June 7, 2002

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

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

– New control and enforcement procedures by requiring CEO certifications
of certain company procedures

– Improving director education and training