The Implications of U.S. Corporate Governance Requirements for America’s Competitiveness

Does compliance improve corporate performance and competitiveness? Read On>>


Attached is a report from a panel discussion conducted by the Financial Services Forum on the impact of SOX on American competitiveness, especially related to the battle for capital. This report is as balanced as it is going to get. The analysis and panel discussion highlight a lot of good points.

 

  1. SOX is causing a flight of capital to European markets. I agree but the question is: Is this the only factor driving this change? Is it a short term phenomenon that will reverse itself when the investors see the wisdom of the act in protecting THEIR interests?
  2. There is need to take a look at SOX. I agree. However, I would suggest making it mandatory for ALL companies listed ANYWHERE in the world who conduct business in America.

For all the hoopla about SOX, we keep using the term financial controls and that gets us in a tizzy. Aren't these process controls? Don't process controls make processes more effective and efficient? Since when is that not become a part of a fiduciary responsibility of management to shareholders?

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Posted on 03/17/2009 by


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