NEW YORK (AP) — Nasdaq Stock Market Inc. yesterday named former Rep. Michael G. Oxley as a nonexecutive vice chairman at the world’s largest electronic exchange to oversee its relations with listed companies and advise it on public policy issues.
Mr. Oxley, an Ohio Republican who served 25 years in Congress, was one of the main drivers behind corporate reform laws. The Sarbanes-Oxley Act, passed in 2002 in the aftermath of accounting scandals at companies including Enron and WorldCom, imposed tough new standards on public companies.
The Nasdaq and New York Stock Exchange have criticized the Sarbanes-Oxley Act for making it too difficult for companies to do business in the United States. In some instances, the exchanges believe it is a deterrent for foreign companies to list in the United States.
Mr. Oxley will “communicate with listed company CEOs and board members regarding how Nasdaq can support them on both a business and policy level,” Nasdaq Chief Executive Officer and President Robert Greifeld said. “Mike represents good governance, which translates into good business acumen.”
In addition to interacting with listed companies, Mr. Oxley will serve as an adviser to Mr. Greifeld and the Nasdaq board. He reports directly to Mr. Greifeld.
Mr. Oxley last week was named of counsel in the Washington office of Baker Hostetler LLP, a Cleveland law firm.
The co-author of the Sarbanes-Oxley Act, former Sen. Paul S. Sarbanes, Maryland Democrat, retired at the end of the last Congress and has spoken at a number of lectures.
Nasdaq failed last year to win control of London Stock Exchange PLC amid concerns from some investors that European companies would have to comply with provisions of the Sarbanes-Oxley Act. The company now faces increased competition as larger rival NYSE Group Inc. pushes into Europe and Asia and smaller electronic markets lure business away with lower fees.
Please read our comment policy before commenting.