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Sarbanes-Oxley co-author calls some aspects of legislation "excessive"

[JURIST] Speaking at the annual conference [agenda] of the International Corporate Governance Network (ICGN) [official website] in London Thursday, US Congressman Michael Oxley (R-OH) [official website] said that the Sarbanes-Oxley legislation [official website] was "rushed" and includes "excessive" corporate reforms. The legislation sponsored in 2002 by Oxley and Senator Paul Sarbanes (D-MD) [official website] came in the wake of the Enron and WorldCom financial scandals and required companies to audit their internal financial controls for potential fraud. Companies of all sizes have voiced frustration with the requirements due to increased costs and the lacking exemptions for smaller companies. The Securities and Exchange Commission (SEC) [official website] has said that it is contemplating a different set of rules for smaller companies, but Oxley expressed doubts that reforms were forthcoming by either the SEC or Congress. The Financial Times has more.

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