Earlier this week President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law in the U.S.A.
While the legislation is focused primarily on overhauling the U.S. financial regulatory system, the Act contains eight provisions addressing corporate governance and executive compensation that will have a significant impact on public companies.
Strong corporate governance policies and practices can help restore public trust in public companies and solidify the foundation for a broad economic recovery. With the passage of the bill, now the hard work begins for regulators and public companies who are preparing for these changes, much of which will likely occur in time for the 2011 proxy season
This is likely to affect international branches of companies headquartered in the U.S.A. It raises questions about management control systems, audit requirements, reporting etc.
One of the few erp solutions to address this is Microsoft Dynamics Ax which has built a comprehensive Compliance Portal – effectively a rich featured SharePoint Site bringing together alerts,workflows, reports, kpis, and document librarires – all in the core product.
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