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New Year's Resolutions For Independent Directors

Harvey L. Pitt | January 27, 2004

The last three years have seen an exponential increase in corporate implosions. The defalcations at Enron, WorldCom, HealthSouth, Ahold, Parmalat and countless other global companies have produced:

 

 

 

  • Stringent new legislation, in the form of Sarbanes-Oxley;

     

     

  • A plethora of new rules and regulatory requirements from the SEC, the NYSE and Nasdaq;

     

     

  • A spate of prosecutions and enforcement actions by the DOJ, SEC and some state prosecutors intent on acquiring higher office; and

     

     

  • An increase in the number of private class actions instituted and the dollar amounts required to settle those cases.

 

 

In the wake of these scandals and the legislative...

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