New York (Nov. 7, 2003) -- The head of the California Public Employees' Retirement System Board of Administration has called New York Stock Exchange interim chairman John S. Reed’s proposal for governance changes at the Big Board inadequate.

Sean Harrigan of CalPERS, criticized Reed’s proposal as lacking strong investor representation on the board. "Investors were expecting a home run proposal to reform the New York Stock Exchange. What we got, I believe, is not even a base hit," Harrigan said in a statement. "Investors' confidence will not be restored by a plan that merely reorganizes — rather than truly reforms — this organization."

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