Proposals by the International Organization of Securities Commission (IOSCO) to introduce a code of conduct for credit rating agencies (CRAs) are being welcomed by companies and professional associations alike, though with some reservations. The code of conduct comes in response to the major credit defaults of the last few years ? the most notable being Enron ? which have switched the governance spotlight on those rating agencies that failed to predict the defaults.
The UK’s Association of Corporate Treasurers (ACT), the US Association for Financial Professionals (AFP) and the Association Français des Trésoriers d’Enterprise – who together represent around 18,700 corporate treasurers ? submitted a joint statement in response to the IOSCO’s draft code published last month.
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