Directors: SEC Commissioner sees more diversity.Securities and Exchange Commissioner Cynthia Glassman says she believes that the "potential" for women and minorities to move into open seats on corporate boards of directors--a potential created by the new regulatory climate--has never been greater. Speaking to the 2005 Colloquium col·lo·qui·um n. pl. col·lo·qui·ums or col·lo·qui·a 1. An informal meeting for the exchange of views. 2. An academic seminar on a broad field of study, usually led by a different lecturer at each meeting. for Woman Directors in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , Glassman noted that many of the provisions of the Sarbanes-Oxley Act See SOX. have directly affected corporate boards. The effects of the new corporate governance listing standards 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. and Nasdaq are perhaps even more pronounced, she added. Citing data from a National Association of Corporate Directors (NACD NACD National Association of Corporate Directors NACD National Association of Conservation Districts NACD National Association of Chemical Distributors NACD National Academy for Child Development NACD National Advisory Committee on Drugs ) survey, Glassman said that 52 percent of responding companies believed that board nominating committees should have guidelines or a plan to ensure that the board includes one or more women and minorities. "Nevertheless, only 26 percent of the responding companies actually have such policies in place," Glassman said. In search of independent directors, companies "are looking at a far wider and deeper talent pool, including women and minorities, than before," Glassman suggested. For example, she said, the listing standards' requirement that members of audit committees be financially literate puts more emphasis on attaining a directorship through "what you know" rather than through "who you know." |
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