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“When we find late Form 4 filings where the price of the underlying stock increased materially between the purported grant date and the day the Form 4 was filed, we believe this raises legitimate questions about whether the grant was backdated.” The SEC could not be immediately reached for comment. Companies have said that many of the late Form 4 filings were unintentional — a result of sloppy paperwork— and their options grants have been accounted for correctly. Investors have widely discounted companies’ misconduct over stock options timing because they believe most of it pre-dates the Sarbanes-Oxley reforms on corporate governance of 2002 that were implemented in the wake of the Enron scandal.But a report released over the weekend from proxy advisory firm Glass Lewis & Co.While most of the requirements of Sarbanes-Oxley apply only to an “issuer,” or a publicly-traded or listed company, some commentators have recommended that even private companies should strive to comply with the full demands of this law.Among other things, Sarbanes-Oxley specifically provides for stricter financial and auditing procedures and reporting.Looking toward 2006, it is clear that this trend will continue, and for supply chain leaders, the time is right to establish an active role in your company's corporate governance strategies.As we know, SOX legislation was enacted in response to the serious misconduct of the 1990s, which had a profound impact on institutional and private investors' 401(k) accounts. exchanges, there are three primary areas addressed by SOX: SOX will force CEOs and CFOs to rely on their supply chain leaders to take a proactive role in corporate governance.
They would be wrong.” So begins a recent While SOX compliance is not likely to become a rote activity requiring diminishing effort anytime soon, Protiviti’s report does optimistically envision what it dubs “SOX Compliance 2.0,” fueled by the use of advanced technologies such as robotic process automation and machine learning in connection with SOX compliance activities.SOX also doesn't determine what is or is not material, as it leaves each individual company to identify independently what material events or actions will have an impact on the organization.