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09 Jan 2007
Jim Clark, co-founder of internet icon Netscape Communications, has resigned as chairman of online photo site Shutterfly saying that Sarbanes-Oxley corporate governance regulations had ‘gone too far’.
In a letter to management released in a regulatory filing, Clark said one reason for him resigning was due to constraints imposed on major shareholders by the Sarbanes-Oxley securities law.
‘Sarbox (Sarbanes-Oxley) dictates that I not chair any committee due to the size of my holdings, not be on the compensation committee because of the loan I once made to the company, not be on the governance committee,’ Clark wrote.
‘It even dictates that some other board member must carry out the perfunctory duties of the chairman,’ he added.
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Briefings
By looking at the reasons supplier statements became unfashionable, and the reasons why it is different today, this paper delves into the many benefits that can be obtained by automating the process.
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AccountancyAgeInsight is a frequently updated resource centre for finance professionals, offering a free and easy-to-use digital library of briefings, white papers and other information resources. 
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