Cisco Systems Inc. President and Chief Executive Officer (CEO) John Chambers and Chief Financial Officer (CFO) Larry Carter on Wednesday filed statements with the U.S. Securities and Exchange Commission (SEC) certifying the accuracy of the company's annual report.
The document signed by the two executives accompanies the company's annual report, which was filed Wednesday with the SEC, and meets all the requirements ordered by the SEC under a bill enacted earlier this year, the company said in a press release. The bill was passed by Congress and signed into law by President George W. Bush after accounting scandals at Enron Corp. and WorldCom Inc. shook investor and public confidence in corporate governance.
With their signatures the two executives swear that Cisco's annual report is accurate and complete. Cisco said its annual report and certifications were filed six weeks ahead of the Oct. 25 deadline, which was determined based on the date Cisco's fiscal year ended.
Information technology or telecommunications is the core business of about 70 of the 947 companies that the SEC ordered to meet the certification requirement either on Aug. 14 or on the date they are required to file their quarterly reports. Among those 70 companies are Microsoft Corp., Hewlett-Packard Co. and IBM Corp., all of which had to meet certification deadlines later than Aug. 14 according to their fiscal calendars. All now have filed their certifications with the SEC, according to a list available at the SEC's Web site.
Initially the new law affected only the largest publicly-traded companies, but in time the CEOs and CFOs of all publicly-traded companies will be required to sign statements that certify the accuracy of their results every time they file them.