What value -- if any -- has Sarbanes-Oxley brought to the corporate governance venue?

As an independent director and audit committee member for three large companies, what value -- if any -- has Sarbanes-Oxley brought to the corporate governance venue?

It has always been my belief that Sarbanes-Oxley would be no more than an inconvenience to the well-run and effectively governed company. After all, when boiled down, Sarbanes-Oxley only asks that a company report correct numbers, have proven systems to make sure the numbers are accurate and information regarding the company is provided to everyone in the same manner and timing. These are certainly laudable objectives. For the most part, my experience has confirmed the initial feeling. Certainly Sarbanes-Oxley is an inconvenience for everyone involved with compliance, but it has forced even the best-run companies to take a serious look at the way their business is conducted and accounted for. I have seen management, accounting, the audit function and information technology areas go deeper than ever before in understanding and verifying the performance of responsibilities to management and the shareholders. In the vast majority of the cases no errors or wrongdoing have been discovered by this Sarbanes-Oxley audit exercise, but potential “weaknesses” in the process have been identified and corrected. This is a positive for all concerned.

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