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Sarbanes oxley convictions list9/5/2023 ![]() Several other large corporations met similar fates. It was soon surpassed in such ignominy by the July 2002 bankruptcy of the telecommunications firm WorldCom. corporations in 20 because of financial reporting irregularities, fraud and other contributing factors.įor example, when Enron-once the country’s largest energy trading firm-filed for Chapter 11 protection in December 2001, it became the largest bankruptcy in U.S. ![]() The act was developed in response to the sweeping instability of commerce and the financial markets following the collapse of several major U.S. It remains one of the most consequential governance developments in history and serves as an important lesson for corporate officers, directors and their professional advisors. It sparked the corporate responsibility movement, which continues to impact corporate and leadership ethics and compliance with law. Next year will mark the 20th anniversary of the passage of the Sarbanes-Oxley Act, federal legislation that has had an enormous-and mostly positive-impact on the integrity and reliability of companies, their financial statements, leadership and advisors.
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