Jim Clark: Sarbanes-Oxley is an Albatross

Jim Clark Photo by AP

Let’s talk corporate gossip for a change, shall we? Remember the sudden departure of Jim Clark as chairman of photography website Shutterfly? Turns out the founder of Silicon Graphics invested heavily ($30M) in Shutterfly and he gripes that he could not even exercise executive powers due to the restrictions of the Sarbanes-Oxley Act of 2002, a regulatory law in reaction to Enron, Tyco and other scandals.

He particularly complained that he could not be on important committees including the governance and compensation committees. “What’s left is liability and constraints on stock transactions,” Clark said.

So what does he think now of Sarbanes-Oxley, which is sometimes referred to as SOX? “It needs to just be flushed down the drain,” Jim said. Sucks.

[Via: BusinessWeek.com]
Photo: AP

Published by Chris Malinao

Chris teaches Lightroom as workflow software to photography students at the FPPF, Federation of Philippine Photographers Foundation. He also teaches smartphone photography.