Recent legislative and regulatory initiatives , such as the Sarbanes-Oxley Act of 2002 , Securities and Exchange Commission ( SEC ) proposals and rules , and proposed revised stock exchange listing requirements , have addressed weaknesses in corporate governance exposed by the major financial reporting issues raised by restatements and corporate failures , placing greater emphasis on the roles and responsibilities of boards of directors .
There have been legislative and regulatory initiatives including that of the Sabanes-Oxley Act .