SEC Approves NYSE and NASDAQ Revised Corporate Governance Standards

On November 4, 2003, the Securities and Exchange Commission (SEC) approved the revised listing standards proposed by the New York Stock Exchange (NYSE) and the Nasdaq Stock Market (Nasdaq), including both the Nasdaq National Market and the Nasdaq SmallCap Market. Companies listed on the NYSE or on Nasdaq will need to comply with the revised corporate governance standards generally beginning with their 2004 annual stockholders’ meeting. We expect that most companies will make any necessary changes to their boards’ committee structures at the organizational meetings held in connection with the annual stockholders’ meetings. The revised rules mandate broad changes in the structure and operation of a company’s board of directors and mandate various other corporate governance changes as well.