NYSE, Nasdaq Weigh In On Exec Pay Adviser Independence

Law360, New York (September 26, 2012, 5:33 PM EDT) -- The nation's two largest exchanges laid out proposals Tuesday and Wednesday to meet a rule mandated by the Dodd-Frank Act requiring executive pay advisers at public companies to remain "independent," outlining definitions for the long-ambiguous term.

The New York Stock Exchange and Nasdaq issued proposals describing what factors they believe should be used to determine the independence of the members on a listed firm’s compensation committee. The proposals came in response to a June 20 U.S. Securities and Exchange Commission rule requiring national exchanges to delist...
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