Google has agreed to invest $500 million over a decade to reform its compliance structure, settling shareholders' accusations of antitrust violations. The changes necessitate the creation of a separate board committee for risk and compliance oversight, and a higher-ranking committee addressing regulatory and compliance issues, reporting to CEO Sundar Pichai. The settlement, though denying any infractions, was deemed by shareholders' lawyers as "a comprehensive overhaul of Alphabet's compliance function," effecting "deeply rooted culture change."
Google has agreed to invest $500 million over a decade to reform its compliance structure, settling shareholders' accusations of antitrust violations. The changes necessitate the creation of a separate board committee for risk and compliance oversight, and a higher-ranking committee addressing regulatory and compliance issues, reporting to CEO Sundar Pichai. The settlement, though denying any infractions, was deemed by shareholders' lawyers as "a comprehensive overhaul of Alphabet's compliance function," effecting "deeply rooted culture change."