The SEC yesterday bowed to pressures from countries such as Germany and Japan to maintain their current corporate governance practices, by proposing modifications to the recently established law.
Sarbanes-Oxley was expected to affect over 1,300 non-US companies that have listings on US stock exchanges.
One of the biggest concessions involved the independence of audit committees, which Germany objected to as its two-tier management structures often led to employee representatives making audit decisions.
Japan and Italy also complained that audit committees were not always staffed by board directors.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements