Only 6% believed that investors were better served in the new regulatory environment following Sarbanes-Oxley (2001). Only 1% believed that the new regulations made boards more effective and as many as half said that compliance costs had shot up by 100%.
Further, four in 10 claimed that the increased compliance costs delayed business growth. Three-quarters said that their management teams would have 'more' or 'much more' impact on top-line growth in the coming year. But following Sarbanes-Oxley, it had become harder to find directors with the required skills.
Only two-thirds agreed that they were able to attract the people they needed at the senior level. Mitchell H Caplan, CEO of banking firm E*Trade Financial tells senior recruits exactly what they will be facing in their new role: "However hard you think your job is going to be, multiply it by 10 and that will be an easy day."
Source:
NYSE CEO Report 2007
New York Stock Exchange Magazine, August/September 2006
Review by Morice Mendoza
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