Disclosure committees becoming widespread.

• Position: Governance

There's a new wrinkle in corporate governance, disclosure committees. Almost half of some 300 public companies surveyed earlier this year by Protiviti Inc. have formed a disclosure committee, as recommended by the SEC. According to the poll, nearly all of these companies are relying on their disclosure committees to oversee the executive certification.

Not surprisingly, the survey findings also confirm that large businesses are more likely than small firms to have these disclosure panels. Seventy-four percent of large companies have formed a disclosure committee, compared to just 33 percent of small companies, Protiviti found.

Companies are also taking definitive action to preserve the independence of the external audit function, according to the survey. Nearly three out of four audit committees--72 percent--have adopted procedures governing non-audit services rendered by external auditors (including 83 percent of large firms).

Within this group, more than half (57 percent) not only have procedures that parallel the SEC's requirements, but also mandate that specific processes be followed for gaining approval of...