Word: oxley
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Dates: during 2000-2009
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...responsible for writing such protections into the corporate-accountability act think so. Before passage of that measure in July, people who faced workplace retaliation as a result of speaking out against wrongdoing at their companies were at the mercy of a patchwork of state and federal laws. The Sarbanes-Oxley Act was supposed to change all that, say Democratic Senator Patrick Leahy of Vermont and Republican Senator Charles Grassley of Iowa. They added a provision shielding people who provide information to any member of the House or Senate. But when Bush signed the bill last summer, he issued a statement...
...firm. The company has carried out many of her recommendations. And she firmly believes there is a point to all of the loss. "There really is a corporate-governance revolution across the country. Internal-audit departments are going to be taken more seriously," she says, noting that the Sarbanes-Oxley law passed by Congress last July requires all public companies to maintain internal-audit departments. She has received more than 100 letters and e-mails from strangers who want to thank and encourage...
...need to be exposed and corrected before yet another phalanx of high-level operators gets the wrong idea and a thousand Enrons bloom. And the people best positioned to call them on it will be sitting in offices like the ones that Watkins and Cooper occupied. The new Sarbanes-Oxley Act, which requires CEOs and CFOs to vouch for the accuracy of their companies' books, is just one sign of what Cooper calls "a corporate-governance revolution across the country...
...Enron, Worldcom and Tyco had seemingly mortally wounded consumer confidence, and the uproar against corporate crime was reaching its peak, it was convenient for Bush to join the battle cry and come down hard on the corporate villains. Likewise, it was convenient for Congress to pass the Sarbanes-Oxley Act of 2002—also called the “Accounting Reform Act”—reaching out to the victimized common man and calling for the eradication of big business deceit...
...public fuss to make. It's a tough call. Markets are already unsettled, and companies don't want to look as if they have something to hide. "Just because many are holding back with public criticism doesn't mean that they agree with the extraterritorial application of the Sarbanes-Oxley Act," says a memo to the E.U.'s Bolkestein from the German Industry Federation. "They are simply concerned that intervening with the sec could be misinterpreted." There is a certain irony in all this. Since the mid-1990s, most European countries have taken steps to improve their corporate practices - often...