According to a source familiar with the situation, investment bank Lazard (LAZ.N) terminated a senior banker for inappropriate behavior over the weekend. Incoming CEO Peter Orszag sent a memo to staff this weekend informing them that the Company had dismissed the managing director in the bank’s financial advisory unit, the source said. The source said that Lazard took action after investigating the behavior, which occurred at a personal event at which employees were present. The banker’s identity has not been disclosed, and Lazard declined to comment.
Lazard expects its directors, managing directors, and officers to respect the laws of the cities, states, and countries where they work, both in letter and spirit. While it is only possible for some managers and employees to be expected to know the details of all applicable laws, they must be sufficiently knowledgeable to recognize when to seek guidance from a supervisor or higher level of management. Managing directors and employees are also advised to consult Lazard’s Compliance Manual, which contains more detailed policies concerning compliance with the law.
All managing directors and employees must endeavor to protect Lazard’s assets, including its proprietary information. Proprietary information includes intellectual property, business plans, novel ideas, records, and salary information. Disclosing or obtaining confidential information without authorization violates the Code and may be illegal under applicable law. It is a fundamental principle of good corporate citizenship for all managing directors and employees to support the communities in which they live and work. This obligation extends to helping those in need, both locally and globally.
It is a conflict of interest for a director, managing director, or officer to have private interests that interfere with their duties at Lazard. A conflict of interest situation must be identified and resolved promptly. Directors, managing directors, and officers should refer to the conflict of interest policy in the Compliance Manual for more information on this subject.
Lazard is committed to maintaining a safe and healthy workplace for its managing directors and employees. Any managing director or employee who reports discrimination or sexual or other harassment will be treated with dignity, respect, and fairness. Any manager or employee who retaliates against an employee who files such a report will be disciplined.
The CEO and all senior financial officers are responsible for ensuring that the Company provides complete, fair, accurate, timely, and understandable disclosure in periodic reports filed with the Securities and Exchange Commission. In addition, the CEO and senior financial officers are responsible for bringing to the attention of the Disclosure Committee any material information that should be disclosed under this policy or applicable law. The CEO and senior financial officers are further responsible for the integrity of the Company’s financial reporting, internal controls, and procedures. They are further responsible for ensuring their actions are consistent with these responsibilities. All managers and employees must be vigilant in identifying potential issues with financial reporting, disclosure, or audit matters.
