SEC chief says boards must make sure firms follow spirit, letter of law

The era of the "imperial CEO" has given way to more vigilant corporate boards of directors with greater responsibilities, said the chairman of the U.S. Securities and Exchange Commission on Wednesday at Duke University.

That transfer of power, said William H. Donaldson, is largely the result of laws known collectively as Sarbanes-Oxley. But it remains up to directors to adopt the spirit as well as the letter of the law and to model in their companies the values of transparency and responsiveness to investors, he said.

See full Article.