US companies with foreign subsidiaries face numerous legal and practical challenges from a corporate governance perspective. A panel of experts outlined the legal issues and gave practical advice on managing your foreign subsidiaries in compliance with Sarbanes-Oxley and the Foreign Corrupt Practices Act. They also discussed how to manage foreign subsidiary issues, such as the liabilities and responsibilities of local officers and directors, working effectively with local counsel, and building a process that enables adequate involvement of the legal department in local operations.