Free Pricing | JCPenney Coupons | Pizza Hut Coupons | Home Depot Coupons
The Campaign to Gut Sarbanes-Oxley

The Campaign to Gut Sarbanes-Oxley

by Toby Lucich on November 8, 2006

October 17, 2006

Slowly but surely, the tide of corporate reform is turning. The new Treasury secretary, Henry Paulson, has blessed a committee of financial bigwigs set to conclude that parts of the 2002 Sarbanes-Oxley reform were too aggressive. There is strong speculation that, in the next few weeks, the Securities and Exchange Commission (SEC) will allow companies to limit proxy access to board elections. And the SEC has recently decided not to enforce a rule requiring greater independence from mutual fund directors–according to former Chair William Donaldson, “the capstone of our series of fund governance reforms.”

The irony is that the guy everyone thought would be leading the charge against reforms is, in fact, standing in its way. When he was nominated a little over a year ago, SEC Chair Chris Cox was hailed as a “Reagan revolutionary” who would replace the reform-minded Donaldson with a sweeping regulatory rollback. But, while Cox is hardly an investor activist, he has disappointed anti-reformers by failing to move quickly enough on–and in some cases even defending–his predecessor’s agenda.

The Campaign to Gut Sarbanes-Oxley

Leave a Comment

Previous post:

Next post: