Former U.S. legislators Paul Sarbanes and Michael Oxley were in Mumbai, India, over the weekend. Huliq reports the co-sponsors of the Sarbanes-Oxley Act participated in a corporate governance forum sponsored by the University of Oxford on Friday. The story says the event is an annual one designed to
provide a platform for global business leaders, academics and policy makers to debate and explore the role of corporate governance and capital markets across the globe, including India.
Keynote speaker Professor Colin Mayer said:
Corporate governance has risen to the top of the policy agenda over the last few years. It is now recognized as being critical to both corporate and economic performance and at the heart of the competitive strength of nations. We have witnessed in this past decade how major corporate scandals can have significant implications for the regulation of corporate sectors and financial markets in different countries.
Specifically on India's efforts toward capital market reform, Oxley advised as follows, according to Hindu Business Line India
You (India) are obviously moving towards raising standards, which is going to attract large capital. Investors today expect more transparency, more accountability and higher standards.