British Petroleum has spent $100 million on compliance as a result of being listed on the NYSE
The head of the largest company in England has stated that Sarbanes-Oxley has cost that company $100 million, or 60 million pounds.
Lord Browne of Madingley, CEO of British Petroleum, which had revenue last year of $285 billion, told a Daily Telegraph interviewer that that amount involved “external costs” and did not count internal staff time.
He acknowledged that the firm could afford the amount, but complained that the time that executives had to spend on the issue, at all levels, has expanded.
He did not think that compliance requirements would be rolled back, but did say that the rate of increase in compliance spending was slowing. SOX applies to British Petroleum because it is listed on the New York Stock Exchange.
Source: IT Compliance Institute
