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NYSE and NASDAQ Propose Rule Changes Regarding Listing Standards for Compensation Committees |
November 2, 2012
Previously published on October 2012
As discussed in our July LEGALcurrents®, the Securities and Exchange Commission (the “SEC”) adopted final rules directing the national securities exchanges to adopt new listing standards related to compensation committee independence, as required by the Dodd-Frank Wall Street Reform and Consumer Protection Act. Both the New York Stock Exchange (“NYSE”) and NASDAQ recently submitted to the SEC proposed amendments to their respective listing standards to impose additional independence requirements for compensation committee members and advisers. These proposals are subject to SEC approval and are not yet effective. Historically, the SEC has sought to align differences in stock exchange listing standards, and it may seek to do so with these proposals. The proposals are not expected to be effective prior to the 2013 proxy season, although, as proposed, the NASDAQ proposal regarding compensation committee responsibilities and authority, including the requirement for committees to consider certain independence factors before selecting an adviser, would be effective immediately upon SEC approval.
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The views expressed in this document are solely the views of the author and not Martindale-Hubbell. This document is intended for informational purposes only and is not legal advice or a substitute for consultation with a licensed legal professional in a particular case or circumstance. |
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