Published: May 25, 2011
Washington – “Business Roundtable is disappointed the final SEC whistleblower rules do not protect and reinforce existing internal reporting mechanisms that provide companies the opportunity to self-regulate and self-correct.
“Our member companies, as well as other regulated public companies, have devoted substantial resources to establishing a culture of compliance and integrity within their organizations. Over the past decade, they have adopted robust compliance programs with mechanisms for employees to promptly alert management and the board about potential or actual misconduct without fear of retribution.
“We urge policymakers to reconsider this regulatory overreach by a divided SEC, which impedes the ethical standards and transparency that American companies have worked diligently to foster,” said Business Roundtable President John Engler.
Business Roundtable (BRT) is an association of chief executive officers of leading U.S. companies with nearly $6 trillion in annual revenues and more than 13 million employees. BRT member companies comprise nearly a third of the total value of the U.S. stock market and invest more than $114 billion annually in research and development – nearly half of all private U.S. R&D spending. Our companies pay more than $179 billion in dividends to shareholders.
BRT companies give nearly $9 billion a year in combined charitable contributions.