Despite the collapse of confidence that culminated in President George W. Bushs July 30 signature on the hastily assembled corporate governance and anti-fraud law, at least two design firm CEOs reassured employees that the corporate ills that generated the landmark legislation dont happen in construction. "We put time on a time sheet and bill for it," said one CEO during a teleconference message to his staff. "There isnt even a potential to do the things that Enron and WorldCom did."
Executives and experts downplayed the impact on an industry as conservative and steady as construction. "Were not as vulnerable," says Paul Zofnass, president of consultant EFCG Inc., New York City. Public companies are directly affected by the new law, but privately held ones are not, although many CEOs say they are already following the law or plan to.