|FOR IMMEDIATE RELEASE:||
CONTACT: Jesse Jacobs
|Monday, February 25, 2002||
Senator Paul S. Sarbanes, the Chairman of the Senate Banking, Housing, and Urban Affairs Committee, has announced that the full Committee will continue its oversight responsibilities in the wake of the collapse of Enron Corp. by holding a hearing to receive recommendations on how to improve corporate governance.
Corporate governance issues have become central to the accounting and investor protection issues, and many observers are calling for major changes to ensure board independence. Boards of directors oversee corporate management in order to protect shareholders' interests. Stock exchange rules require that a certain percentage of board members be "outside" or independent directors who are unaffiliated with the firm and its management. Strengthening the independence of these individual directors has been one recent focus of reform.
The hearing is scheduled for:
Scheduled to present their recommendations to the Committee are: