Statement by Harvey L. Pitt on the Draft Report of the NYSE's Corporate Accountability and Listing Standards Committee

FOR IMMEDIATE RELEASE
2002-85

Washington, D.C., June 6, 2002 -- Securities and Exchange Commission Chairman Harvey L. Pitt issued the following statement today on the Draft Report issued by the New York Stock Exchange's Corporate Accountability and Listing Standards Committee:

"The Commission strongly commends the NYSE Board's creative and far-reaching proposals to improve the level and quality of corporate governance in America. This was precisely the kind of effort we hoped would result when we asked the exchanges to rethink their listing agreements last February. This is a significant step in addressing major concerns raised by the investing public in light of recent events. It is more important than ever that decisive action be taken to restore investor confidence to the financial markets, and I commend the leadership shown by the NYSE.

"The steps proposed by the NYSE represent an important first step, but improvement of corporate governance is a work in progress, and we look forward to continuing to work with the NYSE and all other interested parties toward that end."