Federal and State Securities Enforcement

Individual Accountability: Not Always Accomplished Through Enforcement

, New York Law Journal


Mary Jo White and Andrew J. Ceresney, in their inaugural Federal and State Securities Enforcement column, write that several provisions passed into law under Sarbanes-Oxley were intended to advance individual accountability for senior executives and yield valuable lessons about the effectiveness of such provisions. In recent years, however, a different route has also emerged: a market-driven remedy where some companies have taken steps to reduce the compensation of senior executives after being caught in regulatory and reputational crosshairs.

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