White Papers for Sarbanes-Oxley (SOX)

Booms and Busts, Corporate Governance, and Business Acumen

Perth Leadership Institute

The US took unprecedented action in the early 2000s to enact major reforms in corporate governance so that the excess and abuses that had occurred at the end of the preceding bust could never occur again. Following the passage of the Sarbanes-Oxley Act of Congress of 2002, US regulators felt that they had solved the problems that led to the failure of companies such as Enron, Tyco and WorldCom in the late 1990s. Now, in 2008, we are feeling the effects of the global economic crisis, which stemmed directly from the US credit crisis. Considering the major corporate governance reforms we have gone through and the expenses we have incurred as a result, why should the credit crisis have occurred in the first place?

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