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Friday, April 23, 2021

Labor Department rules requiring corporate fines and punishments be reported publicly go into effect Friday

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A new rule issued by the Department of Labor took effect on Friday, requiring that any announcement of a company being fined for a corporate misconduct be reported publicly or in a “clear, concise and understandable” manner — through the media or to the public at large — two hours prior to a corporate announcement.

“This rule will help serve the public interest by ensuring that there are adequate protections in place for employees in corporate announcements. It will also advance safety and improve the confidentiality of workers throughout the labor markets,” said Labor Secretary Alexander Acosta.

The move is part of a broader industry-wide push by companies to disclose corporate violations in a more transparent way. Last summer, the Labor Department declared that companies in industries where workers were disproportionately represented by the criminal justice system were to disclose all fines of over $100,000 paid by such companies, in a database administered by the government.

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