公司治理外文资料精粹（六）

CorporateGovernanceRuleProposalsReflectingRecommendationsfromtheNYSECorporateAccountabilityandListingStandardsCommitteeAsApprovedbytheNYSEBoardofDirectorsAugust1,2002ThefollowingistheprincipaltextoftherulefilingsubmittedbytheExchangetotheSecuritiesandExchangeCommissiononAugust16,2002.Itincludestheproposedcorporategovernancestandards,aswellastherelatedchangesmadetocertainotherExchangerules.ItalsoincludesthesummaryofthewrittencommentsreceivedbytheExchangeontheJune6,2002ReportandrecommendationsoftheCorporateAccountabilityandListingStandardsCommittee.ThissummaryofcommentsisarequiredpartoftherulefilingsubmittedtotheSEC.TherulefilingissubjecttoreviewandapprovalbytheSEC,whichincludesanadditionalpubliccommentperiod.TheNewYorkStockExchange(the“Exchange”or“NYSE”)haslongpioneeredadvancesincorporategovernance.TheNYSEhasrequiredcompaniestocomplywithlistingstandardsfornearly150years,andhasperiodicallyamendedandsupplementedthosestandardswhentheevolutionofourcapitalmarketshasdemandedenhancedgovernancestandardsordisclosure.Now,intheaftermathofthe“meltdown”ofsignificantcompaniesduetofailuresofdiligence,ethicsandcontrols,theNYSEhastheopportunity–andtheresponsibility–onceagaintoraisecorporategovernanceanddisclosurestandards.OnFebruary13,2002,SecuritiesandExchangeCommission(“SEC”)ChairmanHarveyPittaskedtheExchangetoreviewitscorporategovernancelistingstandards.Inconjunctionwiththatrequest,theNYSEappointedaCorporateAccountabilityandListingStandardsCommittee(the“Committee”)toreviewtheNYSE’scurrentlistingstandards,alongwithrecentproposalsforreform,withthegoalofenhancingtheaccountability,integrityandtransparencyoftheExchange’slistedcompanies.TheCommitteebelievedthattheExchangecouldbestfulfillthisgoalbybuildinguponthestrengthoftheNYSEanditslistedcompaniesintheareasofcorporategovernanceanddisclosure.Thisapproachrecognizesthatnewprohibitionsandmandates,whetheradoptedbytheNYSE,theSECorCongress,cannotguaranteethatdirectors,officersandemployeeswillalwaysgiveprimacytotheethicalpursuitofshareholders’bestinterests.Thesystemdependsuponthecompetenceandintegrityofcorporatedirectors,asitistheirresponsibilitytodiligentlyoverseemanagementwhileadheringtounimpeachableethicalstandards.TheExchangenowseekstostrengthenchecksandbalancesandgivediligentdirectorsbettertoolstoempowerthemandencourageexcellence.InseekingtoempowerandencouragethemanygoodandhonestpeoplethatserveNYSE-listedcompaniesandtheirshareholdersasdirectors,officersandemployees,theExchangeseekstoavoidrecommendationsthatwouldunderminetheirenergy,autonomyandresponsibility.Theproposednewcorporategovernancelistingrequirementsaredesignedtofurthertheabilityofhonestandwell-intentioneddirectors,officersandemployeestoperformtheirfunctionseffectively.Theresultingproposalswillalsoallowshareholderstomoreeasilyandefficientlymonitortheperformanceofcompaniesanddirectorsinordertoreduceinstancesoflaxandunethicalbehavior.InpreparingtherecommendationsitmadetotheNYSEBoard,theCommitteehadthebenefitofthetestimonyof17witnessesandwrittensubmissionsfrom21organizationsorinterestedindividuals.TheCommitteealsoexaminedtheexcellentgovernancepracticesthatmanyNYSE-listedcompanieshavelongfollowed.Inaddition,theCommitteereviewedextensivecommentaryrecommendingimprovementincorporategovernanceanddisclosure,statementsbythePresidentoftheUnitedStatesandmembersofhisCabinet,aswellaspendingSECproposalsandlegislationintroducedinCongress.OnJune6,2002,theCommitteesubmitteditsReportandinitialrecommendationstotheNYSEBoardofDirectors.1PresidentBush,SECChairmanHarveyPitt,membersofCongress,CEOsoflistedcompanies,institutionalinvestorsandstatepensionfunds,organizationssuchastheBusinessRoundtableandtheCouncilofInstitutionalInvestors,andleadingacademicsandcommentatorsexpressedstrongsupportfortheCommittee’sinitiatives.TheCommitteealsoreceivedinsightfulandpracticalsuggestionsfortheimprovementofitsrecommendationsfrom1ReportoftheNYSECorporateAccountabilityandListingStandardsCommittee,June6,2002.expertswithintheNYSE,listedcompanies,institutionalinvestors,outsideorganizationsandinterestedindividuals.Inadditiontomanyface-to-facemeetingsandtelephonecalls,theExchangereceivedover300commentletters.Manyofthecommentatorsarguedfor,orsought,guidancefromtheExchangeatalevelofdetailinconsistentwiththerolethattheCommitteewasaskedtofulfill.However,whereappropriatetheCommitteereflectedcogentcommentsinclarificationsandmodificationstoitsrecommendations.TheproposalsfornewcorporategovernancelistingstandardsforcompanieslistedontheExchangewillbecodifiedinanewsection303AoftheExchange’sListedCompanyManual.2ThestandardsinSection303AwillapplytoallcompanieslistingcommonstockontheExchange,andtobusinessorganizationsinnon-corporateformsuchaslimitedpartnerships,businesstrustsandREITs.However,consistentwithpastpracticeregardingcorporategovernancestandards,theExchangedoesnotapplysuchstandardstopassivebusinessorganizationsintheformoftrusts(suchasroyaltytrusts),nordoesitapplythemtoderivativesandspecialpurposesecuritiessuchasthosedescribedinSections703.16,703.19,703.20and703.21oftheLis