Finally, reforms need to be made not only at the company level but also at the legal and sectoral level. Laws such as Sarbanes-Oxley were important as a first step, but such laws need to be constantly updated. In addition, a common standard of corporate governance needs to be established not just in the US but around the world. Guidelines such as the OECD principles can help develop harmonized practices across countries.
The Enron case showed that not just one company but the entire system is in deficit. So change must be system-wide, not just internal