Two years after the introduction of Sarbanes-Oxley, corporate reforms are still impacting corporate directors, according to a study by Corporate Board Member magazine and PricewaterhouseCoopers LLP.
Of course, that doesn't mean they're happy about it. Twenty percent of directors surveyed said that SOX has created an environment where management is so distracted that company performance will be affected, up from 13.9 percent in 2003, according to the third annual "What Directors Think" study, conducted by Corporate Board Member and sponsored by PwC. And 77 percent of directors surveyed think that the Sarbanes-Oxley Act should be revisited by Congress to correct some of the unintended consequences. Of the 1,279 directors and chief executives of top publicly traded companies who responded, 84 percent answered as outside directors.
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