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Statement From NYSE Chairman And CEO Dick Grasso On SEC's Proposed Rules On Accounting Profession Oversight Board

Date 21/06/2002

NYSE Chairman and Chief Executive Officer Dick Grasso issued the following statement today supporting the Securities and Exchange Commission's announcement of proposed rules creating an independent oversight board for the accounting profession.

"The New York Stock Exchange commends today's action by the Securities and Exchange Commission outlining a framework for creating an independent oversight board for the accounting profession," said Dick Grasso, NYSE chairman and CEO. "The recent report of the NYSE's Corporate Accountability and Listing Standards Committee supports this action.
"The Public Accountability Board represents a key step toward restoring investor trust and confidence. The dominance of independent members on the governing body is a crucial component. The PAB will supplement the SEC's continuing oversight and enforcement efforts.

"The NYSE will continue to work with Chairman Pitt on initiatives to improve corporate governance."