TAILIEUCHUNG - Report of the New York Stock Exchange Commission on Corporate Governance

As described previously, restricted stock would not meet the readily determinable fair value criterion, unless the restriction terminates within one year of the reporting date. The fair value of restricted stock should be measured based on the quoted price of an otherwise identical unrestricted security of the same issuer, adjusted for the effect of the restriction, in accordance with ASC 820 (ASC 320-10-35-2). When an investor enters into an arrangement that limits its ability to sell securities otherwise subject to the provisions of ASC 320 subsequent to acquisition of such securities, those limitations are considered analogous to pledging the securities. | Report of the New York Stock Exchange Commission on Corporate Governance September 23 2010 TABLE OF CONTENTS I. OVERVIEW AND SUMMARY OF II. THE COMMISSION AND ITS III. SUMMARY OF SIGNIFICANT CORPORATE GOVERNANCE DEVELOPMENTS SINCE 2000. 10 A. Turbulent Financial B. Dramatic Changes in Shareownership and Shareholdings of Publicly Traded C. Increased Corporate Governance and Disclosure D. Evolution of Corporate Governance IV PRINCIPLES OF CORPORATE A. Board of B. C. Shareholders. 30 V. CONCLUSION. 32 APPENDIX APPENDIX APPENDIX 1 Report of the New York Stock Exchange Commission on Corporate Governance I. OVERVIEW AND SUMMARY OF CONCLUSIONS The New York Stock Exchange NYSE has long been a leading proponent for the highest standards of corporate governance and ethical behavior. The NYSE s listing standards have included governance rules for approximately 150 years it was the NYSE that first required companies to issue regular financial statements as well as to provide quarterly earnings announcements and conduct independent audits of financial statements all of which were included as part of the NYSE s listing standards before any of the federal securities legislation coming out of the Great Depression. The leadership role of the NYSE on governance matters continued during the middle of the 20th century when the NYSE pioneered such developments as required proxy statement distribution a minimum number of outside directors and audit committees made up entirely of independent directors. The first decade of the 21st century has seen more changes in the governance landscape than at any time since perhaps the Great Depression. During this period the NYSE has continued to foster innovative solutions to critical governance issues. For example in 2002 the NYSE s Corporate Accountability and Listing Standards Committee issued a report which among .

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