THERE HAS BEEN a lot of talk recently suggesting that the Sarbanes-Oxley Act of 2002 is driving companies away from U.S. stock exchanges to list their initial public offerings on foreign exchanges. These concerns have generated enormous debate and evoked a plethora of “solutions.” The question is: Is all this hype or is there a rush to list offshore such that brokers, investment bankers, analysts, lawyers and accountants should fear that they must start looking for a job in London or Tokyo
SOX was introduced in the aftermath of a series of major corporate scandals involving Enron, WorldCom, Tyco, Global Crossing, and others, as well as several major accounting firms, most notably Arthur Andersen, which unraveled as a result of its dealings with Enron. Scandals involving these and other companies resulted in billions of dollars of investor losses and were followed by stories of excessive executive compensation, insider trading, and failures of management and board oversight. Numerous high profile criminal prosecutions of senior executives and high level management followed in what seemed like an endless airing of corporate dirty laundry.
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