Bush unveils 10-point plan
US president George W Bush has announced his adminstration's 10-point plan to revamp rules on regulating corporate governance in the wake of the collapse of the US energy giant Enron.
US president George W Bush has announced his adminstration's 10-point plan to revamp rules on regulating corporate governance in the wake of the collapse of the US energy giant Enron.
Bush also said he would urge the Securities and Exchange Commission, the US’ main financial regulator, to implement rules for faster and clearer disclosure of financial reporting and tougher penalties for executives who mislead investors.
Bush said: ‘We have seen lately just how important the standards are, and the harm that can follow when they are ignored, … to properly inform shareholders and the investing public, we must adopt better standards of disclosure and accounting practices for all of corporate America.’
Plans include the establishment for an independent regulatory board to oversee the profession and proposals to make chief executives personally responsible for the reliability of company financial statements.
Bush said: ‘Business people must answer not just to the demands of the market and self-interest, but to the demands of conscience.’
The move is seen to be an attempt to deflect attention away from accusations that the Bush administration had been too lax on Enron, one of the largest donors to the Bush presidential campaign.
But, Democrats are already criticising the proposals for falling short of expectations to tighten standards in corporate governance.
The numbers you crunch tell a story. Your expertis...
22yEmbracing user-friendly AP systems can turn the tide, streamlining workflows, enhancing compliance, and opening doors to early payment discounts. Read...
View articleOrganisations can enhance their financial operations' efficiency, accuracy, and responsiveness by adopting platforms that offer them self-service cust...
View articleIn a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...
View resourceDiscover how AP dashboards can transform your business by enhancing efficiency and accuracy in tracking key metrics, as revealed by the latest insight...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThis follows an investigation into undisclosed personal loans and issues with an acquisition. Despite challenges, the company aims to achieve £1bn in ...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleThere is optimism that the IPO market will rebound in the second half of 2024, driven by pent-up demand and potential improvements in economic conditi...
View articleThe ICAEW confirms new vice president, with senior heads appointed at KPMG and EY. Within the mid market, a flurry of end of year partner appointments...
View articleKPMG confirms reappointment of it's UK chair, while EY announces Janet Truncale as the next EY global chair and CEO Read More...
View articleThe ICAEW has announced the appointment of its forthcoming chief executive Read More...
View article