ICI Calls for Reform to Proposed NYSE Governance Structure

In a letter to the US Securities and Exchange Commission (SEC) in response to the NYSE proposal to alter the governance and management structure of the Exchange, the Investment Company Institute (ICI), the lobbying arm of the US mutual fund industry, recommends that the NYSE amend its proposal to guarantee investor representation on the NYSE Board of Directors and create a NYSE Board of Executives more balanced between the buyside and sellside. The ICI also urges the SEC not to approve the NYSE’s proposal until, and unless, the NYSE implements such changes.