Sarbanes: resistance is useless
As more detail emerges from the Securities and Exchange Commission, Mark Walsh and Thomas Thesing look at how the Sarbanes-Oxley Act will work in practice and assess how it will operate in tandem with equivalent European initiatives
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.
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