CBI Chief welcomes SEC decision on Sarbanes-Oxley

CBI Chief Sir Digby Jones welcomed the decision of the Securities and Exchange Commission to extend the deadline for overseas companies to comply with section 404 of the Sarbanes-Oxley Act.

The provisions, designed to improve companies' internal controls were due to be implemented by July 2005, but with European companies also spending huge amounts of time and money managing the move to International Financial Reporting Standards and the implementation of the EU Financial Services Action Plan, these provisions were placing a significant burden on their resources, particularly as many of these changes are having to be dealt with by the same staff.

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