Companies are struggling to implement the Sarbanes-Oxley Act a year after it was passed. The act, signed into law by President George Bush last July, imposed burdensome demands on US companies and overseas groups with a US listing, over board processes, financial reporting and disclosure.

Alex Cohen, a US corporate partner with law firm Latham & Watkins, says: "After a year, we're still struggling with the compliance issues and trying to make the new rules work in large, complex organisations."