The Committee for Economic Development (CED), a business-led public policy group, on Tuesday released a policy statement examining the state of corporate governance in the U.S. and offering practical recommendations for restoring public trust in business.
“The high-profile corporate scandals of the past few years, coupled with numerous problems regarding financial statements, have shaken shareholders’ trust in many businesses leaders and their companies,” Roderick M. Hills, co-chair of CED and chair of the CED Subcommittee on Corporate Governance, said in a prepared statement. “It is imperative that we take concrete steps to restore the practices and processes that are the foundation of good business ethics. Specifically, I believe that the auditing process must reflect responsibility by company leaders, not just a rigid adherence to accounting rules. The auditing process needs to be guided by an over-arching set of principles that guarantee that the CEO, Board of Directors, and other top company officials know that they are fully committed to providing a truly fair and clear presentation of the firm.” Hill is currently a partner at Hills, Stern and Morley.
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