The New York Stock Exchange’s interim chairman, John Reed, has put aside a board committee’s report on revamping NYSE governance to instead initiate a wide review to produce more radical changes, the Wall Street Journal reported on Friday, citing people familiar with the matter.
NYSE LEAD DIRECTOR H. Carl McCall said on Thursday he would resign from his post. McCall was head of the board’s compensation committee and had led the review that is being abandoned, according to the Journal.
The new review will scrutinize compensation, corporate governance and audits, with an eye towards having them decided on by a full board of directors, rather than merely reviewed by board committees, as they are currently, the Journal said.
The Big Board may also scrutinize rules it proposed for its listed companies in June 2002, according to the paper.
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