FOR IMMEDIATE RELEASE                             2002-23
                                                    
                              
  PITT SEEKS REVIEW OF CORPORATE GOVERNANCE, CONDUCT CODES
        
     
     Washington,  DC,  February 13, 2002 -  As  part  of  an
  ongoing  effort  to bolster investor confidence,  Chairman
  Harvey  L.  Pitt of the Securities and Exchange Commission
  has  asked  the  New  York Stock Exchange  and  Nasdaq  to
  review   corporate   governance  and  listing   standards,
  including  the  important issues of officer  and  director
  qualifications  and  the  codes  of  conduct   of   public
  companies.
     
     “Recent  events  have underscored the need  for  public
  companies  to have a strong commitment to full  disclosure
  and  compliance with all regulatory regimes to which their
  companies  are  subject,” Pitt said in  a  letter  to  the
  chairmen  of the NYSE and Nasdaq. “While no set  of  rules
  can  stop  every  venal actor determined to  put  personal
  interests ahead of those of the companies they manage,  we
  believe  that  there  are a number of  ways  that  current
  corporate   governance  standards  can  be   improved   to
  strengthen  the  resolve  of  honest  managers   and   the
  directors who oversee management’s actions.”
     
     Pitt  commended  the  NYSE for establishing  a  Special
  Committee   on   Corporate  Accountability   and   Listing
  Standards   to   examine  corporate   governance   issues,
  including   the   possibility  of   requiring   continuing
  education programs for officers and directors. The  Nasdaq
  is taking similar steps.
     
     Separately, Pitt commended Financial Executives
  International for reemphasizing its members’ code of
  ethics and asked FEI to consider whether there is a need
  to update the code in light of recent developments.
  
  
  
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