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Wesley Clark on Corporations

NATO General; Democratic Candidate for President

 


Independent corporate boards needed for transparency

Q: Youíre a licensed investment banker. Specific reforms from you on corporate governance?

CLARK: I think Sarbanes-Oxley is a step in the right direction. I think we need to continue to emphasize independent corporate boards. Thatís the key. Put the corporate governance in place, independent, put the responsibility of the board to the shareholders, not just to the CEO and that will start the ball moving in the right direction.

Q: Do you have anything more specific about what you would do?

CLARK: Iím out there on the cutting edge in five different companies, and I can tell you that Sarbanes-Oxley is tough, itís difficult and companies are working through it. They are working on revenue recognition. They are working on transparency of options so everybody knows what the full diluted value is. These rules are in place, but theyíve got to be implemented. I think the one additional thing that needs to be looked at is more emphasis on the independence of the boards of directors.

Source: Debate at Pace University in Lower Manhattan , Sep 25, 2003

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Page last updated: Oct 01, 2016