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Corporate Governance
For Executive Sign-Offs, New Deadline, New Penalties NEW YORK - The SEC handed out a dozen red flags following the Aug. 14 deadline for 745 chief executives and chief financial officers to certify their financial statements. No alarms and no surprises here. Included in the bunch, as many expected, were telcos WorldCom (otc: WCOEQ - news - people ), Qwest Communications (nyse: Q - news - people ) and McLeod USA (nasdaq: MCLD - news - people ) and energy traders Enron (otc: ENRNQ - news - people ), Dynegy (nyse: DYN - news - people ) and CMS Energy (nyse: CMS - news - people ). The filings of media giant AOL Time Warner (nyse: AOL - news - people ) and drugmaker Bristol-Myers-Squibb (nyse: BMY - news - people ) initially drew SEC scrutiny before being approved. The deadline, met by an additional 70 or so companies not required to certify until later, did bring about restatements by consumer lender Household International (nyse: HI - news - people ) and advertising consortium Interpublic (nyse: IPG - news - people ). Now another date looms--Aug. 29. That's when the certification requirement of the Sarbanes-Oxley Act goes into effect. The law says that chief executive and chief financial officers of all U.S. public companies must sign off on quarterly and annual filings if they believe them to be complete and accurate. But unlike the SEC's request, with its vague consequences outside of public pillory, the Sarbanes-Oxley Act has some teeth. It spells out potential fines and punishments for execs that knowingly push through false results. Still, it never hurts to check if your company made it past the first hurdle. The SEC has a company-by-company tally of the filings from chief executives and chief financial officers. Click on the links below to track the companies in your portfolio through the SEC's site, and bookmark our coverage of corporate governance and efforts to restore trust in corporate America. Search SEC Filings By Chief Executive Officer Search SEC Filings By Chief Financial Officer More From ForbesHousehold Takes Itself To The Woodshed 08.14.02Today's SEC deadline is having the intended effect, as firms 'fess up to accounting peccadilloes. SEC Deadline: I Certify, Therefore I Am 08.14.02 The new certification requirement may be a legal nonentity, but the market will punish noncompliers. The Corporate Scandal Sheet 08.05.02 We track corporate America's latest transgressions--who did what and just how much trouble they're in. Whom Can You Trust? 07.09.02 A complete guide to our coverage of trust and corporate America in the past several months. Current News On Companies Expensing Stock Options
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Household Takes Itself To The Woodshed Fraud Bill Passes--Now Comes Interpretation Faces In The News: July 30, 2025 Related quotes
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Market data provided by Reuters. Disclaimer Stock quotes are delayed at least 15 minutes for Nasdaq, at least 20 minutes for NYSE/AMEX. U.S. indexes are delayed at least 15 minutes with the exception of S&P; 500 which is real-time. Forbes 40 Index powered by Telemet. News may include latest headlines from Reuters. |
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