RegulationCorporate GovernanceNew SEC boss backs investors

New SEC boss backs investors

In his maiden address as SEC chairman, Christopher Cox issues a strong warning to corporates on disclosure and compliance

In his first speech as SEC chairman, Christopher Cox has vowed that the US
regulator will continue to prioritise investor interests and improve corporate
disclosures.

Speaking to staff and media, Cox, the 28th SEC chairman, said he would
‘build’ on the ‘continuity, clarity and consistency’ of his predecessors by
putting investors first.

‘We have an investor focus. We will be friendly to business but if anyone
tries to drive a wedge between investors and business they will find a
relentless adversary in the SEC,’ said Cox.

Cox said the challenge for the SEC was to improve corporate disclosure by
consulting investors directly.

‘We need to ask what is disclosed and why, and ask investors if that is the
information they want when deciding whether to buy, hold or sell a stock,’
he said.

Cox replaces William Donaldson as the SEC’s head. Cox has served in the House
of Representatives for the last decade and was a member of Ronald Reagan’s Brady
Commission, which investigated the cause of the stock market crash in 1987. He
was sworn into office yesterday.

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