January was a busy month for corporate governance. It saw the publication in London of important reports by Derek Higgs and Sir Robert Smith into the roles of non-executive directors and audit committees, respectively. There were meetings to review the proposed implementation in Europe of the November 2002 report of the high level group of company law experts, the so-called Winter Report. But, of arguably more immediate importance, there was an impressive burst of Securities and Exchange Commission (SEC) rulemaking in Washington DC.
Meeting a 26 January deadline imposed by the US Congress, most of the new SEC rules were adopted under the controversial Sarbanes-Oxley Act 2002. To the relief of many, they include important relief for non-US companies required to file SEC reports and more such relief has been promised. The new rules also provide significant relief for accountants and lawyers. Unlike Higgs, Smith and Winter, which are still being assessed, the new SEC rules are effective and largely mandatory.
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