TheCorporateCounsel.net

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