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NYSE Redefines Independence Standards For Corporate Directors

Compliance Week | November 2, 2004

The New York Stock Exchange has proposed a second round of changes to the definition of "immediate family member" in the corporate governance rules of its Listed Company Manual.

The NYSE originally proposed changes to its governance rules back in early August, and the latest amendment reflects consideration of comments from the public and the Securities and Exchange Commission.

Specifically, the new version withdraws changes that would have altered the definition of "immediate family member" for use in the context of the bright line independence test relating to a listed company’s audit firm.

Bright Line

The amendment would "reformulate" the wording of the bright line independence tests, with the goal of more accurately reflect how the applicable look-back periods should be applied. According to the NYSE, the new language is "considerably easier to...

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