Latest news with #Sarbanes-OxleyAct
Economic Times
14-07-2025
- Business
- Economic Times
What if corporate governance had a conscience?
ETtech Representative Image A reflection on the Union Finance Minister of India inaugural (Indian Institute of Corporate Affairs Shillong) address at IIM Shillong. Rarely, a public speech surprises you - not because of its grand announcements, but because it dares to think differently and even sometimes, trigger a revolution. For me, the recent address by Hon. Finance Minister Smt. Nirmala Sitharaman at the inauguration of the IICA Northeast Chapter at IIM Shillong was such a moment. She did not merely speak about logistics hubs or institutional outreach. She rooted her words in the values of the Khasi people—Ka Tip Briew Tip Blei (to know a person is to know God), Ka Kamai ia ka Hok (to earn through righteousness), and Ka Bhalang ka Imlang Sahlang (the common good). At first glance, these may seem like gentle cultural embellishments - perhaps offered in deference to the local audience. But for anyone paying attention to where the world is headed - and where it is faltering - these values go to the heart of a much larger and more urgent conversation: How do we understand corporate governance, and why must we now reimagine it?For decades, the dominant model of corporate governance has been built on a single premise: control. How can shareholders ensure that managers - who act on their behalf – do not misuse power or deviate from profit-maximizing objectives? This is the logic of agency theory, which became the basis for most corporate governance codes globally, from the U.S. Sarbanes-Oxley Act to the UK Corporate Governance in the face of growing ecological collapse, social inequality, and public distrust in large corporations, this model now appears worryingly narrow. Governance, in the agency model, became a system of defence - a fortress of rules to guard capital. But the world outside the fortress is burning. Today, businesses are being asked harder, more profound questions: What is your climate impact? How do you treat the communities in which you operate? Does your board decisions advance equity and sustainability? Are you accountable—not just to your investors, but to future generations? This is where ESG - Environmental, Social, and Governance - enters. But here too, metrics alone cannot solve the problem. What the Finance Minister's speech reminded us in Shillong is that many of these ideas are not new. They are not alien. They are embedded – deeply – in the moral and philosophical foundations of Indian life, especially within our indigenous one traces the evolution of corporate governance theory - from agency to stewardship theory (where managers are seen as responsible stewards), to stakeholder theory (which considers all affected parties), and now to sustainability governance - we see a subtle but important shift. The field is slowly, perhaps reluctantly, moving from control toward conscience. And it is here that the Khasi worldview offers something precious. It tells us that governance is not just about systems and structures. It is about ethics, responsibility, and reciprocity. It teaches us that how we earn (Kamai) must be inseparable from the justice of how we earn (Hok), and that our success means little if it does not uphold the good of the collective (Imlang Sahlang).This is not mere cultural romanticism. It is philosophy in action. And it is increasingly in conversation with what the global scientific literature is pointing to: a growing interest in moral legitimacy, ecological ethics, and community-centred leadership. What is often dismissed as 'traditional wisdom' may, in fact, be the most advanced system of checks and balances we have—because it works not through surveillance, but through shared meaning and moral opens a deeper and more radical question: Not just add local CSR projects, or sprinkle cultural symbols in boardrooms, but redefine its own being? What if Indian corporations saw themselves not as legal persons fighting for market dominance, but as trustees - entrusted with wealth, resources, and livelihoods that are part of a much longer human and ecological story? What if Indian business leaders began to see their duty not in quarterly profits, but in dharma - the sustaining of right conduct, balance, and shared flourishing? We see signals of this in the emerging body of work around Ubuntu governance in Africa, Confucian stakeholder ethics in East Asia, and Gandhian trusteeship deeply anchored in the Bhartiya Dharmik Principles. And yet, these remain at the margins - spoken of, but rarely institutionalised. The Finance Minister's speech - in its sincerity and clarity - challenged us to change that. It reminded us that the Northeast is not just a frontier for development; it is also a frontier for thinking. For governing differently. For leading with memory and meaning. A review of the academic literature offers a comprehensive and structured account of how corporate governance (CG) as a field of theory and practice has evolved over time, beginning with the classical agency theory and moving toward more inclusive and ethical frameworks like stewardship theory, stakeholder theory, and ESG-based governance. The foundational premise of agency theory - resolving conflicts of interest between principals (shareholders) and agents (managers) - is critically examined as being overly reductionist, prioritizing control and financial performance while neglecting broader social responsibilities. As corporate crises, climate disasters, and public distrust in business grew, the literature reflects a pivot toward sustainability - centric governance models that emphasize long-term value creation, environmental stewardship, and social accountability. These paradigms are not only normative but are also backed by regulatory mechanisms like integrated reporting and ESG metrics. However, the review also established how the mainstreaming of ESG often becomes a matter of compliance checklists rather than a deep transformation in organizational the attempt to draw associations between Tribal Khasi/Indigenous Values to define and shape Corporate Governance makes a compelling case for re-indigenizing corporate governance - moving away from abstract universals and towards governance models rooted in civilizational wisdom and local realities. The Minister even mentioned how IICA Shillong needs to get these Cultural Values 'edged in their walls'.Still, it leaves open the challenge of operationalizing such frameworks within modern corporate institutions, a task that remains under-theorized and Shillong address ultimately demanded - quietly but firmly - was a shift from compliance to cultural legitimacy. Can our codes and committees reflect the worldview of those who live on the land, not just those who govern from boardrooms? Can governance feel as rooted in a Khasi village as it does in a corporate tower in Mumbai? Can it carry the trust of a weaver in Manipur as it does the confidence of an investor in New York?We often speak of 'Make in India'. But perhaps we also need to speak of 'Think from India'. If corporate governance is to serve its true purpose - of holding power to account and enabling just economies - it must find not just its rules here, but its today stands at a critical global juncture. It is not just a growing economic power - it is also increasingly expected to establish and be an exemplar with a strong moral compass. As global crises mounts, there is a deep hunger for such a corporate compass that can blend efficiency with empathy, scale with sustainability, and wealth with wisdom. As one of the most prominent political leaders in the world today, the Union Finance Minister of India Smt. Nirmala Sitharaman did more than inaugurate a regional chapter. She offered a new vocabulary for corporate governance, grounded in values that are as old as our forests, and as relevant as tomorrow's climate someone who has been teaching in the hills of Shillong, I see this not just as a thought for policy - but as a possibility. If we listen - truly listen - then perhaps corporate governance can become more than a set of rules. It can become a relationship. A way of being. A shared journey toward fairness, dignity, and a liveable that, after all, is what good governance should be. The author is Professor (Organizational Behaviour & Human Resources) at Indian Institute of Management, Shillong.
Time of India
14-07-2025
- Business
- Time of India
What if corporate governance had a conscience?
Tired of too many ads? Remove Ads The limits of the corporate mind Tired of too many ads? Remove Ads Corporate governance with a soul What If We Indigenised the "Corporate" Itself? Tired of too many ads? Remove Ads From Compliance to Cultural Legitimacy A Global Moment for Indian Leadership (Disclaimer: The opinions expressed in this column are that of the writer. The facts and opinions expressed here do not reflect the views of .) A reflection on the Union Finance Minister of India inaugural (Indian Institute of Corporate Affairs Shillong) address at IIM a public speech surprises you - not because of its grand announcements, but because it dares to think differently and even sometimes, trigger a revolution. For me, the recent address by Hon. Finance Minister Smt. Nirmala Sitharaman at the inauguration of the IICA Northeast Chapter at IIM Shillong was such a did not merely speak about logistics hubs or institutional outreach. She rooted her words in the values of the Khasi people—Ka Tip Briew Tip Blei (to know a person is to know God), Ka Kamai ia ka Hok (to earn through righteousness), and Ka Bhalang ka Imlang Sahlang (the common good). At first glance, these may seem like gentle cultural embellishments - perhaps offered in deference to the local audience. But for anyone paying attention to where the world is headed - and where it is faltering - these values go to the heart of a much larger and more urgent conversation: How do we understand corporate governance , and why must we now reimagine it?For decades, the dominant model of corporate governance has been built on a single premise: control. How can shareholders ensure that managers - who act on their behalf – do not misuse power or deviate from profit-maximizing objectives? This is the logic of agency theory, which became the basis for most corporate governance codes globally, from the U.S. Sarbanes-Oxley Act to the UK Corporate Governance in the face of growing ecological collapse, social inequality, and public distrust in large corporations, this model now appears worryingly narrow. Governance, in the agency model, became a system of defence - a fortress of rules to guard capital. But the world outside the fortress is burning. Today, businesses are being asked harder, more profound questions: What is your climate impact? How do you treat the communities in which you operate? Does your board decisions advance equity and sustainability? Are you accountable—not just to your investors, but to future generations?This is where ESG - Environmental, Social, and Governance - enters. But here too, metrics alone cannot solve the problem. What the Finance Minister's speech reminded us in Shillong is that many of these ideas are not new. They are not alien. They are embedded – deeply – in the moral and philosophical foundations of Indian life, especially within our indigenous one traces the evolution of corporate governance theory - from agency to stewardship theory (where managers are seen as responsible stewards), to stakeholder theory (which considers all affected parties), and now to sustainability governance - we see a subtle but important shift. The field is slowly, perhaps reluctantly, moving from control toward conscience. And it is here that the Khasi worldview offers something precious. It tells us that governance is not just about systems and structures. It is about ethics, responsibility, and reciprocity. It teaches us that how we earn (Kamai) must be inseparable from the justice of how we earn (Hok), and that our success means little if it does not uphold the good of the collective (Imlang Sahlang).This is not mere cultural romanticism. It is philosophy in action. And it is increasingly in conversation with what the global scientific literature is pointing to: a growing interest in moral legitimacy, ecological ethics, and community-centred leadership. What is often dismissed as 'traditional wisdom' may, in fact, be the most advanced system of checks and balances we have—because it works not through surveillance, but through shared meaning and moral opens a deeper and more radical question:Not just add local CSR projects, or sprinkle cultural symbols in boardrooms, but redefine its own being? What if Indian corporations saw themselves not as legal persons fighting for market dominance, but as trustees - entrusted with wealth, resources, and livelihoods that are part of a much longer human and ecological story? What if Indian business leaders began to see their duty not in quarterly profits, but in dharma - the sustaining of right conduct, balance, and shared flourishing?We see signals of this in the emerging body of work around Ubuntu governance in Africa, Confucian stakeholder ethics in East Asia, and Gandhian trusteeship deeply anchored in the Bhartiya Dharmik Principles. And yet, these remain at the margins - spoken of, but rarely institutionalised. The Finance Minister's speech - in its sincerity and clarity - challenged us to change that. It reminded us that the Northeast is not just a frontier for development; it is also a frontier for thinking. For governing differently. For leading with memory and meaning.A review of the academic literature offers a comprehensive and structured account of how corporate governance (CG) as a field of theory and practice has evolved over time, beginning with the classical agency theory and moving toward more inclusive and ethical frameworks like stewardship theory, stakeholder theory, and ESG-based governance. The foundational premise of agency theory - resolving conflicts of interest between principals (shareholders) and agents (managers) - is critically examined as being overly reductionist, prioritizing control and financial performance while neglecting broader social responsibilities. As corporate crises, climate disasters, and public distrust in business grew, the literature reflects a pivot toward sustainability - centric governance models that emphasize long-term value creation, environmental stewardship, and social accountability. These paradigms are not only normative but are also backed by regulatory mechanisms like integrated reporting and ESG metrics. However, the review also established how the mainstreaming of ESG often becomes a matter of compliance checklists rather than a deep transformation in organizational the attempt to draw associations between Tribal Khasi/Indigenous Values to define and shape Corporate Governance makes a compelling case for re-indigenizing corporate governance - moving away from abstract universals and towards governance models rooted in civilizational wisdom and local realities. The Minister even mentioned how IICA Shillong needs to get these Cultural Values 'edged in their walls'.Still, it leaves open the challenge of operationalizing such frameworks within modern corporate institutions, a task that remains under-theorized and Shillong address ultimately demanded - quietly but firmly - was a shift from compliance to cultural legitimacy. Can our codes and committees reflect the worldview of those who live on the land, not just those who govern from boardrooms? Can governance feel as rooted in a Khasi village as it does in a corporate tower in Mumbai? Can it carry the trust of a weaver in Manipur as it does the confidence of an investor in New York?We often speak of 'Make in India'. But perhaps we also need to speak of 'Think from India'. If corporate governance is to serve its true purpose - of holding power to account and enabling just economies - it must find not just its rules here, but its today stands at a critical global juncture. It is not just a growing economic power - it is also increasingly expected to establish and be an exemplar with a strong moral compass. As global crises mounts, there is a deep hunger for such a corporate compass that can blend efficiency with empathy, scale with sustainability, and wealth with wisdom. As one of the most prominent political leaders in the world today, the Union Finance Minister of India Smt. Nirmala Sitharaman did more than inaugurate a regional chapter. She offered a new vocabulary for corporate governance, grounded in values that are as old as our forests, and as relevant as tomorrow's climate someone who has been teaching in the hills of Shillong, I see this not just as a thought for policy - but as a possibility. If we listen - truly listen - then perhaps corporate governance can become more than a set of rules. It can become a relationship. A way of being. A shared journey toward fairness, dignity, and a liveable that, after all, is what good governance should author is Professor (Organizational Behaviour & Human Resources) at Indian Institute of Management , Shillong.
Yahoo
26-06-2025
- Business
- Yahoo
CareCloud Announces Potential Resignation of its Audit Firm
SOMERSET, N.J., June 26, 2025 (GLOBE NEWSWIRE) -- CareCloud, Inc. (Nasdaq: CCLD, CCLDO) ('CareCloud' or the 'Company'), a leader in AI-driven healthcare technology solutions for medical practices and health systems nationwide, today announced that its current independent registered public accounting firm may resign if an ICFR auditor attestation of the Company's Internal Control over Financial Reporting ('ICFR') under Section 404(b) of the Sarbanes-Oxley Act is required for fiscal year 2025. Our audit firm has informed the Company that it does not have the capacity to perform an ICFR attestation. Under SEC rules, the same audit firm must conduct both the financial statement audit and the ICFR attestation. Therefore, if an ICFR attestation becomes necessary, the audit firm would be unable to fulfill the full scope of the required audit services, and CareCloud would need to engage a new independent registered public accounting firm. The requirement for an ICFR attestation will be determined based on CareCloud's public float amount as of the close of trading on June 30, 2025. If the public float equals or exceeds $75 million, CareCloud would be classified as an accelerated filer, triggering the ICFR attestation requirement under Section 404(b) of the Sarbanes-Oxley Act. CareCloud will provide an update on July 1, 2025, following the determination of its public float and any resulting impact on its audit arrangements. About CareCloud CareCloud (Nasdaq: CCLD, CCLDO) brings disciplined innovation to the business of healthcare. Our suite of AI and technology-enabled solutions helps clients increase financial and operational performance, streamline clinical workflows and improve the patient experience. More than 40,000 providers count on CareCloud to help them improve patient care, while reducing administrative burdens and operating costs. Learn more about our products and services, including revenue cycle management (RCM), practice management (PM), electronic health records (EHR), business intelligence, patient experience management (PXM) and digital health, at Follow CareCloud on LinkedIn, X and Facebook. For additional information, please visit our website at To listen to video presentations by CareCloud's management team, read recent press releases and view the latest investor presentation, please visit Disclaimer This press release is for information purposes only and does not constitute an offer to sell or solicitation of an offer to buy, nor shall there be any sale of these securities in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to the registration or qualification under the securities laws of such state or jurisdiction. Forward-Looking Statements This press release contains various forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These statements relate to anticipated future events, future results of operations or future financial performance. In some cases, you can identify forward-looking statements by terminology such as 'may,' 'might,' 'will,' 'shall,' 'should,' 'could', 'intends,' 'expects,' 'plans,' 'goals,' 'projects,' 'anticipates,' 'believes,' 'seeks,' 'estimates,' 'predicts,' 'possible,' 'potential,' 'target,' or 'continue' or the negative of these terms or other comparable terminology. Our operations involve risks and uncertainties, many of which are outside our control, and any one of which, or a combination of which, could materially affect our results of operations and whether the forward-looking statements ultimately prove to be correct. Forward-looking statements in this press release include, without limitation, statements reflecting management's expectations for future financial performance and operating expenditures, expected growth, profitability and business outlook, the impact of pandemics on our financial performance and business activities, and the expected results from the integration of our acquisitions. These forward-looking statements are neither historical facts nor assurances of future performance. Instead, they are only predictions, are uncertain and involve substantial known and unknown risks, uncertainties and other factors which may cause our (or our industry's) actual results, levels of activity or performance to be materially different from any future results, levels of activity or performance expressed or implied by these forward-looking statements. New risks and uncertainties emerge from time to time, and it is not possible for us to predict all of the risks and uncertainties that could have an impact on the forward-looking statements, including without limitation, risks and uncertainties relating to the Company's ability to manage growth, migrate newly acquired customers and retain new and existing customers, maintain cost-effective global operations, increase operational efficiency and reduce operating costs, predict and properly adjust to changes in reimbursement and other industry regulations and trends, retain the services of key personnel, develop new technologies, upgrade and adapt legacy and acquired technologies to work with evolving industry standards, compete with other companies' products and services competitive with ours, and other important risks and uncertainties referenced and discussed under the heading titled 'Risk Factors' in the Company's filings with the Securities and Exchange Commission. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligations to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made. SOURCE: CareCloud Company Contact: Norman Roth Interim Chief Financial Officer and Corporate Controller CareCloud, Inc. nroth@ Investor Contact: Stephen Snyder Co-Chief Executive Officer CareCloud, Inc. ir@ in to access your portfolio
The Hill
06-06-2025
- Business
- The Hill
US markets need accountability — it would be a mistake to dismantle Sarbanes-Oxley
Recently, the House Financial Services Committee approved a proposal to dissolve the Public Company Accounting Oversight Board, which supervises audits of publicly listed companies, and transfer its responsibilities to the Securities and Exchange Commission. In times of economic uncertainty, the strength and integrity of our financial systems become even more crucial. Regardless of the outcome with the board, it would be a mistake to eliminate the broader Sarbanes-Oxley framework that has served as a foundation for market integrity since 2002. Dismantling these guardrails would increase the risk of financial reporting fraud that could trigger a crisis of confidence among investors and increased market volatility, putting trillions of dollars in market value and retirement savings at risk. The bipartisan Sarbanes-Oxley Act was enacted in 2002 in the wake of a number of accounting scandals, most prominently Enron and WorldCom, which wiped out billions in market value and retirement savings. It passed with overwhelming support in both houses, reflecting the urgency lawmakers felt to address the crisis threatening our capital markets. At its core, Sarbanes-Oxley established crucial guardrails. Section 404 requires companies to maintain robust internal controls over financial reporting, while Section 302 mandates that CEOs and CFOs personally certify the accuracy of financial statements. These provisions ensure that those who lead corporations are accountable for the integrity of their financial disclosures. Sarbanes-Oxley also established independent oversight of auditors responsible for verifying financial statements. This provided essential third-party assurance that investors could trust what companies report — a crucial element in rebuilding market confidence. Critics of Sarbanes-Oxley complain that compliance costs are a burden on businesses. While initial implementation was indeed expensive, companies have since learned to leverage technology and risk-based approaches to streamline the process. Research from firms like Protiviti and AuditBoard consistently shows that these costs have decreased over time as processes have become more efficient. More importantly, we must weigh these costs against the benefits. The data is compelling: financial restatements, which initially surged after Sarbanes-Oxley implementation as companies 'cleaned up' their books, have shown a sustained downward trend. According to the Center for Audit Quality, restatements rose sharply right after the law was enacted, to nearly 1,800 in 2006, but have generally trended downward overall since — with a substantial decline of 60 percent between 2006 and 2009. Restatements dropped 50 percent, from 858 restatements in 2013 to just 402 in 2022, XBRL reported. America's capital markets remain the envy of the world precisely because investors trust them. Foreign companies willingly subject themselves to our rigorous standards because the resulting investor confidence translates into better valuations and capital access. This trust premium has contributed to trillions in market value growth over the past two decades. As this regulatory reorganization is considered, we should ensure that any structural changes don't inadvertently weaken the broader framework of Sarbanes-Oxley that delivers accountability, transparency and investor protection. Instead, continued refinement of implementation and embracing technological innovations can make compliance more efficient without sacrificing effectiveness. The goal is evolution, not revolution. Twenty-three years after its passage, Sarbanes-Oxley has become an integral part of America's financial architecture, contributing to a period of remarkable growth and stability in our capital markets. The political right and left came together to enact this landmark legislation because they recognized a fundamental truth: without trustworthy financial reporting, markets cannot function effectively. Today, that core principle remains unchanged. While organizational structures may evolve, preserving the integrity of Sarbanes-Oxley's core principles isn't just good for investors — it's essential for America's continued economic leadership. Richard Chambers worked in auditing in the U.S. Government Accountability Office. He is currently CEO of Richard F. Chambers and Associates and senior adviser at AuditBoard.
Associated Press
14-05-2025
- Business
- Associated Press
Gorilla Technology Group Appoints Bruce Bower as Chief Financial Officer
London, United Kingdom--(Newsfile Corp. - May 14, 2025) - Gorilla Technology Group Inc. (NASDAQ: GRRR) ('Gorilla' or the 'Company'), a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology, is pleased to announce the appointment of Bruce Bower as Chief Financial Officer (CFO), effective 1 June 2025. Mr. Bower brings a wealth of experience in strategic financial management, capital raising and corporate governance. Since joining Gorilla as Interim CFO in September 2024, he has played a pivotal role in restructuring the Company's finance department, streamlining operations, and enhancing Gorilla's financial oversight and internal controls. Under Bruce's leadership, the Company has achieved full compliance with the Sarbanes-Oxley Act (SOX) and resolved any previously disclosed material weaknesses, while continuing to secure significant partnerships. 'Bruce has been instrumental in driving Gorilla's financial strategy during a transformative period. We successfully navigated a complex landscape, optimised capital structures that drove profitability in key growth areas and accelerated our position in the market as a global innovator of AI solutions in smart infrastructure, energy and security,' said Jay Chandan, Chairman & CEO of Gorilla Technology Group. 'Under Bruce's leadership, we have successfully enhanced our financial reporting and governance frameworks, reinforcing our commitment to the highest standards of corporate integrity.' 'I am proud to continue the important mission that Gorilla has set forth,' said Mr. Bower. 'While we have made great progress as a team, I have more conviction than ever that our greatest opportunity lies ahead. I look forward to continuing to deliver on our growth plans as we collectively work to achieve Gorilla's innovative vision of the future.' About Gorilla Technology Group Inc. Headquartered in London U.K., Gorilla is a global solution provider in Security Intelligence, Network Intelligence, Business Intelligence and IoT technology. We provide a wide range of solutions, including, Smart City, Network, Video, Security Convergence and IoT, across select verticals of Government & Public Services, Manufacturing, Telecom, Retail, Transportation & Logistics, Healthcare and Education, by using AI and Deep Learning Technologies. Our expertise lies in revolutionizing urban operations, bolstering security and enhancing resilience. We deliver pioneering products that harness the power of AI in intelligent video surveillance, facial recognition, license plate recognition, edge computing, post-event analytics and advanced cybersecurity technologies. By integrating these AI-driven technologies, we empower Smart Cities to enhance efficiency, safety and cybersecurity measures, ultimately improving the quality of life for residents. For more information, please visit our website: Investor Relations Contact: Dave Gentry RedChip Companies, Inc. 1-407-644-4256 [email protected] To view the source version of this press release, please visit
