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SEC Chairman Donaldson's Comments
on Compliance

William Donaldson, SEC Chairman, remarks at the National Press Club on July 30, 2003

"Compliance with the Act is intended to result in improved corporate accountability, but it should also become a catalyst for improved transparency and quality of financial reporting. Underscoring the importance of this objective are comments from SEC Chairman William Donaldson:

...Simply complying with the rules is not enough. They should, as I have said before, make this approach part of their companies’ DNA. For companies that take this approach, most of the major concerns about compliance disappear. Moreover, if companies view the new laws as opportunities—opportunities to improve internal controls, improve the performance of the board, and improve their public reporting—they will ultimately be better run, more transparent, and therefore more attractive to investors. "