What Has Really Changed in the American Boardroom?

A review of the last 18 months reveals many accomplishments in the world of corporate governance, yet there is much work still to be done. Companies listed on the US exchanges have experienced more than a year under the Sarbanes-Oxley Act. Directors and officers have focused their efforts on complia...

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Bibliographic Details
Published in:Community Banker 2004-10, Vol.13 (10), p.60
Main Author: Raber, Roger W
Format: Article
Language:English
Subjects:
Annual reports
Boards of directors
Chief executive officers
Committees
Compliance
Corporate governance
Directors
Executive compensation
New stock market listings
Public companies
Stock exchanges
Stockholders
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Summary:A review of the last 18 months reveals many accomplishments in the world of corporate governance, yet there is much work still to be done. Companies listed on the US exchanges have experienced more than a year under the Sarbanes-Oxley Act. Directors and officers have focused their efforts on compliance while attempting to understand the ramifications of independence as mandated by the new legislation. Board members have been busy absorbing the new listing standards from the NASDAQ Stock Market, the New York Stock Exchange, and the American Stock Exchange, and contemplating the securities and Exchange Commissions proposal on shareholder access to the proxy. Today, there are more rules, regulations, and oversight of directors, but the essential qualities required for board service are still the same: independent-mindedness, strict adherence to duties of loyalty and care to the shareholders and stakeholders of the company, and the courage and integrity to ask the tough questions. With directors who possess such qualities, any reasonable system can work; without them, any system, no matter how excellent, can fail.
ISSN:1529-1332