X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK – New York Stock Exchange interim chairman John Reed has proposed trimming the current 27-member board to between 6 and 12 independent directors to make it more accessible and accountable to the general public. Reed released a formal proposal on Nov. 3 to the current board that will vote on the plan Nov. 18. The chairman is also calling for a separate 12 to 18 member executive panel from the securities industry that would handle operations, such as listing standards. After weeks of meetings with NYSE constituencies including its 1,366 NYSE members made up of Wall Street firms and small traders, to pension funds and federal regulators, Reed concluded that a more efficient board would help with accountability. Some have charged the current board had too many conflicts of interest, soft on regulation and too closely tied to former chairman Dick Grasso, who resigned last month amid outrage over his $188 million pay package.

Complete your profile to continue reading and get FREE access to CUTimes.com, part of your ALM digital membership.

Your access to unlimited CUTimes.com content isn’t changing.
Once you are an ALM digital member, you’ll receive:

  • Critical CUTimes.com information including comprehensive product and service provider listings via the Marketplace Directory, CU Careers, resources from industry leaders, webcasts, and breaking news, analysis and more with our informative Newsletters.
  • Exclusive discounts on ALM and CU Times events.
  • Access to other award-winning ALM websites including Law.com and GlobeSt.com.

Already have an account?

 

Credit Union Times

Join Credit Union Times

Don’t miss crucial strategic and tactical information necessary to run your institution and better serve your members. Join Credit Union Times now!

  • Free unlimited access to Credit Union Times' trusted and independent team of experts for extensive industry news, conference coverage, people features, statistical analysis, and regulation and technology updates.
  • Exclusive discounts on ALM and Credit Union Times events.
  • Access to other award-winning ALM websites including TreasuryandRisk.com and Law.com.

Already have an account? Sign In Now
Join Credit Union Times
Live Chat

Copyright © 2022 ALM Media Properties, LLC. All Rights Reserved.