In February, 2002, Secretary O'Neill sent the president a memo recommending major changes to corporate governance in America. The memo represented the conclusions of the President's working group on corporate governance that had been chaired by O'Neill. Among many suggestions, the group called for firms to be required to disclose all relevant financial information, not just the minimum necessary under accounting rules. "Corporate leaders should disclose the kind of information that occupies their days, and that keep them up at night," O'Neill wrote. "There must be a proactive obligation to disclose information sufficient to enable investors to make informed investment decisions."