Listing standards change sought by the Council of Institutional Investors (CII). CII filed petitions with the New York Stock Exchange (NYSE) and the NASDAQ, asking both to limit listings of companies with dual-class share structures. They have taken the right approach to address a growing problem. I hope it ends a worldwide race to the bottom for listing standards. Alternatively, adoption of the suggested listing standards could reestablish that US based companies are more democratic and accountable than counterparts based elsewhere. Continue Reading →
Tag Archives | Nasdaq
Public Companies Endangered Species: CII Panel
Are public companies an endangered species? If so, why? How can we solve that problem? At last week’s Council of Institutional Investors (CII) Fall Conference there as an informative panel discussion entitled Public Companies: An Endangered Species?
Panelists were David Brown, Michael Mauboussin, and Robert McCooey moderated by the always erudite and entertaining Frank Partnoy, one of the best facilitators in the corporate governance industry. Continue Reading →
I urge readers to support the June 20th petition by the Council of Institutional Investors (CII) to the NYSE and Nasdaq for the exchanges to require listed companies to elect directors by majority vote in uncontested elections. CII’s letters to both exchanges are posted here. Continue Reading →
Nasdaq OMX Group acknowledged Saturday that a “web facing application” known as Directors Desk was “potentially affected.” The service includes information from more than 10,000 directors of corporate boards.
An exchange operator acknowledged detecting “suspicious files” on its servers “unrelated to our trading systems,” but potentially affecting functions and forms on Directors Desk, such as:
- Director personal home pages that include a complete at-a-glance overview of board-related matters.
- Board agenda items and files.
- SmartAgenda that allows directors to create online agenda items and links.
(Nasdaq Service That Promised Secure Board Communications Possibly Compromised, 2/6/2011) See also, Hacking Nasdaq’s Directors Desk: Big Trouble for Board Portals, thecorporatecounsel.net/Blog, 2/7/2011 and CEO Pay in an Age of WikiLeaks: Reporting, Rationale and Ratios.