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Trimming NYSE Board to a Handful Would Make It More Accountable, Chairman Says

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...

By Staff Writer | Updated on November 04, 2003

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.

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