Document Type
Article
Publication Date
2003
Abstract
The Securities and Exchange Commission introduced a new corporate governance structure, the qualified legal compliance committee, as part of the professional standards of conduct for attorneys mandated by the Sarbanes-Oxley Act of 2002. QLCCs are consistent with the Commission’s general approach to improving corporate governance through specialized committees of independent directors. This Article suggests, however, that assessing the benefits and costs of creating QLCCs may be more complex than is initially apparent. Importantly, QLCCs are unlikely to be effective in the absence of incentives for active director monitoring. This Article concludes by considering three ways of increasing these incentives.
Keywords
Securities Law, Corporations, Legal Profession, Corporate Governance
Publication Title
Duke Law Journal
Repository Citation
Fisch, Jill E. and Gentile, Caroline M., "The Qualified Legal Compliance Committee: Using the Attorney Conduct Rules to Restructure the Board of Directors" (2003). All Faculty Scholarship. 1050.
https://scholarship.law.upenn.edu/faculty_scholarship/1050
Included in
Business Administration, Management, and Operations Commons, Business Law, Public Responsibility, and Ethics Commons, Business Organizations Law Commons, Economic Policy Commons, Economics Commons, Law and Economics Commons, Legal Profession Commons, Legal Studies Commons, Legislation Commons, Securities Law Commons, Work, Economy and Organizations Commons
Publication Citation
53 Duke L.J. 517 (2003).