FLORHAM PARK, N.J., July 30 /PRNewswire/ -- Among the regulatory changes
included in the Sarbanes-Oxley Act, signed into law by President Bush on July
30 of last year, is a provision requiring a public company to identify a
"financial expert" on its board of directors or explain the reason for the
absence. To assist corporate boards in identifying qualified candidates,
Financial Executives International (FEI), the leading advocate for the views
of corporate financial management whose 15,000 members hold policy-making
positions as CFOs, treasurers and controllers, has created a Financial
Experts/Audit Committee Directors Registry. The registry currently includes
400 financial executives with extensive experience available to serve as
independent directors on the audit committees of public companies.
"As a membership organization of senior financial executives, including
more than 5,000 CFOs, FEI has a natural interest in audit committee
governance," notes FEI President and CEO Colleen Sayther. "CFOs have the
finance and accounting experience, the financial sophistication and the
financial oversight responsibilities that today's directorship roles demand,
and therefore they make exceptional candidates to serve as an independent
director on audit committees. Creating shareholder value inherently involves
taking risk with the capital entrusted to the management team. The financial
expert should be the experienced professional who can ask the tough questions
and identify the key risks before problems arise."
Corporate boards and search firms looking for board members with the
financial expertise to serve on an audit committees should contact FEI's
Director of Career Services, Diane Albergo, at 973.765.1000 or
dalbergo@fei.org.
FEI's web site, http://www.fei.org, includes a number of additional
Sarbanes-Oxley compliance tools, including a sample code of ethics for senior
management, implementation best practices and opinion and analysis from
various experts. Also available is a report, Integrity-Based Financial
Leadership and Ethical Behavior, by the Financial Executives Research
Foundation, that reviews the pressures financial executives face in fulfilling
their responsibilities and identifies organizational practices and
competencies to effectively handle such pressures.
About FEI
FEI was founded on Dec. 31, 1931 as the Controllers Institute of America.
Throughout its history FEI has advocated responsible, ethical corporate
financial management practices and continuous improvement in corporate
governance. As the leading professional association for corporate finance
executives, FEI enhances member professional development through peer
networking, career management services, conferences, publications and special
reports and research. FEI is an active advocate on behalf of its members
before Congress, the SEC, the FASB, IASB and PCAOB, principally through the
work of its seven technical committees. Members participate in the activities
of 86 chapters, 75 of which are in the United States and 11 in Canada. FEI is
a global organization, accepting members from around the world. For more
information about FEI, visit http://www.fei.org
Contacts:
Chris Allen Margaret Towers
FEI TowersGroup
(973) 765-1058 (212) 354-5020
callen@fei.org margarettowers@towerspr.com
SOURCE Financial Executives International
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Related links:
http://www.fei.org
Company News On-Call:
http://www.prnewswire.com/comp/310650.html
CONTACT:
Chris Allen of FEI, +1-973-765-1058,
callen@fei.org; or Margaret Towers of TowersGroup,
+1-212-354-5020, margarettowers@towerspr.com, for FEI
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