Word: oxley
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Dates: during 2000-2009
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HOLLIDAY There's growing momentum. Enron and then the Sarbanes-Oxley law really made boards and management teams much more sensitive to their own impact, what they're doing and how they're perceived. All this has been a positive step in the right direction. Maybe it's not the most efficient way to get [reform], but I think overall [the Enron episode] made companies more responsible about what they're doing. Would people call that corporate social responsibility? Probably...
...revealed his benefits package and other irregularities, Congress launched an inquiry, and the Conservancy has spent the past two years overhauling its accountability practices. The nonprofit has instituted mandatory ethics training for its staff and voluntarily implemented sections of the strict new governance guidelines in the Sarbanes-Oxley Act, which does not apply to charities. McCormick took a 5% pay cut, discontinued the discretionary fund and immediately paid back the loan. "The management has taken this situation very seriously," says Stephanie Meeks, the Conservancy's chief administrative officer. "We have taken specific steps to make sure there isn't even...
McCormick and the Conservancy learned the hard way that charity is no longer beyond reproach. Corporate America has been penned in by new regulations imposed by the Sarbanes-Oxley Act, but the nonprofit sector faces few rules for disclosing financial health, paying executives or explaining spending. But in the postscandal era, state and federal lawmakers are pushing for stricter standards of governance for nonprofits...
...Atkins and Cynthia Glassman have argued against large fines against law-breaking corporations, reasoning that big fines only injure innocent shareholders. Christopher Cox, the new SEC chairman, is expected to lean the same direction. Meanwhile, even in the halls of congress there has been concern that the tough Sarbanes-Oxley corporate reform bill has placed too great a burden?and expense?on companies working to tow the line. Cox has already said he?s going to give small companies some relief from Sarbanes-Oxley by extending for one year the deadline for coming into compliance. It could be that...
...will this affect market regulation? The President has picked Representative Christopher Cox of California, a former corporate lawyer and staunch supporter of business interests, to replace Donaldson. Cox will come under pressure from the business lobby to dilute a measure in Sarbanes-Oxley that requires that firms institute strong internal financial controls and have auditors assess their adequacy. "It has turned into a boondoggle for the accounting industry," contends John Berlau, a fellow at the pro-business Competitive Enterprise Institute, who cites an American Electronics Association study that put the cumulative costs of complying in the first year alone...