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SEC Chairman Donaldson speaks about convergence

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25 May 2005

In (PDF 51k), US SEC Chairman William H.

Donaldson introduced his comments on the benefits of global financial reporting standards with a quote from the late Walter Wriston: "Capital will always go where it is welcomed, and stay where it is well treated." Chairman Donaldson said:

We are witnessing real progress towards international convergence of accounting and disclosure standards. True convergence will ultimately make it easier for investors to compare competing securities investment opportunities – with little concern about geographical boundaries – and decide which offers the best potential return. Investors will drive the push towards convergence around a transparent system of accounting because the market will penalize investments whose features are not well understood. And if a biotech company in Bangalore offers a better product than a biotech company in Boston, and is transparent in telling its story, common accounting and disclosure standards should make it easier for investors to understand where their capital is likely to be better treated.

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