AeANET : Overview of AeA's Corporate Finance & Corporate Governance Initiatives

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Government Affairs >> Taxation >> Overview

Corporate Finance-Governance

Objective
To promote the most favorable financial environment for high-technology companies in the areas of accounting and corporate governance.

Issue Summary
On July 30, 2002, President Bush signed the "Corporate and Auditing Accountability, Responsibility, and Transparency Act of 2002" into law. Commonly referred to as the Sarbanes-Oxley Act of 2002 (named for the legislators responsible for this bill), this law makes some of the most significant changes in the laws governing the responsibilities of directors and officers and corporate reporting obligations that have occurred in decades.

Recent AeA Actions & Accomplishments
AeA was very involved in the creation of this new law, urging Congress to oppose harmful amendments, and helping to shape the final language of this law. AeA can be credited for leading the charge opposing stock option expensing amendments to this bill. Additionally, AeA sent a letter to all the conferees urging them to adopt some technical corrections to improve the bill, and the 3 most important of AeA’s 5 recommendations were incorporated into the final agreement. The AeA recommendations that were adopted include: improving the legal standard in the CEO certification provision, removing the Chairman from the certification requirements, and not making the prohibition of company loans to executives retroactive.

Highlights

Related Areas:

Sarbanes-Oxley Section 404
AeA Mounts a Grassroots Effort to Modify Sarbanes-Oxley Section 404
Stock Options
Prevent the expensing of stock options by either legislation or accounting standards issued by the U.S. Financial Accounting Standards Board (FASB).

Marie Lee
Director and Counsel, Finance and Tax Policy
202.682.4448
marie_lee@aeanet.org

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Overview of AeA's Taxation Initiatives

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