• SEC Approves Final NYSE and Nasdaq Corporate Governance Standards
  • November 13, 2003 | Authors: John T. Haggerty; John O. Newell
  • Law Firm: Goodwin Procter LLP - Boston Office
  • On November 4, 2003, the SEC approved final amendments to the NYSE and Nasdaq corporate governance listing standards. The principal new requirements for both NYSE and Nasdaq companies include: the majority of a listed company's board of directors must be independent under enhanced independence standards; audit committee members must satisfy enhanced SEC independence standards; independent directors must meet in regular executive sessions outside of the presence of management; and listed companies must adopt and disclose a code of business conduct and ethics applicable to all directors, officers and employees.