US senator Michael Oxley, a key architect behind sweeping post-Enron reforms, has renewed criticism of securities lawyers’ “lack of due diligence and independence” in a major review of standards in US boardrooms.
Using a congressional report published to mark the 30 July 2002 signing of the controversial Sarbanes-Oxley Act, which introduced a string of reporting requirements for US lawyers, the influential politician reaffirmed the need for “the first federal regulation of securities attorneys”.
