Oil industry adapting to evolving new paradigm on corporate governance, accountability

Enron Corp.'s implosion and the wave of corporate scandals that has followed it in the past year have become the business world's financial equivalent of the 1989 Exxon Valdez tanker oil spill off Alaska.In other words, nothing will ever be the same again, and businesses must begin adapting to new paradigms for corporate behavior.And nowhere will that be more keenly felt than among energy companies. That is partly because the scandal plague started with one of their own and continues with newly disclosed allegations of malfeasance in California's energy crisis by Enron and other integrated energy firms. The other reason is that the oil and gas industry—long in the vangua...

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