1. SARBANES-OXLEY ACT OF 2002

6. SOA:
Ensures that the senior executives have greater responsibility as well as the means to meet them
BOD will have greater exposure to liability for any negligence in the management of companies.

7. Provides check and balance
Whistleblowers will now have greater protection of the law as well as the opportunity to report fraud in their companies

8. BOD
Non management Directors should hold regular sessions without the participation of the management or any other person with a material relationship with it.

9. DISCLOSURE
Under Section 401(b) of the SOA, it would not be possible for pro-forma statements to omit any material fact which misrepresents the fair true position of the company.

10. FRAUD
The internal controls should be able to prevent, deter and detect fraud

11. GOVERNMENT POLICIES
Governance principles will be used to evaluate the board and the management

12. EXECUTIVE COMPENSATION
Section 304 of the SOA requires a company which restates its financial statements due to material non compliance or misconduct to reimburse bonus or incentives

13. PROTECTION OF WHISTLEBLOWERS
SOA has provided added protection to whistleblowers who can establish a prima facie case retaliation when they report malfeasance in the company

14. COMPENSATION COMMITTEES
Committee on compensation policy should be consistent with the business goals of the companies.

15. AUDIT COMMITTEES
Audit committees are composed of directors and have the responsibility to ensure that the financial statements of the company and the internal controls are consistent with the regulatory policy