Word: oxley
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...anymore, so directors might soon be in short supply. "Public companies are worried in Britain that the gene pool for recruiting directors is becoming shallow," warns Digby Jones, director general of the British employers' group the CBI. For European firms listed in the U.S., compliance with America's Sarbanes-Oxley Act - the 2002 law that introduced tough new rules on how public firms report their numbers - is adding to the burden of compliance. Jones claims at least a quarter of his 72 British members listed in the U.S. have said privately: "We've had enough" of strict U.S. rules. Meanwhile...
...beat them, hire them. Under pressure from the Sarbanes-Oxley Act to improve corporate oversight, Wall Street firms are beefing up their legal departments with one former government regulator after another. "Many of our clients are looking for people with strong regulatory sensibilities," says Susan Kurz Snyder of Greene-Levin-Snyder Legal Search Group, an executive-recruitment firm. In the past year, Eric Dinallo from New York attorney general Eliot Spitzer's office and the SEC's Patrick Patalino have switched over to Morgan Stanley and Credit Suisse First Boston, respectively. The latest defector: Beth L. Golden, Spitzer's former...
...coming. Arthur Andersen, the Big Five accounting firm convicted of obstructing justice in the Enron investigation, is now defunct, but other companies like Merrill Lynch that were involved in questionable partnerships may face further scrutiny. Enron's greatest legacy, however, is no doubt the passage of the Sarbanes-Oxley Act, which, among other things, requires CEOs to sign off on the veracity of their company's financial statements...
Paying By The Rules The movement to clean up bad corporate behavior in the U.S. has finally run into a business backlash. The chief target of corporate ire is the Sarbanes-Oxley Act, a law passed in 2002 that imposed tough new rules for how public companies - including many European ones - report their numbers. New provisions of the law continue to kick in, which might explain some curiously timed events. (Does the outgoing CFO of Linux peddler Red Hat really want to spend more time with his family?) Partly because of the stringent law, fewer foreign firms are listing shares...
...Richard M. Scrushy, the first chief executive to be charged under the law, challenged Sarbanes-Oxley in court. The judge allowed argument that the law's fuzzy language isn't clear enough for execs to know when they've broken the law. No ruling yet, but the case is giving the law's many foes plenty of ammo. France's Visible Hand Who's better positioned to set prices - the market, or French Finance Minister Nicolas Sarkozy? Consumer groups and even some supermarket chains have long complained that a 1996 law designed to protect small retailers has hiked prices. Last...