I never thought of that.”

GDPR, which stands for General Data Protection Regulation, is already shaking up companies around the globe, including causing blackouts for a host of websites. Consumers in the EU have been blocked from accessing U.S. newspapers and some companies have suspended support for their products, according to a USA Today article on the GDPR fallout.

Given the potential high stakes, GDPR knowledge among the leaders of global companies, including directors and executives, is surprisingly lacking. According to an EY study, only 40% of global respondents believe they know GDPR fairly or very well.

GDPR is just the tip of the iceberg when it comes to privacy and the risk to all organizations, no matter where they’re based or who their customers are. But are boards being brought into the privacy fold?

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Invester Watch

Have Guns Become Weapons of Value Destruction?

By Jan Alexander

“We share the nation’s grief over the in comprehensible and senseless loss of life at Parkland, Fla., and we share the desire to make our communities safer,” reads a letter that American Outdoor Brands Chairman Barry Monheit and CEO James Debney sent to the BlackRock investment firm’s stewardship team on March 6.

The letter makes it clear that American Outdoor Brands, the holding company for Smith & Wesson, supports better enforcement of existing gun safety laws, is not opposed to the development of “smart gun” technology, but is opposed to legislation that would require the use of such technology. The nine-page statement was the company’s response to a similarly lengthy message from BlackRock CEO Larry Fink, who announced in early March that BlackRock would initiate a series of discussions with the three publicly traded companies whose primary business is firearms manufacturing: American Outdoor Brands, Vista Outdoor and Sturm Ruger. BlackRock invests in all three companies through index funds.

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Survival Guide

How Ann MacDougall prepares for board meetings

Director, Opiant Pharmaceuticals, Inc., and Atmos XR

By April Hall

The board of Opiant Pharmaceuticals has three to four in-person meetings a year, but there are also monthly calls and “out of schedule” meetings on particular topics given the opioid crisis, says Ann MacDougall, who chairs the compensation committee and serves on the audit committee.

The NARCAN nasal spray, made by Opiant Pharmaceuticals, reverses opioid overdoses by competing against what opioids do to the brain. Thousands of people have been saved by the medication (resulting in 9-11% fewer overdose deaths in the U.S. between 1999 and 2014, according to the National Bureau of Economic Research), but it does not come without controversy.

Local law enforcement argued about making the drug available; many states have been making the medication available over-the-counter; and federal panels have convened to try to come up with a solution to the opioid crisis facing the country.

This is an ongoing feature of Directors & Boards . To be considered as a subject for Survival Guide, contact Eve Tahmincioglu at  eve@directorsandboards.com.

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News

Andrea Jung, Former Avon CEO, Joins Wayfair Board

By Barbara Wenger

Former chairman and CEO of Avon Products, Inc., Andrea Jung, has been named to the board of online home goods company Wayfair Inc.

A pioneering female executive, Jung was the first woman CEO of Avon and one of the first to lead a Fortune 500 company.

“Andrea brings a unique perspective and a wealth of global experience to our leadership team, drawing upon her accomplished career as a chief executive and as a true visionary for women’s issues,” said Niraj Shah, CEO, co-founder and co-chairman of Wayfair.

Jung is currently the president and CEO of Grameen America, a microfinance organization for low-income women entrepreneurs. She also serves on the boards of Apple Inc. and Uniliever NV, and serves on the Committee for Economic Development, an independent, non-profit, non-partisan American think tank.

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