Financial Accounting Blog

Sunday, February 15, 2004

Forbes reported that U.S. Securities and Exchange Commission Chairman Willam Donaldson is pushing for new governance standards for the New York Stock Exchange. During his testimony to the Senate Banking Committee, he pushed for the NYSE to adopt the governance standards that apply to individual companies.
"As part of his testimony on market structure issues, Donaldson told the committee that self-regulatory organizations are critical to setting sound governance practices. He said the SEC needs to review the governance issues surrounding these organizations, amid the controversy at the NYSE triggered by outrage for former Chairman Richard Grasso's $140 million pay."