Sarbanes-Oxley transformed the work of corporate boards, imposing on them, in theory anyway, a whole new level of accountability. To some, this makes the financial meltdown that has engulfed so many companies all the more galling. "Where were the boards?" is a fair question (and it's posed in a column on ReportOnBusiness.com).

The reality is that while Sarbox made boards more accountable at the financial level--indeed, audit committees were required to have at least one financially literate member--there are others levels that must now be addressed. The issue for boards collectively, is whether they will address them voluntarily or wait for reform, which could be a much more onerous. One expert suggests that boards should now bring on at least one risk-management expert. Perhaps an entire risk committee would be warranted at some financial companies, and a compensation expert may also be a good idea. 

For more:
- here's the column

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