Who's responsible for ... 915

  • Hi there,
    Here just a reflexion on who has currently the final and legal responsibility of the accounts filed?
    In Europe, most of the countries commercial law, requires the board of director, during their meeting, the review of the accounts, preparation of the minutes/resolutions to the shareholders and propose the allocation of results… On the accounts, the report and minutes are signed by the directors .
    How does it works under Delaware law? Is that mean that before SOXA only directors were ‘legally’ responsible for the FS and were the only signers? In the US, I see the signature of the directors and CFO/CEO too on the 10-K. Now with SOXA, they have included the officers in addition to the existing responsible listing?
    Based on info read on media, and regarding the corporate scandals noticed years ago, it sounds that only officers have been catched on the ‘grill’ (CEO or CFO). What happened with the ‘complacent’ directors?
    Thanks to share your viewpoint.

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