LIFFE Reduces Size Of Board And Implements Corporate Restructuring

Proposals to reduce the size of the Board of the London International Financial Futures and Options Exchange (LIFFE) received overwhelming support from the Exchange's shareholders at an Extraordinary General Meeting held on April 14. The current number of Board members is 22 (comprising the Executive Chairman, 17 elected directors, two independent non-executive directors and two executive directors). The number of directors elected by shareholders will now be reduced from 17 to 10 reducing the total number of Board members to 15. The corporate restructuring, which was unanimously approved by shareholders at an EGM on 25 February 1999, was implemented with effect from Monday 12 April 1999. Brian Williamson, LIFFE's Chairman said: "These changes are important further steps for LIFFE in the process of becoming a commercially-oriented organisation. The reduction in the size of the Board will improve the effectiveness and efficiency of its decision-making process."