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International Corporate Governance After Sarbanes-Oxley
by Paul U. Ali and Greg N. Gregoriou.

ISBN：0471775924(cloth)
John Wiley
2006
609 pages

PART ONE
Framework of Corporate Governance
CHAPTER 1
The Ethics of Corporate Governance:What Would the Political
Philosophers Say?3
Colin Read
CHAPTER 2
The Politics of Symbolism:Sarbanes-Oxley in Context 9
Justin O’Brien
CHAPTER 3
Governance and Performance Revisited 27
?yvind B?hren and Bernt Arne?degaard
CHAPTER 4
Corporate Governance as a Process-Oriented Approach to
Socially Responsible Organizations 65
Marijan Cingula
CHAPTER 5
The Impact of the New Corporate Governance Code on the Belgian
Stock Market 95
Albert Corhay,Andree Dighaye,and Pierre-Armand Michel
viiPART TWO
Corporate Governance and the Global Financial Markets
CHAPTER 6
Improving the Corporate Governance of Hedge Funds 129
Greg N.Gregoriou,William R.Kelting,and
Robert Christopherson
CHAPTER 7
Corporate Governance Reform in Australia:The Intersection of
Investment Fiduciaries and Issuers 137
Martin Gold
CHAPTER 8
Corporate Social Responsibility and Fiduciary Investment
in Australia 161
Paul U.Ali
CHAPTER 9
Issuers’Liability for Financial Information as an Instrument of
Corporate Governance Enforcement 173
Clemens V?lkl
CHAPTER 10
Investing in Death/Speculating on Mortality:Some Thoughts on
Life Insurance Securitization 185
Paul U.Ali
PART THREE
Share Ownership and Shareholder Control Rights
CHAPTER 11
Ownership Structure Metrics 197
Stefan Prigge and Sven Kehren
CHAPTER 12
The Effectiveness of Shareholders’Meetings:An Overview of
Recent Developments 223
Gregory F.Maassen and Darrell Brown
viii CONTENTSCHAPTER 13
The Market for Corporate Control and the Implications of the
Takeover Directive(2004/25)267
Blanaid Clarke
PART FOUR
Accountability of Directors and Executives
CHAPTER 14
Board Power Relations and the Impact of the U.K.’s Combined
Code on Corporate Governance 299
Timothy J.Nichol
CHAPTER 15
CEO Compensation in Australia’s Largest Companies 319
Geof Stapledon
CHAPTER 16
Directors’and Officers’Liability in France 337
Alain-Xavier Briatte and Michael Julian
CHAPTER 17
Independent Directorship Systems in Greater China 359
Margaret Wang
PART FIVE
Responsibilities to Stakeholders and Other Emerging Trends in
Corporate Governance
CHAPTER 18
The Primary Stakeholder Relationships:Corporate Governance
and Value Creation 379
Andrea Beretta Zanoni
CHAPTER 19
Family Ownership and Corporate Governance 399
María Sacristán-Navarro and Silvia Gómez-Ansón
Contents ixCHAPTER 20
The European Social Model of Corporate Governance:
Prospects for Success in an Enlarged Europe 423
Irene Lynch Fannon
CHAPTER 21
Contract Negotiation and Internal Regulation Mechanisms in a Firm 445
Hubert de La Bruslerie
CHAPTER 22
Prospects and Limits of Corporate Governance Codes 467
Bj?rn Fasterling
CHAPTER 23
Assessing the Effectiveness of Boards of Directors and
Individual Directors 485
Richard Leblanc
References 525
Index 565
x CONTENTS

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什么是萨班斯法案？

     2002年6月18日美国国会参议院银行委员会以17票赞成对4票反对通过由奥克斯利和参议院银行委员会主席萨班斯联合提出的会计改革法案——《2002上市公司会计改革与投资者保护法案》。为了吸引受重挫的投资信心，2002年7月25日美国众议院以423票赞成、3票反对，参议院以99票全票赞成的高效率迅速通过此议案。这一议案在美国国会参众两院投票表决通过后，由布什总统在2002年7月30日签署成为正式法律，称作《2002年萨班斯-奥克斯利法案》。
萨班斯法案的主要内容包括：设立独立的上市公司会计监管委员会，负责监管执行上市公司审计的会计师事务所；特别加强执行审计的会计师事务所的独立性；特别强化了公司治理结构并明确了公司的财务报告责任及大幅增强了公司的财务披露义务；大幅加重了对公司管理层违法行为的处罚措施；增加经费拨款，强化美国证券交易委员会（SEC）的预算以及职能。其中，萨班斯法案中有两个条款需要在美上市的公司或准备赴美上市的企业特别留意：
其一，302条款——公司对于财务报告的责任：萨班斯法案302条款2002年9月生效，规定美国上市公司的首席执行官（CEO）和财务总监（CFO）在其年度和中期财务报表中必须签名并认证，其财务报表完全符合萨班斯法案中有关规定，并不含有任何不真实的并导致其财务报表误导公众的重大错误或遗漏。如果将来发现有问题，CEO或CFO个人将对公司财务报表承担民事甚至刑事责任。这个302条款对于在美国上市的中国企业同样适用。然而，实际操作上如何把握，国有控股的在美上市的大企业老总如何面对由萨班斯法案带来的大量法律诉讼，将是个令人头痛的问题。
其二，404条款——公司管理层及外部审计师对于公司财务内部控制的责任：萨班斯法案404条款要求公司管理层和公共审计师，每年在年报中就公司产生财务报告的内控系统分别作出评价和报告，还要求外部公共审计师对于公司管理层评估过程以及内控系统结论进行相应的检查并出具正式意见。
可以想象，任何有关财务内部控制的负面披露或意见都会为资本市场所质疑，给公司股价带来重大压力。今后也许会出现这样的情况，尽管外部公共审计师对于财务报表出了“干净”的无保留的意见，而对公司内部控制系统有所保留，资本市场仍可能出现负面反应。过去两年中，在美国上市的众多公司的CEO和CFO们为了符合萨班斯法案中有关公司治理以及财务披露的严格规定而疲于奔命。这在全球兼并收购日益活跃的2005年将更为明显。
404条款要求收购方管理层和其外部审计师对于本公司财务信息内部控制系统作出评估和报告，而这样的报告也包括被收购的公司和业务。404条款使收购方必须对收购对象的财务内部控制作出相应的尽职调查，并尽早地对于收购对象的财务内部控制系统做出评估，来评估收购对象财务内部控制系统中足以导致财务信息披露出现差错的财务设计及管理的缺陷和不足之处。这些问题对于收购方财务内部控制系统及其评估的负面影响也需要充分考虑；这些必要的步骤都意味着收购方花费更多的精力和时间。
更重要的是，过去可能在收购后整合过程中可以改善的收购对象内部控制的缺陷，在新的404条款环境下可能变得更加突出，对于收购方来说，可能不得不充分披露收购对象的内部控制缺陷，为此收购方在相应的收购协议中，有可能要求出售方对于被收购对象财务内部控制系统以及财务信息管理和披露相关之控制做出多项承诺。
尽管萨班斯法案的颁布主要是针对数量众多的美国上市公司，但外国赴美上市的公司也要受到萨班斯法案的管辖，由萨班斯法案所带来的大幅攀升的上市成本及严格规定，已使不少外国公司望而却步。德国豪华跑车公司Porsche（保时捷）明确表示因为萨班斯法案而放弃纽交所（NYSE）上市计划颇能说明这样的顾虑。
美国证监会面临的新课题是，需要在两个同等重要的管治目标中找到一个平衡点。平衡点的一端是严刑重罚的呼声，充分保护投资者的利益并维护资本市场的信心；平衡点的另一端是大市场的呼声，以确保美国资本市场在长时间内持续为全球企业提供强大融资功能，而不会发生失去招揽中行建行这样庞大客户的机会。从近日来的美国证监会官员的公开演讲中，我们似乎已看到了针对外国公司赴美上市政策一些松动的可能。
萨班斯法案的出现也为全球资本市场带来了加强公司管理、信息披露和保护投资者利益的呼声。在世界其他资本市场监管环境的改善中，我们也似乎越来越多地看到了萨班斯法案的精神。反过来看，萨班斯法案中有许多值得借鉴的公司治理和改革的条款，也值得日益成熟壮大和不断国际化的中国企业去学习。

http://en.wikipedia.org/wiki/Sar ... :_Internal_controls
The Sarbanes-Oxley Act of 2002 (Pub.L. 107-204, 116 Stat. 745, enacted July 30, 2002), also known as the Public Company Accounting Reform and Investor Protection Act of 2002 and commonly called Sarbanes-Oxley, Sarbox or SOX, is a United States federal law enacted on July 30, 2002, as a reaction to a number of major corporate and accounting scandals including those affecting Enron, Tyco International, Adelphia, Peregrine Systems and WorldCom. These scandals, which cost investors billions of dollars when the share prices of affected companies collapsed, shook public confidence in the nation's securities markets. Named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH), the act was approved by the House by a vote of 334-90 and by the Senate 99-0. President George W. Bush signed it into law, stating it included "the most far-reaching reforms of American business practices since the time of Franklin D. Roosevelt."[1]

The legislation set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It does not apply to privately held companies. The act contains 11 titles, or sections, ranging from additional corporate board responsibilities to criminal penalties, and requires the Securities and Exchange Commission (SEC) to implement rulings on requirements to comply with the new law. Harvey Pitt, the 26th chairman of the Securities and Exchange Commission (SEC), led the SEC in the adoption of dozens of rules to implement the Sarbanes-Oxley Act.

Debate continues over the perceived benefits and costs of SOX. Supporters contend the legislation was necessary and has played a useful role in restoring public confidence in the nation's capital markets by, among other things, strengthening corporate accounting controls. Opponents of the bill claim it has reduced America's international competitive edge against foreign financial service providers, saying SOX has introduced an overly complex and regulatory environment into U.S. financial markets.[2]

The act creates a new, quasi-public agency, the Public Company Accounting Oversight Board, or PCAOB, charged with overseeing, regulating, inspecting and disciplining accounting firms in their roles as auditors of public companies. The act also covers issues such as auditor independence, corporate governance, internal control assessment, and enhanced financial disclosure.
Contents [hide]
1 Overview
2 History and context: events contributing to the adoption of Sarbanes-Oxley
2.1 Timeline and passage of Sarbanes-Oxley
3 Analyzing the cost-benefits of Sarbanes-Oxley
3.1 Compliance costs
3.2 Benefits to firms and investors
3.3 Effects on exchange listing choice of non-US companies
4 Implementation of key provisions
4.1 Sarbanes-Oxley Section 302: Internal controls
4.2 Sarbanes-Oxley Section 404: Assessment of internal control
4.3 Sarbanes-Oxley 404 and smaller public companies
4.4 Sarbanes-Oxley Section 802: Criminal penalties for violation of SOX
4.5 Sarbanes-Oxley Section 1107: Criminal penalties for retaliation against whistleblowers
5 Criticism
6 Praise
7 Legal challenges
8 Legislative information
9 See also
9.1 Similar laws in other countries
10 References
11 External links