Statement of SEC Spokesman


September 9, 2003 -- At 4:45 p.m. today, the Commission received information from the New York Stock Exchange sent in response to a September 2, 2003, letter from SEC Chairman William H. Donaldson to H. Carl McCall, Chairman of both the NYSE Human Resources and Compensation Committee and the Special Committee on Governance. The September 2nd letter requested information about the NYSE's governance structure and procedures related to the compensation package announced on August 28, 2003 for NYSE Chairman and Chief Executive Officer Dick Grasso.

On March 26, 2003, Chairman Donaldson wrote to the NYSE and other SROs requesting a thorough review of each SRO's governance practices. The letter sent on September 2, is part of that ongoing review.

The NYSE responded on June 5, 2003 to the SEC's March 26th request with an initial governance report and interim structural changes. A final report from the NYSE is expected in October 2003.

Copies of Chairman Donaldson's letters from March 26, 2003 and September 2, 2003 are available under Speeches and Public Statements.

Last modified: 9/9/2003