New SEC's Chairman Is To Enhance Risk Management And Corporate Governance

New Securities and Exchange Commission (SEC) chairman Mary Schapiro plans to launch a review of board oversight in the wake of the US banking crisis as part of a new drive to improve risk controls and corporate governance, according to

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New Securities and Exchange Commission (SEC) chairman Mary Schapiro plans to launch a review of board oversight in the wake of the US banking crisis as part of a new drive to improve risk controls and corporate governance, according to reports.

SEC officials quoted by the Washington Post said Schapiro may also introduce new requirements obliging board members to disclose their background and skills, particularly in the area of risk management.

There could also be new powers for shareholders to help them shape the composition of top-level management.

In related news, the SEC has named former federal prosecutor Robert Khuzami as the new director of its enforcement division. Khuzami has previously prosecuted the terrorist cell behind the 1993 World Trade Center bombing and oversaw some of the initial investigations following 9/11.

L.D.

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