Roger W. Raber, NACD President, (second from left) testifies before Congress on Lessons Learned from Enron's Collapse

The Rise and Fall of Enron

• Recommendations for Good Corporate Governance:
  At the request of Congress, NACD has led a collaborative effort among the corporate governance community to recommend core governance practices for corporate boards. NACD believes these practices can play a powerful role in preempting crises such as Enron if they are adopted by the exchanges and enforced by the SEC as disclosure requirements. Read NACD's Recommendations to Congress

• Regulatory Action:
  
  • Sweeping Accounting Reform and Corporate Governance Bill Passed by the Senate: This client letter from Gibson, Dunn & Crutcher LLP provides an overview of the Sarbanes Bill (S. 2673) and the impact it would have on corporations if passed into law.
    
  • DM Extra, May 23, 2002: Current Governance Reforms: Passed vs Pending vs Proposed
    
  • DM Extra, April 10, 2002: Shareholders Call for Reforms in the Wake of Enron
    
  • DM Extra, March 11, 2002: A summary of regulatory action post-Enron
    
  • SEC Chairman Harvey L. Pitt Seeks Review of Corporate Governance, Conduct Codes
    
  • SEC Proposes Accelerated Corporate Disclosure

• NYSE and Nasdaq Response
  
  • Proposed Listing Changes: Client Letter from Ira M. Millstein, Senior Partner, Weil, Gotshal & Manges LLP
  • Proposed Listing Changes: NACD's DM Extra, June 6, 2002 - A summary and comparison of NYSE and Nasdaq proposals

• Commentary:
  
  • DM Extra, January 31, 2002, provides a commentary on the recent failure of Enron Corporation and presents principles for director focus.

• Congressional Testimony:
  
  • Testimony of Rober W. Raber, NACD President, before the House Energy and Commerce Committee on Wednesday, February 06, 2002 regarding the failure of Enron Corporation.
  • Testimony of Ira M. Millstein, Senior Partner, Weil, Gotshal and Manges, before the Senate Banking, Housing, and Urban Affairs Committee. Millstein is Co-chairman of the Blue Ribbon Committee on Improving the Effectiveness of Corporate Audit Committees convened in 1998 by the New York Stock Exchange ("NYSE") and the National Association of Securities Dealers ("NASD") at the request of Securities and Exchange Commission Chairman Arthur Levitt.
  • Testimony of John H. Biggs, Chairman, President and CEO, Teachers' Insurance and Annuity Association -- College Retirement Equities Fund (TIAA-CREF), before the Senate Banking, Housing, and Urban Affairs Committee.

• Directors Respond to Enron:
  
  • Results of a real-time survey conducted by NACD and the Institute of Internal Auditors to determine how directors and boards are already responding to the Enron collapse. How does your board benchmark against the results?
    
  • A memo from Amgen CEO and Chairman Kevin W. Sharer to Amgen employees regarding Enron