On August 26, 2009, the NYSE issued proposed modifications to
several of its corporate governance listing standards set out in
Section 303A of the NYSE Listed Company Manual. The proposed
changes are generally technical in nature. They are intended
primarily to reduce duplication and confusion caused by the overlap
of Section 303A disclosure requirements with similar disclosure
requirements of the SEC contained in Item 407 of Regulation S-K,
and also are intended to clarify various existing rules.
Independent Directors — Meetings
NYSE rules currently require that listed companies hold regular
meetings of non-management directors, and recommend that companies
schedule a meeting of independent directors at least once a year.
Some listed companies have expressed a preference to hold regular
executive sessions of just independent directors. In response, the
proposed rules provide that listed companies would be permitted to
satisfy independent director meeting
