California State Controller Steve Westly Calls on NYSE Chairman to Step Down; Separation of Duties Needed.Business Editors SACRAMENTO, Calif.--(BUSINESS WIRE)--Sept. 16, 2003 California State Controller The State Controller is the Chief Financial Officer of the State of California in the United States. The post has broader responsibilities and authority than the California State Treasurer. Steve Westly issued the following statement today concerning the leadership of the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. : "The writing is on the wall. The expanding controversy over Chairman Richard Grasso's excessive compensation package will make it impossible to achieve any of the corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. reforms that are critically needed to restore public confidence. "This is more important than just one CEO's pay. Governance at NYSE NYSE See: New York Stock Exchange needs to be improved across the board. Clearly we need to stop the appearance of the fox guarding the hen house. We need to separate the regulatory functions of the Exchange to a new third party organization as NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on has already done. "I join with leaders across the country and fellow CalPERS and CalSTRS board members who have called for Chairman Grasso's resignation to restore public faith in the NYSE." For more information on the State Controller's Office, please visit our Web site at http://www.sco.ca.gov/. |
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