21 May IS SARBANES-OXLEY WORKING AND WORTH IT?
Please respond to the following questions:
Please Note: If you were in the said situation, what would you change if you could?
a. The shareholders of ABC Corporation felt they had been cheated in the sale of their stock in a takeover battle. They filed a lawsuit against the board of directors, claiming that the board had not exercised due care in reaching the decision to sell since they had failed to read any documents filed in the takeover bid and had made the decision after an incredibly short meeting.
The court agreed and said that the directors had failed to exercise due care.
The ripple effects of this decision were far reaching. Insurance rates for corporate directors soared. People resigned from boards and other good people refused to serve. In addition Delaware, where most corporations are incorporated and where the lawsuit was decided, began to lose corporations because they feared the harsh judgment of the court. In response to this crisis, the Delaware legislature enacted a statute that allows shareholders to change the by-laws of the company in which they had invested to exempt directors from financial liability should they not exercise due care.
Now with Sarbanes-Oxley, liability has become a federal issue and directors and officers are once again liable for misrepresentations and mistakes. Corporations now have huge and expensive reporting requirements and a cottage industry has arisen to help companies comply with Sarbanes-Oxley.
B . Is Sarbanes-Oxley working and worth it? What would you change if you could?
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