Brian Duperreault, Chairman and CEO of Bermuda-based ACE Limited, announced that he, and the company’s CFO Phil Bancroft, would voluntarily comply with new SEC Rules, which mandate that company officials certify their balance sheets, even though ACE is not technically a U.S. company and is not subject to the order.
A well recognized leader in the industry, Duperrault’s announcement puts ACE ahead of the curve. In the wake of the current spate of accounting scandals (Enron, WorldCom, etc.) the Securities and Exchange Commission issued an order of investigation mandating that the principal executive officers and principal financial officers of certain large, publicly traded U.S. companies certify the accuracy of their latest report on Form10-K and all subsequent reports and proxy statements filed with the SEC.
“ACE adheres to the highest standards of financial reporting and it has always been our intention to adopt industry best practices,” Duperreault stated. “Accordingly, Phil Bancroft, ACE’s Chief Financial Officer, and I have decided to voluntarily file the newly required statements.”
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