BusinessCompany NewsSEC concedes ground on Sarbanes-Oxley

SEC concedes ground on Sarbanes-Oxley

The US Securities and Exchange Commission has conceded ground to several countries over the extra-territorial powers contained in the Sarbanes-Oxley Act.

Link: Foreign bodies confront SEC over Sarbanes-Oxley

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.

Related Articles

M&S business rate liabilities based on £570m rateable value

Company News M&S business rate liabilities based on £570m rateable value

5m Emma Smith, Managing Editor
BDO replaces Deloitte as Mitie auditor

Audit BDO replaces Deloitte as Mitie auditor

8m Emma Smith, Managing Editor
CVR Global appoints partner in London office

Company News CVR Global appoints partner in London office

1y Alia Shoaib, Reporter
FTSE100 failing to provide adequate ethics information

Company News FTSE100 failing to provide adequate ethics information

1y Alia Shoaib, Reporter
Moore Stephens recruits new private client partner

Accounting Firms Moore Stephens recruits new private client partner

1y Emma Smith, Managing Editor
Magma Group announces merger, partner promotions

Accounting Firms Magma Group announces merger, partner promotions

1y Emma Smith, Managing Editor
BDO on ‘recruitment spree’ with multiple partner appointments

Accounting Firms BDO on ‘recruitment spree’ with multiple partner appointments

1y Emma Smith, Managing Editor
Brand strength leads to fee income growth for RSM

Accounting Firms Brand strength leads to fee income growth for RSM

1y Emma Smith, Managing Editor