Now, in the aftermath of the "meltdown" of significant companies due to failures of diligence, ethics and controls, NYSE has the opportunity - and the responsibility - once again to raise corporate governance and disclosure standards. The system of governance depends upon the competence and integrity of corporate directors, as it is their responsibility to diligently oversee management while adhering to unimpeachable ethical standards. The Exchange now seeks to strengthen checks and balances and give diligent directors better tools to empower them and encourage excellence. In seeking to empower and encourage the many good and honest people that serve NYSE-listed companies and their shareholders as directors, officers and employees, the Exchange seeks to avoid recommendations that would undermine their energy, autonomy and responsibility. (http://www.nyse.com).
CCE has long had a strong corporate governance culture. The Board created a Corporate Governance Committee and adopted governance guidelines for the Company to follow. They have had a Code of Business Conduct for several years; and they have for years provided employees with confidential means to raise issues of concern directly to the office of the General Counsel. Additionally, they have encouraged an active and vigorous dialogue among the Audit Committee, management, internal audit function, and external auditors. Due to the voluminous incidents of corporate impropriety, the Sarbanes-Oxley Act was recently enacted to protect investors by improving the accuracy and reliability of corporate disclosures made pursuant to the securities laws. (http://news.findlaw.com) This act has caused CCE to focus on corporate governance and disclosure. While the company has certainly met all of the obligations under the rules and regulations of Sarbanes-Oxley, it is committed to the principles of good governance. (Enterprises Inc. 2002 Annual Report).