Press Releases

 

CONTACT:
Press Office
(518) 474-4015

 FOR RELEASE:

Immediately
November 7, 2003 


Statement By New York State Comptroller Alan Hevesi On John Reed's Proposal For the New York Stock Exchange

"After polling the members of the National Coalition for Corporate Reform, I can report that there is broad consensus regarding John Reed's governance proposal for the New York Stock Exchange.

"Our hopes for reform at the New York Stock Exchange had been raised by the plan presented by Carl McCall and Leon Panetta and by John Reed's statement to us that he would use that plan as a starting point. But we are disappointed by the plan that Reed presented yesterday.

"Reed's proposal does move the Stock Exchange towards some measure of reform. But in two key areas, it fails. It provides no representation for investors or for the public on the main board, as was proposed by the McCall-Panetta plan and recommended by NCCR. Additionally, it fails to adequately separate the regulatory function from management.

"Our goal is to maintain the New York Stock Exchange as the premier financial market in the world and ensure that it serves investors and listed companies. We call on the Securities and Exchange Commission to revise Reed's proposal to meet the basic principles of reform so desperately needed at the NYSE."

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