Nasdaq Stock Market
hired Michael Oxley, co-author of the much-criticized corporate internal controls legislation, as vice chairman.
The former Ohio Republican will work with CEOs and board members of Nasdaq-listed companies and others on public policy issues, the exchange said Thursday.Oxley, who was a congressman for more than two decades, will also serve as adviser to CEO Robert Greifeld.
Oxley "is a top-notch strategic thinker who will partner with us to communicate" with listed companies "regarding how Nasdaq can support them on both a business and policy level," Greifeld says in a release. "Mike
Oxley represents good governance which translates into good business acumen. He has been involved with the capital markets during one of the most dynamic times in history, beginning with his drive to bring decimalization to the capital markets in 2001. We look forward to his contributions."
He is best known for his work on the Sarbanes-Oxley Act of 2002, which aimed to improve corporate governance and transparency after accounting scandals rocked Enron and WorldCom. But criticism of costs tied to the implementation of one part of the act -- section 404, which mandates extensive regular reviews of companies' internal controls -- have made the act an object of derision by some business groups.
Nasdaq shares rose 42 cents, or 1.5%, to $27.92.