The New York Stock Exchange LLC board recently approved an increase in the size of NYSE Regulation’s board to ten members. The remaining two directors will be appointed in the coming weeks. The ninth director will be an NYSE Group director, bringing NYSE Group representation to three. The tenth director will be a sixth unaffiliated member.
“These individuals bring enormous wisdom and experience to the board of NYSE Regulation and we are grateful that they have agreed to join us,” said Dr. Shirley Ann Jackson, chairman of the board of NYSE Regulation, Inc.
“NYSE Regulation is able to call upon some of the world’s brightest minds to guide our mission and these are two of the best,” said Ketchum, who became chief executive officer of NYSE Regulation earlier this year when the NYSE Group was restructured at the close of the Archipelago transaction. Ketchum joined the NYSE two years ago as Chief Regulatory Officer. “I look forward to working with them in the days to come.”
Friedman and Pechter joined the board as “fair representation” members. As required by federal securities laws and as described in the U.S. Securities and Exchange Commission-approved rule filing related to the NYSE-Archipelago merger, the NYSE Regulation board must have two fair representation members who are appointed based on recommendations of NYSE member organizations.
In April, the initial members of the board were announced: Dr. Jackson, former chairman of the U.S. Nuclear Regulatory Commission, current president of Rensselaer Polytechnic Institute and an NYSE Group board member; Ellyn L. Brown, former Maryland Securities Commissioner, and an NYSE Group director; North Carolina State Treasurer Richard H. Moore, who oversees the pension funds of nearly 600,000 North Carolina public-sector employees; Mark A. Sargent, dean and professor of law at Villanova University School of Law; and Kurt P. Stocker, visiting lecturer at Northwestern University's Medill School of Journalism and chairman of the New York Stock Exchange Individual Investors Advisory Committee.
The Regulation Board is a central element of the corporate structure that extends the separation between NYSE Regulation, Inc. and NYSE Group, Inc.’s business activities. It oversees all compensation decisions for Regulation employees and will have sole responsibility for the nomination of new directors. When it comes to disciplinary actions, the decisions of NYSE Regulation and its Board of Directors are final, although subject to appeal to the SEC.
