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Sarbanes-Oxley News & Developments
Governance Changes at Two ExchangesSEC signs off on corporate governance regulations at the Big Board and Nasdaq.
> > The SEC finally approved new rules proposed by the NY Stock Exchange and Nasdaq aimed at strengthening the corporate governance of their listed companies. The new rules set up a stricter, more detailed, definition of independence for directors. The rules also require independent directors to oversee processes relating to corporate governance, auditing, director nominations, and compensation.
Most of the new provisions go into effect by October 31, 2004 or following the first annual shareholders meeting after January 15, 2004 of a company, whichever is earlier. Foreign private issuers and small business issuers have until July 31, 2005.
Source: CFO
Published:2003-11-07
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