Effective corporate governance is an imperative for every publicly traded company. IBM has a long-standing commitment to ethics, integrity and management oversight. The US and Europe have regulatory requirements such as those prescribed by the Sarbanes-Oxley Act and the European Green Paper on corporate governance. In the US, the Public Company Accounting Oversight Board, and the Securities and Exchange Commission watch over publicly-traded companies to ensure compliance with these requirements. The European Commission plans to issue a draft Directive on corporate governance within the next months. Governmental Programs partner with IBM Legal and Treasury worldwide to ensure that IBM remains in compliance with applicable laws and regulations. We also work to address new policy issues that are important to our business model.