New York (May 12, 2003) -- With crackdowns on accounting and investment banking already well underway, the Securities and Exchange Commission is turning its attention to public companies' boards of directors, SEC Chairman William Donaldson told a group of leading business and finance executives Thursday night.

"It's time to move the discussion to a fundamental review of corporate governance," Donaldson said at a meeting of the Economic Club of New York. "As we move along with Sarbanes-Oxley, it's important that corporate boards move beyond the letter of the law to look at the spirit of the law."

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