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74615978
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Sarbanes-Oxley Reform on Medium-Sized Public Companies
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74615978
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Sarbanes-Oxley Reform on Medium-Sized Public Companies
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Records of the Office of Public Liaison (George W. Bush Administration)
Mike Meece's Files
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2014-0373-F
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Tuesday, May 19, 2015
FOIA Marker
This is not a textual record. This FOIA Marker indicates that material has been removed
during FOIA processing by George W. Bush Presidential Library staff.
Public Liaison, White House Office of
Meece, Michael (Mike)
Location or
NARA Number:
FRC ID:
OA Number:
Stack: Row: Sect.: Shelf: Pos.:
Hollinger ID:
W
33
20
5
1
3573
16508
5568
5742
Folder Title:
Sarbanes-Oxley Reform on Medium-Sized Public Companies
12/15/04 16:05 FAX 2024562223
NEC INTERNATIONAL
001/003
THE WHITE HOUSE
WASHINGTON
FAX COVER SHEET
KEVIN WARSH
NATIONAL ECONOMIC COUNCIL
The White House
Washington, DC 20502
Telephone (202) 456-2800 Facsimile (202) 465-2223
Date: 12/15/04
Pages (Including Cover): 3
To: Barry Jackson
Mike Meece
Facsimile: 62577
62130
Comments: Attached please find a press release that Chairman
Donaldson will be releasing tomorrow regarding the reform of Sarbanes-
Oxley requirements on small and medium-sized public companies.
Please call me with any questions.
12/15/04 16:06 FAX 2024562223
NEC INTERNATIONAL
002/003
DEC-15-2004 01:41
P.02
DRAFT
December 14, 2004
Commission
SEC Establishes Advisory Committee to Examine Impact of
Sarbanes-Oxley Act on Smaller Public Companies
FOR IMMEDIATE RELEASE
2004-XXX
Washington, D.C., December 16, 2004 - Securities and Exchange Commission
Chairman William H. Donaldson today announced the establishment of an advi-
sory committee to assist the Commission in examining the impact of the Sar-
banes-Oxley Act and other aspects of the federal securities laws on smaller pub-
lic companies.
Appearing at a press conference today with the two individuals named as Co-
Chairs of the committee, Chairman Donaldson stated, "The Sarbanes-Oxley Act
has already been of enormous benefit to America's investors and markets and
will spur further improvements. Now the time is ripe to review how the Act, in-
cluding areas like internal control reporting and other aspects of the SEC's regu-
lations, affects smaller companies."
The Co-Chairs of the new committee are Herbert S. Wander, a Chicago lawyer
and partner in the law firm Katten Muchin Zavis Rosenman, and James C.
Thyen, President and Chief Executive Officer of Kimball International, Inc., a di-
versified global manufacturer of furnishings and electronics based in Jasper,
Indiana. Chairman Donaldson said he expects between 9 and 19 additional
members of the advisory committee to be named within the next few weeks, tak-
ing into consideration the varied interests to be represented and a fair balance of
points of view.
The advisory committee will be known as the Securities and Exchange Commis-
sion Advisory Committee on Smaller Public Companies. Its areas of inquiry will
be:
frameworks for internal control over financial reporting applicable to
smaller public companies, methods for management's assessment of
such internal control, and standards for auditing such internal control;
corporate disclosure and reporting requirements and federally-imposed
corporate governance requirements for smaller public companies, includ-
ing differing regulatory requirements based on market capitalization, other
measurements of size or market characteristics;
accounting standards and financial reporting requirements applicable to
smaller public companies; and
/osbpdocsprrelease12.14(2)draf12/15/200412:44 PM
12/15/04 16:06 FAX 2024562223
NEC INTERNATIONAL
5.
003/003
DEC-15-2004 01:41
P.03
DRAFT
December 14, 2004
the process, requirements and exemptions relating to offerings of securi-
ties by smaller companies, particularly public offerings.
Chairman Donaldson explained that the advisory committee would be charged
with considering the impact of the Sarbanes-Oxley Act of 2002 in each of these
areas. The SEC will direct the committee to conduct its work with a view of pro-
tecting investors, considering whether the costs imposed by the current securities
regulatory system for smaller public companies are proportionate to the benefits,
identifying methods of minimizing costs and maximizing benefits, and facilitating
capital formation by smaller companies. The Chairman also stated the Commis-
sion expects the committee to provide recommendations as to where and how
the Commission should draw lines to scale regulatory treatment for companies
based on size.
Mr. Wander expressed enthusiasm for the project, commenting, "I am honored to
be selected to Co-Chair this committee and to consider these vital small business
issues. Small public companies play an integral role in our economy and I am
eager to get to work on these important issues."
Mr. Thyen added, "Chairman Donaldson is clearly committed to addressing the
challenges facing small public companies. I look forward to working with Herbert
Wander and the other members of the advisory committee as we move forward."
Alan L. Beller, Director of the SEC's Division of Corporation Finance, applauded
the decision to establish the advisory committee. Beller stated, "Ensuring that
the benefits of securities regulation of smaller public companies outweigh the
costs is important to the health of our economy and the role that these compa-
nies play in job creation and full employment."
The advisory committee will commence operations shortly after the additional
members are named and the SEC staff files the committee's charter with Con-
gress.
Press Contact: Matthew Well (202) 942-0020
Attachment: Biographical Sketches of Herbert S. Wander and James C. Thyen
#
#
#
|/osbpdocsprelease12.14(2)draft12/15/200412:441 PM