Business Roundtable released its fourth annual survey of corporate governance practices. Among other significant findings, the report indicates that the cost of corporate implementation of Sarbanes-Oxley has finally stabilized.
Commenting on the report, Steve Odland, chairman of the Roundtable's Corporate Governance Task Force and chairman and CEO of Office Depot, remarked: "Companies continue to make great strides toward increased board independence, greater transparency, improved shareholder communications and more director evaluations."
"For the first time, companies reported that costs of implementing the Sarbanes-Oxley law and new stock exchange listing standards have stabilized," Odland added.
The portion of companies reporting estimated costs of more than $10 million dropped to 40% from the 47% reported in 2005. A full 94% of companies expect their Sarbanes-Oxley compliance costs to either remain the same (42%) or decrease (52%) in 2006.
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