CEO Compensation and Corporate Governance Case Study at NYSE
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Code : GOV0008
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Region : USA |
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Introduction: The NYSE, one of the world’s largest stock exchanges, was born out of the Buttonwood Agreement in 1792. Located in Wall Street, New York City, the Exchange was registered with the US Securities and Exchange Commission, as a national securities exchange and a Self-Regulatory Organization (SRO), 4 on October 1st 1934.With nearly 2,8005 companies listed, the BigBoard (NYSE) is governed by the New York State’s Not-for-Profit Corporation Law. As a self-regulating body, the Exchange regulates the activities of its 1,366 members. Grasso joined the NYSE in 1968 as a clerk. He was the first in the NYSE’s history, to rise through the order and assume the highest job at NYSE. He owed his ascent at NYSE to John J. Phelan Jr.(Phelan)who became the president of the Big Board in 1980 and later the chairman. Grasso became the president and chief operating officer of NYSE in 1988. And when William (Bill) Donaldson (Donaldson) succeeded Phelan, “Bill delegated to Dick. He was the advocate, the visionary, the outside person, and Dick was very much the chief operating officer and ran the exchange,” noted Catherine R. Kinney, the former co-president of the NYSE and former executive vice-chairman of the board of directors. Grasso assumed charge as the chairman and chief executive on June 1st 1995. As the chief executive, he endeavored to expand and improve the Exchange... |
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