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What's Good for the Goose is Not Good for the Gander: Sarbanes-Oxley-Style Nonprofit Reforms
Mulligan, Lumen N.
Mulligan, Lumen N.
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Abstract
In this article, I contend that these Sarbanes-Oxley-inspired, state, nonprofit reforms, particularly the costly disclosure requirements, will be of little value in the effort to improve ethical nonprofit board governance. The article proceeds as follows. Part II provides a primer on the oversight of nonprofit organizations. Part III reviews the recent Sarbanes-Oxley-like nonprofit reforms introduced in seven states. Part IV contends that the disclosure-focused reforms, which form the bulwark of these acts, will not foster ethical nonprofit board governance. Part V argues that this failure stems from the inappropriate application of a stockholder-based, normative perspective in the nonprofit sector. The article concludes by noting that appropriating a normative construct more tailored to the nonprofit community, namely stakeholder theory, is essential to drafting effective nonprofit sector reforms in the future.
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Full-text available at SSRN. See link in this record.
Date
2007
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University of Michigan Law School
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Keywords
Nonprofit, Sarbanes-Oxley, Business ethics, State reforms
Citation
Lumen N. Mulligan, What's Good for the Goose is Not Good for the Gander: Sarbanes-Oxley-Style Nonprofit Reforms, Michigan Law Review, Vol. 105, p. 1981, August (2007).