TheCorporateCounsel.net

January 17, 2013

Done Deal: SEC Approves “Compensation Committees & Advisors” Listing Standards

Yesterday, the SEC finalized the NYSE & Nasdaq listing standards related to compensation committees and their advisors (here’s the NYSE order & Nasdaq order). Last Friday, both exchanges amended their listing standards, as noted in this blog. Here are the effectiveness timetables, as noted in this Cooley news brief:

– NYSE companies will have until the earlier of their first annual meeting after January 15, 2014, or October 31, 2014, to comply with the new standards for compensation committee director independence. All other provisions will become effective on July 1, 2013 for NYSE companies (e.g., provisions relating to the authority of a compensation committee to retain and fund compensation consultants, legal counsel and other compensation advisers and the responsibility of the committee to consider independence factors before selecting or receiving advice from these advisers).

– Nasdaq companies will be required to establish the committee’s authority and responsibility under Rule 5605(d)(3) in the committee charter, resolutions or other board action by July 1, 2013. Nasdaq companies will have until the earlier of their first annual meeting after January 15, 2014, or October 31, 2014, to comply with the remaining provisions (including a mandatory charter amendment to establish the authority noted above).

Tune in today for CompensationStandards.com’s webcast – “The Latest Developments: Your Upcoming Proxy Disclosures – What You Need to Do Now!” – to hear what you should be doing now in the face of these new rules…

IASB, FASB Chairs Address Possible IFRS Option in US

In FEI’s “Financial Reporting Blog,” there is news about the latest thinking on the use of IFRS from the Chairs of the IASB and FASB…

More on “The Mentor Blog”

I continue to post new items daily on our blog – “The Mentor Blog” – for TheCorporateCounsel.net members. Members can sign up to get that blog pushed out to them via email whenever there is a new entry by simply inputting their email address on the left side of that blog. Here are some of the latest entries:

– SEC’s Enforcement Going to Trial More Frequently: Consequences?
– History Speaks: First LLC Registered with the SEC
– The SEC’s Role in Enforcing the Federal Securities Laws
– How Much Information Should you Give VCs for Due Diligence?
– Sample: Audit Committee Evaluation of Auditor (& It’s PCAOB Inspection)

– Broc Romanek