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Article: SEC approves NYSE proposal.(Update; Securities and exchange Commission)(New York Stock Exchange)
- Article from:
- Internal Auditor
- Article date:
- February 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 Institute of Internal Auditors, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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TO IMPROVE OVERSIGHT and increase confidence in the capital markets, the U.S. Securities and Exchange Commission (SEC) approved a new governance structure for the New York Stock Exchange (NYSE). Spearheaded by John Reed, interim head of the NYSE, the changes were approved with a 5-0 vote by SEC commissioners.
The new governance structure separates the chairman of the board and chief executive officer (CEO) functions into two positions and reduces the board from between 24 and 27 members to between six and 12 independent members. It's the first time in the NYSE's history that its board will be independent from both management and listed companies.
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