A row has broken out at the Securities and Exchange Commission (SEC) over the recent appointment of Jeanette Franzel to the Public Company Accounting Oversight Board (PCAOB).
Commissioner Luis Aguilar said that in appointing Franzel to the board on 3 February, the commission was failing to fulfil its legal obligation under the Sarbanes-Oxley Act.
According to Aguilar, the SEC has a mandate appoint an individual who, among other factors, has “a demonstrated commitment to the interests of investors”.
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SEC Commissioner Luis Aguilar |
“This is not the case here,” Aguilar explains.
“Although the appointee is an experienced government auditor, and...