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Special Issue: A Roundtable Discussion on Leading Compliance Issues in the U.S. and EU

By ALM Staff | Law Journal Newsletters |
May 09, 2005

Throughout the world, Sarbanes-Oxley (SOX) legislation might well have had the biggest impact in corporate governance since the introduction of limited liability. To that end, jurisdictions outside the U.S. have not been idle. A recent Eversheds survey found more than 100 studies on the topic in 29 European countries within and outside the EU. Clearly, proper compliance to corporate governance guidelines is top of the list to in-house counsel across the EU, as well as the U.S.

To avoid civil and criminal penalties, multinational companies have to comply with laws and principles of good governance in all of the countries where they operate. U.S. legislation attempts extra-territorial reach. That legislation is in most cases in addition to, rather than in substitution for, local law, even for NYSE-listed entities. For multinationals, then, even if SOX is the beginning of the story, it is not the end.

Coupled with the changing face of regulation is an increased challenge on in-house resources. Many corporations are under pressure to reduce head count, and in-house legal teams are often not immune. At the same time, boards have a greater appetite for corporate governance and are likely to rely more on the General Counsel for advice with at least anecdotal evidence that the number of independent legally qualified directors is in decline.

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