Phoenix (July 26, 2004) -- When it comes to corporate governance best practices, public companies are substantially ahead of private firms, according to a recent survey of finance executives at public and private companies.

Public companies are making substantial investments to improve the audit committee process. Nearly half of public firms invested more than $400,000 in corporate governance compliance last year, while eight companies invested more than $1,000,000, according to a survey by the Financial Executive Research Foundation, the research affiliate of Financial Executives International and The Board Institute, a provider of Web-based board assessment tools.

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