Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and InvestmentPublisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 0
Book Description
The Cost of Being a Public Company in Light of Sarbanes-oxley and the Federalization of Corporate Governance
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and InvestmentPublisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 0
Book Description
The Cost of Being a Public Company in Light of Sarbanes-oxley and Federalization of Corporate Governance
Author: United States. Congress. House. Committee on Financial Services. Subcommittee on Capital Markets, Securities, and InvestmentPublisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 182
Book Description
Public Company Deskbook
Author: John T. BostelmanPublisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 968
Book Description
The Cost of Being Public in the Era of Sarbanes-Oxley
Author: Publisher:
ISBN:
Category : Corporate governance
Languages : en
Pages : 0
Book Description
Based on data received from Foley & Lardner's 2003 and 2004 studies, the average cost of being public for a company with an annual revenue under $1 billion in the wake of corporate governance reform has increased $1.6 million (130%) from the inception of Sarbanes-Oxley through FY 2003, including an increase of $736,000 during FY 2003.
The Sarbanes-Oxley Act
Author: Michael F. HoltPublisher: Butterworth-Heinemann
ISBN: 0750680237
Category : Business & Economics
Languages : en
Pages : 213
Book Description
The Sarbannes-Oxley Act (SOX) is a mandatory requirement for all listed corporations in the US, whether foreign or not. Compliance is not an option. Other countries are developing similar legislation so the books value is international in scope. SOX is a hot topic and the effects are just beginning to be felt world-wide. This new book goes beyond the implementation phase of SOX and looks at the reaction to the Act in terms of costs, benefits and business impacts. This book is for Senior Managers in the Business and Financial/Accounting Communities who want/need to know what the reaction of business and government is to the SOX legislation, what it is costing and how the effects are penetrating through the business environment. Mike Holt presents a comprehensive review of the impact that Sarbanes-Oxley legislation has had on business, the financial community, governments and the public since its inception in 2002. The Sarbanes-Oxley Act has been somewhat successful, but not completely and the cost (well over a trillion dollars) might be considered too high a price to pay for the gains. This book takes a hard look at the costs, benefits and other impacts as well as at what influential and prominent financial, government and business leaders think about it now. * International in scope and content and including interviews with prominent business leaders, CEOs and CFOs of large and small corporations. * Compliance with The Sarbanes-Oxley Act is now mandatory for every listed US corporation and overseas corporations listed on US stock markets. * Covers the reaction of business and government to this legislation, what it is costing and how the effects are penetrating through the business environment.
Congressional Record
Author: United States. CongressPublisher:
ISBN:
Category : Law
Languages : en
Pages : 114
Book Description
The Benefits of Sarbanes-Oxley and Corporate Governance Measured Against the Costs
Author: Salim MotalaPublisher:
ISBN:
Category :
Languages : en
Pages :
Book Description
The Sarbanes-Oxley Act of 2002 (SOX) is the only legislated corporate governance structure, and is aimed at increasing investor confidence in public companies by forcing them to be transparent in their financial affairs. In order for companies to comply with the legislation, significant costs need to be incurred without any guarantee that the benefits will accrue to the investors or the company. The legislation will be regarded as being successful if a) the benefits and costs can be identified and b) the benefits exceed the costs. This study reviews the SOX legislation elements using documentary and secondary interview research, and reveals a convergence between the two. While the purpose of the regulation is to prevent fraud and restore investor confidence, there was no empirical evidence suggesting that investor confidence has increased after complying with the legislation. The benefits of complying with the legislation appear to be access to capital markets in the United States, and awareness of the controls environment by all employees. The costs incurred are listed as initial implementation costs and ongoing sustainable costs, and the overall costs are greater than benefits obtained. In the long term, benefits should exceed the costs, as the sustainable costs are low compared to implementation costs.
The Federalization of Corporate Governance
Author: Marc I. SteinbergPublisher: Oxford University Press
ISBN: 0190876301
Category : Law
Languages : en
Pages : 329
Book Description
This book focuses on the federalization of corporate governance in the United States from both historical and contemporary perspectives. Although the states traditionally have regulated the sphere of corporate governance - encompassing the relations among and between the subject corporation, its directors, its officers, its stockholders, and other stakeholders - federal law today impacts the governance of publicly-traded companies to a greater degree than ever before in U.S. history. This book discusses the evolution and development of corporate governance from a federal law perspective from the commencement of the twentieth century to the present. It examines the tension between state company law and federal law, analyzes the federal historical developments, explains the ramifications of the federal legislation enacted during the past two decades, and recommends corrective measures that should be implemented. The book accordingly provides an original, historical, and contemporary analysis of the federalization of corporate governance - a subject that impacts this country's economic well-being in a very fundamental way.
The Irrelevance of State Corporate Law in the Governance of Public Companies
Author: J. Robert BrownPublisher:
ISBN:
Category :
Languages : en
Pages : 0
Book Description
Weak state regulation of corporate governance process and the race to the bottom resulted in federal intervention in the 1930s and the adoption of the securities laws. The laws largely ousted the states from the corporate disclosure and proxy process. The duties of directors, however, remained subject to state regulation. The race to the bottom, therefore, continued. One example was the adoption of waiver of liability provisions. It took less than two decades after Delaware adopted the first such provision in the aftermath of Van Gorkom for all 50 states to have something similar in place. Likewise, fiduciary obligations gradually weakened, with Delaware all but eliminating the duty of loyalty, replacing substantive fairness with ineffective procedural requirements. The predicable scandals and excesses followed. Congress responded with the adoption of Sarbanes-Oxley and federalizing some portions of the duties of officers and directors. SOX, however, did not do so in a systematic way. As a result, neither the states nor the federal government adequately regulate the behavior of corporate managers. Said another way, the dynamics that resulted in the scandals of the millennium largely remain in place.
Going Public and the Public Corporation
Author: Harold S. BloomenthalPublisher: West Group Publishing
ISBN:
Category : Corporations
Languages : en
Pages : 1510
Book Description
This looseleaf volume covers public financing from the initiation of the underwriting process through the closing, with a discussion of compliance with federal and state securities regulations. The reporting and continuous disclosure requirements of public company are presented in detail.