ICI has begun the process of delisting from the New York Stock Exchange, AccountancyAge reports. And if Sarbox is not to blame for foreign companies leaving the U.S. markets, someone needs to tell the foreign companies that. ICI CFO Alan J. Brown had this to say:
It no longer makes sense from a cost and administrative perspective to submit to the reporting obligations under the Exchange Act.
Those obligations, of course, include Sarbanes-Oxley.
The company is expected to file its Form 25 to initiate the delisting around June 8, the story says, and it will be effective approximately 10 days thereafter.