We have posted the long-awaited transcript from our webcast, “Reality Bites: More on the New 8-K Rules.” All of the information from this webcast is still relevant as there has been no written guidance from the SEC Staff since then.
And the November Eminders is Up!
We have posted our November issue of Eminders!
NYSE Posts Amendments to Its Corporate Governance Standards
In early September, the SEC proposed changes to the NYSE governance listing standards. On Thursday, the NYSE posted an amendment to its standards after receiving comments – including some from members of Congress.
In the revised standards, the NYSE has withdrawn its proposed changes to the definition of immediate family member relating to a a company’s auditor that would have been part of the bright line independence test – but it has kept the other proposed changes to the bright line test that focus on specific relationships which would impair the independence of a director, such as individuals who formerly were affiliated with the auditor only if those individuals actually worked on the company’s audit.
The SEC still needs to adopt these revised standards before they are applicable to listed companies, which adoption is expected this week. The NYSE is giving companies until their first annual meeting after January 1, 2005 to replace a director who was independent under the existing standards, but isn’t under the revised standard.