Governance in the spotlight: what the Sarbanes-Oxley Act means for you
Orlikoff, J.E.; Totten, M.
Trustee the Journal for Hospital Governing Boards 57(8): 15-18
2004
ISSN/ISBN: 0041-3674 PMID: 15471313 Document Number: 9053
Following a wave of high-profile corporate business and governance scandals, Congress passed the Public Company Accounting Reform & Investor Protection Act of 2002 (Public Law 107-240), better known as the SarbanesOxley Act. This legislation contains the most sweeping and comprehensive set of public-company governance, financial and accounting reforms enacted in more than 30 years. The Sarbanes-Oxley Act, intended to protect investors and renew public trust in corporations and their boards, set the stage for even broader reforms promulgated by the stock exchanges and other business and investor protection groups. These emerging requirements and standards are widely perceived as governance "best practices" for both forprofit and not-for-profit organizations alike. Attorneys, consultants and governance experts agree that it is only a matter of time before the Sarbanes legislation and the rules and regulations designed to implement it, will be broadly applied to not-for-profit governance and used as the yardstick against which board performance and accountability are measured.
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