European finance professionals are reluctant to follow the lead of the U.S.’s Sarbanes-Oxley Act.
Only 48% of Western European respondents to a survey carried out by gtnews.com in December 2003 agreed that other jurisdictions should adopt similar regulations to Sarbanes-Oxley. A total of 59% of global respondents agreed that Sarbanes-Oxley-style regulations should be implemented in non-U.S. jurisdictions (North America 67%; Asia-Pacific 57%).
Respondents also welcomed corporate governance initiatives such as Sarbanes-Oxley as having a positive impact on best practice in the treasury department, but were less confident that such measures would be sufficient to restore investor confidence.
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