When the Sarbanes-Oxley Act became law a half-dozen years ago, foreign companies threw a fit. Now, it’s increasingly a model, in principle at least, for corporate reforms around the world.
“You see markets as different as India and the European Commission taking a very close look at Sarbanes-Oxley,” said Anne Simpson, executive director of the International Corporate Governance Network, a group that advocates for greater shareholder rights on behalf of investors in 40 countries.
Indeed, some of the very aspects of Sarbanes-Oxley that have been the most criticized are also the most widely copied.
Principles such as holding corporate boards accountable and instituting internal auditing of accounting practices have proved popular in other countries, said Simpson, who has testified before the Senate Banking, Housing and Urban Affairs Committee.
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