| US multinationals make sweeping changes in corporate governance The relationship between management and boards of directors at US multinational companies has been changed dramatically through an array of corporate governance initiatives begun in response to corporate scandals, the Sarbanes-Oxley Act, and other requirements. According to the PricewaterhouseCoopers’ Management Barometer:
* 73 percent say their board will be more vocal on risk identification and risk management. * 72 percent say their company has established a ‘whistleblower’ complaint process, as required by Sarbanes-Oxley, even though this provision is not yet in effect. Only five percent of these report an increase in the number of complaints received and addressed by the audit committee. * 64 percent report that their audit committee reviews the company's 10-Q prior to filing with the SEC. * 63 percent have made changes or improvements in the skill sets of their audit committee. * 57 percent of audit committees and 47 percent
of boards have performed a self-assessment in the past 12 months.
•Date:
4th March 2004 •Region: N.America •Type:
Article •Topic: Operational
risk |
