German plcs ready to accept US rules
German companies with listings in the US appear to be getting closer to resolving issues they have with America's new corporate governance rules.
The rules, which force company executives to swear oaths of accounting honesty, had made some German corporates consider withdrawing their US listings.
In October, sports car manufacturer Porsche, decided to withdraw its plans to list on the NYSE because of the new accounting laws.
But the mood is apparently changing.
According to a report in today’s FT, companies such as mobile phone giant Siemens, are confident a compromise can be reached with the US Securities & Exchange Commission over Sarbanes-Oxley without having to breach German listings rules.
Siemens said delisting from the NYSE was now ‘out of the question’ – it has already filed its oaths of honesty to the SEC, signed by its chief executive and finance director.