Sarbox ‘no longer makes sense from a cost and administrative perspective’ says chemical giant’s CFO as ICI prepares to leave New York Stock Exchange.

ICI is gearing up to leave the New York Stock Exchange to free itself from the blight of Sarbanes-Oxley compliance.

The company predicted a £4m annual saving from the de-listing based on the costs ‘incurred using external suppliers and auditors to provide ongoing support to the company’s Sarbanes-Oxley compliance’.

Alan J Brown, ICI’s CFO said: ‘ICI will continue to comply with the Combined Code on Corporate Governance and the UK Listing Authority listing rules and maintain quarterly reporting. However, it no longer makes sense from a cost and administrative perspective to submit to the reporting obligations under the Exchange Act.

[1] AccountancyAge: £4m-a-year Sarbox millstone forces ICI to abandon US listing