SEC Approves NYSE's Proposed Amendments To Shareholder Approval Policy

Washington, DC, June 29, 1999 - The Securities and Exchange Commission has approved, on a pilot basis until September 30, 2000, the New York Stock Exchange's (NYSE) proposed amendments to its shareholder approval policy regarding stock option and similar plans. The Institute had filed a comment letter on the proposal. In summary, the amendments modify the definition of a "broadly based" plan, establish the definition of "broadly based" plan as an exclusive test, rather than a safe harbor, and revise NYSE's general policy on shareholder approval issues.