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  "documentTitle": "Herbalife, Ltd. (HLF)",
  "authorId": "01_Pershing_Square",
  "authorName": "David Klafter",
  "documentKindSlug": "shareholder-letter",
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  "presentationDate": "2014-11-06 00:00:00",
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  "notes": "This is a page from a shareholder letter/report by Pamela Jones Harbour.",
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      "text": "At a minimum, a genuine compliance program must include the following:",
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      "text": "An analysis of Herbalife's business and its compensation system; Modifications to the compensation system; Modifications to rules for online sellers; Review of existing rules; Publication and enforcement of rules; Appropriate compensation for compliance employees; Independence of compliance; Country-by-country monitoring; Adequate resources; Anonymous reporting procedure; Extensive monitoring system; Making top distributors responsible; Imposition of material financial sanctions; Pro-active system to compensate consumer harm; Public announcement of sanctions; Authority to engage separate legal counsel; Authority to refer infractions to regulators.",
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      "text": "In your new role, you will need to build a new compliance system. Based upon our research, including conversations with multiple former employees and distributors, Herbalife's rules—given their bare enforcement—are ineffective. At a minimum, a genuine compliance program must include the following:",
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