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On July 30, 2002, President George Bush signed the Sarbanes-Oxley Act of 2002 (the "Act") written by Senator Paul S. Sarbanes and Congressman Mike Oxley, with the intent to set up the high financial and ethical standards for corporate America. Although the majority of the eleven parts of the act is related to accounting practices and board governance, the Act contains a number of provisions relating to executive compensation and employee benefits. Specifically, the Act provides the following:
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