...legislation guiding business, good business ethics and the best interests of investors. The demise of company worth $9.3 billion (Arthur Andersen) as a result of not maintaining records is a clear indication that correct corporate governance does not always have to be about increasing profits or the company's value on the stock market. Long-term survival and viability are equally important. But, will these events change corporate practice?

The Sarbanes-Oxley Act (2002) introduces compelling reasons for CEOs to implement corporate records management. Non-compliance with the rules applying to the maintenance of records is now a Federal crime and can result in a punishment of up to 20 years in jail. In addition, the Act governs accounting practices and specifies retention periods for all audit and review work papers, which it is mandatory to maintain for five years. The penalty for non-compliance in cases of retention failure can be imprisonment of up to 10 years. While the U.S. is the only government, at this time, to introduce such legislation, it should be noted that most organizations, both public and government throughout the world, will have some legislation guiding their need to manage records.

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