The NYSE's Corporate Accountability and Listing Standards Committee has issued it's Recommendations to the NYSE Board of Directors. The
recommendations can be found on the NYSE's website at http://www.nyse.com/pdfs/corp_govreport.pdf
A comment period runs til early August and some of the Recommendations should prove to be contentious. The highlights of the Recommendations include:
- An increased role and authority for independent directors
- A tightening of the definition of "independent" director
- New audit committee qualification requirements
- A requirement to adopt corporate governance guidelines
- An increased role for shareholders in monitoring governance
at companies and in approving equity-based compensation
plans
- New control and enforcement procedures by requiring CEO certifications
of certain company procedures
- Improving director education and training