Corporate Rules in Europe Have Been Flexible, but Change Is Coming

AS American companies struggle to comply with the rules imposed by the Sarbanes-Oxley Act, some cast an envious look across the ocean, where European companies face a far gentler set of rules.

In fact, calling many of them "rules" is deceptive. Such things as corporate disclosures about executive compensation or the state of internal controls, or even the makeup of boards, are typically governed by corporate codes that may be published by regulators but for which compliance is voluntary.

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