TAM Renews Sarbanes-Oxley Certification
April 14 2008 - 11:16AM
PR Newswire (US)
Company forms part of select group of 40 publicly traded Brazilian
companies to receive certification of good corporate governance SAO
PAULO, Brazil, April 14 /PRNewswire-FirstCall/ -- TAM (Bovespa:
TAMM4; NYSE: TAM) announces that for the second year in a row it
has received the Sarbanes-Oxley Certification (SOX) conferred by
the independent auditing firm of PriceWaterhouseCoopers, attesting
to fulfillment of the requirements established by Section 404 of
the Sarbanes-Oxley Law concerning internal controls over
consolidated financial statements. (Logo:
http://www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO ) "Renewal
of the Sarbanes-Oxley Certification reaffirms TAM's commitment to
high ethical standards and good corporate governance practices. It
also shows the company's permanent attention to ensuring a high
level of control over its procedures, transparency and value
creation for shareholders," emphasizes Libano Barroso, Vice
President for Finance and Management, and Director of Investor
Relations. Receiving this attestation is in keeping with the search
for excellence in management, one of the company's three pillars --
along with excellence in technical and operational services --
which have guided the company's performance. TAM received SOX
certification in April 2007, and now, with the renewal, has become
the sixth company in a select group of 40 publicly traded Brazilian
companies to receive such recognition. Created to protect
shareholders of publicly traded companies from the risk of
fraudulent accounting practices, the law requires companies with
shares traded on the New York Stock Exchange to upgrade the
structure of their internal financial controls, improve procedures
and provide greater transparency in their activities, carried out
through the tracking and assessment of relevant procedures having
to do with financial statements. Another requirement of Section 404
of SOX is that these efforts be evaluated in a specific audit
performed by independent auditors. This audit concluded that the
controls that support financial statements for December 31, 2007
and their publication were effective in all relevant respects.
Compliance with this law is intended to guarantee investors that
all financial information disclosed is consistent with the results
obtained and is reliable, demonstrating TAM's commitment to quality
and integrity with regard to both the market and society. Investor
Relations: Phone: (55) (11) 5582-9715 Fax: (55) (11) 5582-8149
http://www.tam.com.br/ir Press Agency: Phone: (55) (11) 5582-8167
Fax: (55) (11) 5582-8155 MVL Comunicacao Phone. (55) (11) 3594-0302
/ 0304 / 0305 About TAM: TAM (http://www.tam.com.br/) has been the
leader in the Brazilian domestic market for more than four years
and closed March 2008 with a 51.4% market share. The company
operates flights to 42 Brazilian destinations. It serves 79
different destinations in the Brazilian market through commercial
agreements with regional companies. Among Brazilian airline
companies, TAM's international market share was 68.9% in March. Its
international operations include direct flights to 17 destinations:
New York and Miami (USA), Paris (France), London (England), Milan
(Italy), Frankfurt (Germany), Madrid (Spain), Buenos Aires and
Cordoba (Argentina), Santiago (Chile), Caracas (Venezuela),
Montevideo and Punta del Este (Uruguay), Asuncion and Ciudad del
Este (Paraguay), and Santa Cruz de la Sierra and Cochabamba
(Bolivia). Additionally, it has code share agreements with
international airlines, which allow passengers to travel to another
64 destinations in the United States, South America and Europe. TAM
was the first airline company to launch a loyalty program in
Brazil; TAM's program currently has 4.5 million members and has
redeemed more than 5.2 million tickets in exchange for points.
http://www.newscom.com/cgi-bin/prnh/20080221/SPTH002LOGO
http://photoarchive.ap.org/ DATASOURCE: TAM CONTACT: Libano Miranda
Barroso, TAM Investor Relations, +011-55-11-5582-9715, fax,
+011-55-11-5582-8149, Web site: http://www.tam.com.br/
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