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Majority of Board Directors Feel Sarbanes-Oxley Regulations Should be Repealed or Overhauled

Majority of Board Directors Feel Sarbanes-Oxley Regulations Should be Repealed or Overhauled

by Rick Turoczy on February 23, 2006

Just four years after the enactment of Sarbanes-Oxley, 58% of Board Directors surveyed feel that the regulations have served only to make boards overly cautious, and should be repealed or overhauled, according to the 32nd Annual Board of Directors Study, released today by Korn/Ferry International (NYSE: KFY), the premier provider of executive search, outsourced recruiting and leadership development solutions.

“Although gross corporate misconduct has necessitated recent landmark regulations, there is a growing contention that the impact of these rules has been negative,” says Charles King, head of Korn/Ferry International’s Global Board Services Practice. “Many directors believe boards have become exceedingly wary and are not taking necessary risks to drive company growth. These directors are demanding reform.”

The most comprehensive, longest-running survey of its kind in the world, the Board of Directors Study examines opinions and practices found in boardrooms of major corporations throughout the world. The findings are based on the responses of nearly 1,200 board members from 15 nations in the Americas, Asia Pacific and Europe.

Majority of Board Directors Feel Sarbanes-Oxley Regulations Should be Repealed or Overhauled

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