The Sharpener » Blog Archive » British business under American rules
Quite interesting article. Basically the usual moan about Sabarnes Oxley - the cruel cruel burden of accountabiltiy on the poor, put upon chief executives.
However, they have a good point asking where the protest from the CBI & co is...
It porbably has put a greater burden on major UK companies than any single European directive ever has. It's even had a knock on effect on paperwork for people in the UK. I've had people delay stuff because they need to get a counter signature on something due to 'SOX compliance'.
If the EU tried to introduce anything that would lead to jail terms for company executives, you wouldn't be able to move for posters printed out from the Daily Mail and Daily Telegraph.
Something to remember the next time they decide to complain about Euro legislation. At least we can do something about it, whereas SOX just ends up people shrugging and getting on with it.
For once, it's a reasonably coherent and strong regulation. Another couple of years and it'll have been emasculated to a piece of paper for CEOs to sign coupled to another, longer page of waivers.