Hearing witnesses blame crisis on failed reform and low standards
The push for a "lowest common denominator" set of international accounting standards, along with the failure of Sarbanes-Oxley Act reforms to curb last year's financial meltdown, are among the factors contributing to the ongoing global recession, experts in corporate governance told Congress.
The finger-pointing took place during recent hearings of the Senate Banking Subcommittee on Securities, Insurance and Investment, which is seeking new ways to protect shareholders by improving corporate governance.
Expert recommendations ranged from a forced separation of the chief executive and board chairman positions at large corporations, to new rules entitling stockholders to nominate director candidates on the proxy cards issued by corporate management.
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