Friday, November 26, 2004

Anglo-German action against Sarbanes-Oxley

British and German business groups are to launch a joint campaign to fight what they see as the “excessive costs and regulatory burden” imposed by the US Sarbanes-Oxley corporate governance legislation.

In a sign of the growing international corporate backlash against the Act, they will urge the US Securities and Exchange Commission to make changes, including making it easier to delist from US stock exchanges.

The CBI and the BDI, the German industry federation, will write a joint letter to the SEC outlining their members' rising concern over the legislation. This will be followed by meetings between leading officials from the business groups and the SEC early next month in the US. The two groups will also step up their lobbying of US authorities.

“UK and German business feels very strongly over this issue,” said Digby Jones, CBI director-general. He said Sarbanes-Oxley would lead to heavy regulatory and compliance costs. “Sarbanes-Oxley is endangering New York's role as an international location to raise capital,” he added. The joint campaign was agreed at a meeting of Unice, the pan-European business federation that claims to represent 16m companies, in The Hague.

Anglo-German action against Sarbanes-Oxley

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