Investing Public to Nominate NYSE Directors
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The New York Stock Exchange on Thursday said it would for the first time allow ordinary stock investors to nominate directors, in a bid to improve how the exchange is governed.
The NYSE said nominated candidates must be independent from NYSE members, member firms, listed companies and exchange management, and must have the experience to gain a basic understanding of the exchange’s functions and goals.
It said it would accept nominations through March 24, and elect directors at its June 3 annual meeting. Directors serve for one year, and other than interim Chairman John S. Reed and Chief Executive John A. Thain will each be paid $60,000 a year.
The exchange came under fire last year when it was disclosed that it awarded former Chairman and Chief Executive Richard Grasso a $188-million compensation package. Grasso was ousted.
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