Washington (Aug. 7, 2003) — The Securities and Exchange Commission voted unanimously for a proposal that would mandate additional disclosure by companies regarding their board selections.
Among requirements contained in the SEC measure are: • Whether a company has a separate nominating committee and, if not, the reasons why it does not and who determines nominees for director; • Whether members of the nominating committee satisfy independence requirements; • A company's process for identifying and evaluating candidates to be nominated as directors.
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