Interactive Governance Tool Currently Used by Over 1,800 Domestic Companies
“Foreign private issuers can now take advantage of a customized version of our popular eGovDirect website,” said Janice O’Neill, senior vice president of NYSE Regulation’s Listed Company Compliance division. “Like the domestic version—currently in use by over 1,800 listed companies—the site allows issuers to save time and resources by filing annual and interim affirmations, officer and audit committee members’ vital information, as well as dividends, shareholder meeting dates, shares outstanding, and press releases.”
There are 360 foreign private issuers currently listed on the New York Stock Exchange. Seventeen took part in a recently-completed pilot program and are now using eGovDirect.
The U.S. Securities and Exchange Commission defines a foreign private issuer as any foreign issuer, other than a foreign government, except an issuer that meets the following conditions: more than 50 percent of the issuer's outstanding voting securities are directly or indirectly held of record by residents of the United States, and any of the following: a) the majority of the executive officers or directors are U.S. citizens or residents, b) more than 50 percent of the assets of the issuer are located in the U.S., or c) the business of the issuer is administered principally in the U.S.
This new version of eGovDirect.com makes it easy to submit certain reporting requirements for companies that trade American Depositary Shares on the NYSE by their depositary bank. A FPI Disclosure Tool offers ease of access to disclosures made by foreign private issuers regarding significant ways their corporate governance practices differ from those followed by
“We believe non-U.S. foreign private issuers will find eGovDirect to be just as compelling as the 85 percent of our domestic list that has already signed on,” said O’Neill.
To assist in recruiting board members, a Director Lookup tool includes a comprehensive database with a unique search feature to identify experienced board candidates.
Among the other features of the interactive web-based governance tool are a reminder function that proactively anticipates and notifies users of important filing dates and an archive of a company’s NYSE filings. The fully secure environment protects the website's contents and a company's privacy. Redundant architecture promises 100% uptime.
About NYSE Regulation
NYSE Regulation, Inc. is a not-for-profit corporation dedicated to strengthening market integrity and investor protection. NYSE Regulation is a subsidiary of NYSE Euronext (NYSE Euronext: NYX) with a board of directors that is comprised of a majority of directors unaffiliated with any other NYSE board. As a result, NYSE Regulation is independent in its decision-making. The organization consists of three divisions: Listed Company Compliance, Market Surveillance, and Enforcement and Risk. NYSE Regulation protects investors by enforcing marketplace rules and federal securities laws. NYSE Regulation also ensures that companies listed on the NYSE and on NYSE Arca meet our financial and corporate-governance listing standards. For more information, visit our Web site at www.nyseregulation.com.
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