BOTCC board endorses concept of two joint BOTCC/CBOT board members.CHICAGO--(BUSINESS WIRE)--June 20, 1996--The Board of Trade Clearing Corp. (BOTCC BOTCC Board of Trade Clearing Corporation (Chicago Board of Trade) ) said today that it has endorsed the concept of having two qualified Chicago Board of Trade Chicago Board of Trade (CBOT) The second largest futures exchange in the US, and a pioneer in the development of financial futures and options. (CBOT See Chicago Board of Trade. CBOT See Chicago Board of Trade (CBOT). ) directors, who are elected by the BOTCC membership, serve as members of the Clearing Corp.'s board of governors. "Our shareholders have spoken and it is clear that they want cooperation and coordination between the two entities," said Christopher Hehmeyer, Board of Trade Clearing Corp. chairman. "Survey results show that 56 percent of all BOTCC members who participated in the survey voted for two or less joint governor/directors, with a 2.11 mean response. Additionally, 70 percent of the membership said joint BOTCC/CBOT board members should be elected by the BOTCC shareholders." Approximately 65 percent of BOTCC shareholders participated in the membership survey conducted last month as a means of determining their views on governance Governance makes decisions that define expectations, grant power, or verify performance. It consists either of a separate process or of a specific part of management or leadership processes. Sometimes people set up a government to administer these processes and systems. issues. "We will work very closely with the CBOT board to address outstanding issues," Hehmeyer said. "We also still need to work out many details before any formal recommendations, based on the survey, are presented to our shareholders for a vote." In other survey results: -- Cooperation and coordination between BOTCC and CBOT earned an above-average score of 4.79 on a scale of 7 (where a rating of 1 means poor and 7 means excellent). -- 54 percent of members said having one or more joint governor/directors would enhance coordination between the two exchanges, while 46 percent said it would not enhance coordination. -- 82 percent said joint BOTCC/CBOT board members should meet existing requirements of BOTCC By-law By´-law` n. 1. A local or subordinate law; a private law or regulation made by a corporation for its own government. There was likewise a law to restrain the by-laws, or ordinances of corporations. 201. -- 33 percent said joint BOTCC/CBOT board members should be nominated nom·i·nate tr.v. nom·i·nat·ed, nom·i·nat·ing, nom·i·nates 1. To propose by name as a candidate, especially for election. 2. To designate or appoint to an office, responsibility, or honor. by a BOTCC nominating committee A nominating committee is a group formed usually from inside the membership of an organization for the purpose of nominating candidates for office within the organization. It works similarly to an electoral college, the main difference being that the available candidates, either and elected by BOTCC shareholders; 27 percent said joint BOTCC/CBOT board members should be recommended by the CBOT Chairman, approved by the BOTCC's nominating committee and elected by BOTCC shareholders -- 72 percent said the BOTCC board should not be increased to accommodate the CBOT directors. -- 46 percent said joint BOTCC/CBOT board members should have terms of office that are consistent with every other BOTCC governor; 34 percent said the term of office should be consistent with the director's term of office on the CBOT board. The Board of Trade Clearing Corp. was founded in 1925 and is one of the oldest independent clearinghouses in the world. With more than 125 members, it provides clearing and settling services for contracts traded on the Chicago Board of Trade and the MidAmerica Exchange. CONTACT: Ogilvy Ogilvy may refer to:
Robert A. Reed, 312/988-3838 or Lisabeth Weiner, 312/988-3803 |
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion