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Politics : Stockman Scott's Political Debate Porch -- Ignore unavailable to you. Want to Upgrade?

To: Baldur Fjvlnisson who wrote (4296)	8/12/2002 8:53:49 PM
From: stockman_scott	Respond to of 89467

Bank One tightens oversight August 12, 2002 (Reuters)—Bank One Corp. on Monday announced steps to tighten corporate oversight to help rebuild investor confidence after a raft of U.S. accounting and management misconduct scandals. The Chicago-based banking company, the country's sixth-biggest, said its board would meet without management present to evaluate the chief executive and make sure directors were truly independent. The bank's audit and risk management committee also would have to approve services and fees provided by Bank One's independent accountants. Accountants have come under fire for compromising their audits to win lucrative consulting fees. Bank One, which has not been tied to any accounting scandals, already led other financial firms in announcing plans to deduct the cost of options from its profits. Investors are pressuring companies to expense stock options and make their books more transparent amid fraud disclosures from firms like bankrupt telecommunications company WorldCom Group . The bank's organization, compensation and nominating committee—which sets executive pay and evaluates the CEO—also will gain responsibility for assessing the ongoing independence of the bank's board members.