Washington – Today, in testimony on Corporate Governance and Shareholder Empowerment before the House Financial Services Subcommittee on Capital Markets, Insurance and Government Sponsored Enterprises, Alexander Cutler, Chairman and CEO of Eaton Corporation and Chair of Business Roundtable's Corporate Leadership Initiative, reiterated the need for reform of our financial systems, but expressed concern that the current approach would promote a focus on short-term gains and ignore the diversity of U.S. businesses.

“Business Roundtable companies represent a broad cross section of our nation’s economy,” said Cutler. “Our member CEOs have a unique line of sight into the need to modernize financial systems, while avoiding the unintended consequences that a one-size-fits-all mandate would have on the thousands of public companies subject to reform.”

Echoing the need for workable solutions, Business Roundtable unveiled its updated Principles of Corporate Governance, which outline core guidelines to help American companies meet their corporate governance responsibilities more effectively. The organization’s Principles – first released in 2002 and updated in 2005 – provides a set of best practices to U.S. corporations, helping to build transparency and accountability.

“Business Roundtable has long championed the need for effective corporate governance and remains dedicated to working with the Administration and Congress as they approach regulatory reform,” added Cutler.