 Juin 2004
Few will publicly admit it, but many have come to view the Sarbanes-Oxley Act of 2002 as an unwelcome requirement. Cost, effort and energy poured into complying with new regulations, all caused by a tiny minority of unethical individuals. Most will agree that the law was needed to restore investor confidence. But few will acknowledge that they themselves need it. Or can benefit from it. This is someone else's problem — and, like schoolyard justice, the whole class gets punished.
The public markets, however, are sending a different message. And it is a loud one. They are rewarding companies that have good governance and high financial IQ (Information Quality = Transparency, Timeliness, Accuracy and Reliability) — and punishing those that don't. So while everyone else is resigned to complying with the letter of the law, astute leaders are going further, and responding to the spirit of the law. They have figured out that Sarbanes-Oxley is also about good business and shareholder value.
This book may give you tips on compliance or help you better understand the legislation. But ultimately, it is intended to give you a peek at the rewards that lie beyond the requirements, so you can decide if it is worth changing your mind (and your approach) to Sarbox.
Sarbanes-Oxley Tips
- Pursue the riches of good governance so you can avoid the consequences of poor governance
- Before you make up your mind on Sarbox, be open to changing it.
- Fix your culture before the capital markets tell you it’s a problem.
- Use Sarbanes-Oxley to challenge the soundness of strategic givens.
- Avoid the Sarbox Gravy Train by demanding more from your investments in compliance.
- If you are going to hire a CRO, give her some teeth (and the freedom to bite).
- When it comes to technology, simplify.
- Pick benchmarks that the capital markets value.
- Choose your prize – the potential low cost of minimalism or the potential high return of opportunism. Then go for it.
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