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

Chris Malinao

About Chris Malinao

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

pentax vintage Asahi spotmatic camera with flash and case picture
pentax vintage Asahi spotmatic camera with flash and case
Vintage Pentax Asahi Spotmatic 35mm Camera  Lens Filters Takumar Lenses picture
Vintage Pentax Asahi Spotmatic 35mm Camera Lens Filters Takumar Lenses
Pentax Spotmatic SP 35mm Film Camera Body - Partially Tested/No Battery for Test picture
Pentax Spotmatic SP 35mm Film Camera Body - Partially Tested/No Battery for Test
Vintage Pentax SPOTMATIC 35mm Camera W/Takumar 1:1.8/55mm Lens & Manual, Case picture
Vintage Pentax SPOTMATIC 35mm Camera W/Takumar 1:1.8/55mm Lens & Manual, Case
ASAHI PENTAX SPOTMATIC SP  35mm SLR With Pentax Super Takumar 50mm f1.4  Lens picture
ASAHI PENTAX SPOTMATIC SP 35mm SLR With Pentax Super Takumar 50mm f1.4 Lens