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Brown: Tougher oversight needed in business

Brown: Tougher oversight needed in business

by Rick Turoczy on March 29, 2005

The editorial criticized as excessive the 2002 Sarbanes-Oxley law, Congress’ response to the scandals at WorldCom, Enron and other companies. Many corporate executives and business organizations have taken pot-shots at this and other reform efforts.

They have it backwards: The battle against corporate wrongdoing hasn’t gone too far; it’s not yet gone far enough.

You may recall a Securities and Exchange Commission proposal to give shareholders limited rights to nominate their own candidates to corporate boards. Facing enormous pressure from groups like the Business Roundtable, the SEC has backed off and the idea is all but dead.

Similarly, there is an intense lobbying effort from business to block sensible new rules requiring companies to count executive and employee stock options as expenses.

Brown: Tougher oversight needed in business

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