Akin Gump Strauss Hauer & Feld
The Securities and Exchange Commission (SEC)has approved listing standards proposed by the New York Stock Exchange (NYSE) and the NASDAQ Stock Market, Inc. (Nasdaq) relating to board composition and director independence. The new listing standards affect the composition of the boards of directors and board committees of listed companies and impact the individual members of the board. Some of the aspects, which have been covered with respect to director?s independence, include board composition, who is an ?independent? director? audit committee standards and responsibilities, other recently adopted NYSE and NASDAQ rules on corporate governance.