SAO PAULO, Brazil, April 13 /PRNewswire-FirstCall/ -- TAM (Bovespa: TAMM4) informs that it has successfully concluded all work required by Section 404 of the Sarbanes-Oxley Act (SOX) related to internal controls over the consolidated accounting statements, one year ahead of the due date.
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"The conclusion of the requirements one year ahead of time for obtaining the Sarbanes-Oxley Certification ratifies TAM's commitment to high ethical standards and good corporate governance practices, and the Company's permanent concern about ensuring a high level of control in its processes, transparency and generation of value for its shareholders," points out Libano Barroso, TAM's Finance and Administration Vice President and Investor Relations Officer.
Created to protect shareholders of publicly-held companies against accounting fraud risks, the act requires that companies with shares traded in the New York Stock Exchange improve the structure of their internal financial controls and processes and achieve a greater transparency in their activities, which should be carried out with mapping and evaluation of the material processes impacting the financial statements.
Another requirement of Section 404 of SOX is that this work be assessed in a specific audit by independent auditors; that audit has already been carried out and has concluded that the controls supporting the financial statements as of December 31, 2006, and their publication were effective in all material aspects, and that Management's evaluation of the effectiveness of controls was presented appropriately.
Compliance with the act aims at assuring investors that all financial information disclosed is in accordance with the results obtained and is truthful, demonstrating TAM's commitment to quality and its serious approach towards the market and society.
Investor Relations Contact:
Phone: (55) (11) 5582-9715
Fax: (55) (11) 5582-8149
TAM (http://www.tam.com.br/) has been the leader in the Brazilian domestic market for more than three years, and held a 51.7% domestic market share and 62.9% international market share at the end of March 2007. TAM operates regular flights to 48 destinations throughout Brazil. It serves 75 different cities in the domestic market through regional alliances. Additionally, it maintains code-share agreements with international airline companies that allow passengers to travel to a large number of destinations throughout the world. TAM was the first Brazilian airline company to launch a loyalty program.
Currently, the program has over 3.8 million subscribers and has awarded more than 4.2 million tickets.
PRN Photo Desk,
