John Reed, NYSE interim chairman and CEO, told a group of state treasurers and public pension fund officials today that a previously released 27-point corporate governance report will serve as a "baseline" for implementing reform at the exchange, said Alan Hevesi, New York state comptroller. Mr. Hevesi, who attended the meeting, said Mr. Reed hoped to have a reform plan ready to present to the exchange membership by mid-November.
The corporate governance report was drawn up by H. Carl McCall and Leon Panetta, co-chairmen of the NYSE's special committee on corporate governance and presented to the NYSE board of directors Oct. 2. Mr. McCall resigned as an exchange director on Sept. 29 and Mr. Panetta's term on the NYSE board expired in June.
Mr. Hevesi also said that Mr. Reed did not commit to separating the exchange's regulatory and operational functions, a move favored by the public investor group, but agreed to work toward eliminating conflicts of interest that arise from such an arrangement.
NYSE officials were not available by press time for comment.