Thursday, November 25, 2004

UK concern over impact of Sarbanes-Oxley

The business backlash over the impact of the US Sarbanes-Oxley corporate governance legislation will be raised at a meeting of European employer groups on Friday in the Hague. The Confederation of British Industry, the UK business group, said on Thursday it expected to hold talks with European counterparts over co-ordinating a push for changes in the legislation.

Digby Jones, director-general of the CBI, said the increased regulatory and compliance costs imposed by Sarbanes-Oxley had become a prime concern for companies with listings on US stock exchanges. He said large public companies were actively considering de-listing in the US as result.

“New York is regulating itself out as a international location for raising capital. That is how serious it is,” he said. “Our members are complaining this is going to lead to millions of extra compliance and regulatory costs that will be ongoing.”

UK concern over impact of Sarbanes-Oxley

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