While individual countries have addressed--or areaddressing--the issue of transparency and accountability, the lackof unity on the subject may hamper investors' interest incross-border trading, some panelists noted. Throughout thediscussion, the debate seemed to reflect many of the issues raiseda few years ago in the US, when Sarbanes-Oxley became the law ofthe land.
"It's better that we do it ourselves," said Elizabeth Peace,chief executive of the British Property Federation. "We don't wantgovernment poking its nose in our business."
But does Sarbanes-Oxley, despite its government origins, offer amodel for Europe? Not at those prices, Peace said. "It's jollyexpensive, and that's one reason so many REITs have goneprivate."
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John Salustri
John Salustri has covered the commercial real estate industry for nearly 25 years. He was the founding editor of GlobeSt.com, and is a four-time recipient of the Excellence in Journalism award from the National Association of Real Estate Editors.
