Exchange Rules on Independence of Compensation Committee Members

, New York Law Journal

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In his Executive Compensation column, Joseph E. Bachelder III, special counsel to McCarter & English, discusses new rules issued by the NYSE and NASDAQ, both reflecting Dodd-Frank, but with the difference that the NASDAQ makes a "bright line" rule as to compensation paid by the listed company to a director, where the NYSE leaves discretion to the board to determine whether the described compensation is sufficiently material to preclude a director from being independent.

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