Summary of NASDAQ Corporate Governance Proposals
- Topics:
- Investor Relations
- Tags:
- Benefits,
- Stock Options,
- Nasdaq Stock Market Inc.,
- Investment,
- Human Resources,
- Financial Accounting,
- Finance,
- Corporate Law,
- Corporate Governance,
- Business Operations,
- ...
- Source:
- The Nasdaq Stock Market
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Overview: "The following provides a detailed summary of NASDAQ’s proposed corporate governance reforms. This summary supersedes the prior document dated February 26, 2003. The primary changes are to: (1) reflect the Security and Exchange Commission’s (“SEC”) approval of NASDAQ’s proposal requiring shareholder approval for stock option plans and other equity compensation, and (2) note certain changes in other proposals based on comments received during the rule-making process. In particular, NASDAQ has withdrawn its proposal to expand the definition of “family member” but has proposed that all of NASDAQ’s bright-line independence determinations apply both to the director and any immediate family member of the director. NASDAQ has also proposed to conform to SEC’s Rule 10A-3 and, in particular, has proposed to determine eligibility for the audit committee based on share ownership consistent with the “safe harbor” approach of Rule 10A-3. Further, NASDAQ has proposed to require the independent directors of a controlled company to meet in executive sessions."
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Format: PDF | Size: 152KB | Date: Sep 2003 | Pages: 5
