TAILIEUCHUNG - CORPORATE AFTERSHOCK 1 PHẦN 7

"36 Một cơ chế để đảm bảo sự quan tâm và trung thành của công ty quản lý là, một chương trình hiệu quả của quản trị công ty là cần thiết nếu sự phân kỳ của các lợi ích đó là để ngăn chặn hoặc, ít nhất, những hậu quả bất lợi khác nhau đó giảm thiểu. | 72 CORPORATE INNOVATION AND GOVERNANCE the current corporate governance saga with a summary of the principal provisions of Sarbanes-Oxley and the new NYSE listing standards. Sarbanes-Oxley Act Most of the press coverage of Sarbanes-Oxley has focused on its creation of a new Public Company Accounting Board188 and its establishment of new standards of auditor One title of the Act however is Corporate Responsibility and four features of Sarbanes-Oxley s approach to corporate governance are worthy of careful note. As we pointed out previously the only part of the consensus view of corporate governance that Sarbanes-Oxley enacted into federal law concerns the composition and authority of the audit committee. To an extent this limited federalization of corporate structure is entirely understandable. Matters of internal corporate structure have been historically the province of state law and private contracts and Congress is surely correct to legislate in the area only with great deference. Furthermore the impetus for the Act was the recent corporate failures that highlighted the need to improve the responsibility of public companies for their financial disclosure. 190 It was therefore logical for Congress to have limited its incursion into the area of corporate governance simply to assure that all public companies have strong competent audit committees with real authority. 191 Nevertheless despite the limited federalization of the consensus view of best practice Congress was prepared to ignore entirely such best practice notions and rely on an entirely different model of corporate governance model when it saw a clear need to control specific types of management opportunism. Thus for example Sarbanes-Oxley 1. Prohibits outright any publicly held corporation from making a loan to any of its directors or 2. Forces the CEO and CFO of any publicly held corporation that is required to file a financial restatement due to the material noncompliance

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