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 Industry News
Check out the latest articles, papers, and news from the world of
the corporate secretary, corporate counsel, risk manager, and
subsidiary governance professional.
From E-Commerce Times:
Can SOX actually benefit your company?
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From Directors Monthly Magazine:
No need to fear SOX compliance
Click Here
From the State of Delaware:
New Delaware legislation requires a communications contact
A Delaware bill requires corporations, formed under Delaware law or
qualified to do business in Delaware, to provide their registered agent
with the name, business address and business telephone of a person to
serve as communications contact for the entity. The recently passed
bill becomes effective January 1, 2007. Computershare's World Records®
application can track that information for each entity of an
organization and produce a report for registered agents. The
communications contact may be an officer, director, employee, or
designated agent of the entity, who is authorized to receive
communications from the registered agent.
See Sections 9 & 10: Read more
From the Wall Street Journal:
Private companies embrace SOX despite cost
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From WebCPA.com:
PwC study shows an increase in using technology to improve internal auditing
More companies are using a continuous internal auditing system to
accelerate the audit cycle, improve risk, and ensure controls,
according to a recent PwC study.
Read more
From e-Commerce Times:
Board service requires a pro-active approach in post-SOX business world
In this editorial, e-Commerce Times writer Theodore F. di Stefano
maintains that serving on the board of a publicly held corporation in
today's post-SOX environment requires active participation and staying
informed. Board members who are ethical and active should have little
worries about continuing their board service.
Read more
From USA Today online:
New survey says American companies are improving on corporate governance
Large U.S. companies are making strides in corporate-governance
practices, from creating stronger independent boards to linking more
executives' pay packages to their companies' performance, according to
a new survey. The survey of 100 CEOs by the Business Roundtable, a
group of CEOs whose companies boast $4 trillion in revenue, suggests
that corporations are taking their watchdog roles more seriously in the
wake of Enron and other corporate scandals.
Read more
From CFO.com:
Compliance with SOX internal controls puts D&O practices in the spotlight
Directors and officers at Cray Inc. were recently hit with a
class-action lawsuit filed by disgruntled shareholders alleging that
Cray's audit committee violated sections of the Sarbanes-Oxley Act. The
litigants claim that directors knew about the problem with the
company's internal controls but did not report it. The Seattle-based
company is just another example of the perils of board duty in a
post-Enron world as various provisions of SOX afford class-action
lawyers a veritable smorgasbord of actionable material.
Read more
Why is Corporate Social Responsibility (CSR) controversial?
While some business analysts think corporations should care about
environmental and social issues affecting their companies, others
believe corporations should focus on maximizing shareholder value.
Read more
SEC Votes to Allow Electronic Proxies
The Securities and Exchange Commission has voted to allow companies to
provide proxies to shareholders via the Internet. The move could save
U.S. corporations $500 million a year in printing and postage costs.
The proposal, now subject to a 60-day public comment period, would take
effect in 2007.
Read more
Tax executives earn higher profile due to SOX
More than 50% of senior tax executives said they felt they’ve gotten
more respect because of SOX legislation, particularly from audit
committees and boards of directors.
Read more
Getting taxes right is the weakest part of SOX 404 compliance
Nearly one-third of companies that received adverse opinions on their
internal controls were criticized for tax accounting. One of the
reasons cited for the weakness is the SOX demands for more precise
procedures. Since tax departments often operate away from the rest of
the finance department, including internal audit, many companies had
never before documented internal control procedures for tax.
Read more
Disney adopts majority voting
The entertainment giant requires directors receive a majority of votes
to retain their seats as part of their focus on corporate governance.
Read more
For banks, better-run means better-rated
For banks, governance practices have a big impact on credit ratings and outlooks, according a Moody's Investors Service review.
Read more
From Law.com:
Three years later: Oxley reviews SOX corporate governance legislation
Rep. Michael Oxley of Ohio said "Nobody ever passed a perfect piece of
legislation,” during a panel discussion held for more than 100 lawyers,
business, and financial executives in Georgia in October. He added that
if he could change one thing about the SOX law he co-authored, he'd
make it more flexible and less one-size-fits-all, especially in
relation to small and mid-size public companies.
Read more
From Primezone Media Network:
Despite SOX controls, CEO’s still taking charge
A new PwC study shows that nearly three quarters of corporate boards
are not taking control of their own business and leaving the major
decisions and board meeting agendas up to the CEO.
Read more
From Business Wire:
Alcoa receives high marks for corporate governance
Alcoa was one of only 33 companies worldwide to receive a 10 rating -
the highest rating available for corporate governance $#151; by
Governance Metrics International (GMI), the world's first corporate
governance ratings agency.
Read more
From Sarbanes-Oxley compliance Journal:
Corporate Secretaries Evolving Role
The Corporate Secretary profession and increased responsibilities continues to evolve.
Read more
The Corporate Library
(independent research with data on corporate
governance, analysis & risk assessment)
Read more
From Accountancy Age:
e-Filing Companies House forms in the UK gains momentum
Companies House is offering organizations reduced fees for electronic filing of statutory forms.
Read more
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