Amendments to NYSE and Nasdaq proposals on compensation committee adviser independence

The New York Stock Exchange and the Nasdaq Stock Market have each filed recent amendments to their proposed listing rules implementing Rule 10C-1 of the Securities Exchange Act, governing the independence of compensation committee members and compensation consultants. The rules originally proposed by the exchanges in September 2012 require that a compensation committee consider the independence of compensation consultants, legal counsel and other compensation advisers before selecting or receiving advice from such advisers (other than in-house counsel).

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