Wednesday, November 24, 2004

Governance compliance takes toll

The cost of corporate governance regulations being forced on companies here by the Higgs Report and in the US by Sarbanes-Oxley legislation is costing top British companies hundreds of million of pounds a year. A report into major international companies found that, in Britain, the Higgs rules on director best practice plus the accounting and auditing shake-up in the Smith Report are costing companies on average £1.6m.


If the companies also have securities listed in the US, the additional cost of the new financial reporting legislation there is put at $8.8m (£4.7m) each. Much of that will be going on advice from lawyers, accountants and executive consultancies.

Governance compliance takes toll

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