SECU of N.C. Wants Governance to be Transparent

RALEIGH, N.C. -While Sarbanes-Oxley was designed to change how public companies are governed, the $12 billion State Employees CU of N.C. has also decided to govern by it. "While many public companies consider the newly enacted rules and provisions of Sarbanes-Oxley to be costly and burdensome, SECU has always thrived in this environment and we consider most of the provisions to be best practices," said Randy Partin, SVP of Internal Audit for the CU. The CU cited the intention of enhancing CUs' "white hat" image as one of the reasons for the move. The SECU Board has formerly approved a Corporate Governance Policies & Practices document, added compliance language to the Audit Committee Charter and the Employee Code of Ethics, and has implemented a "whistle blower" hotline. The CU has even contracted with a third-party to ensure confidentiality and anonymity for anyone calling the hotline.