NYSE chief faces SEC wrath over pay deal
The chief US financial regulator, the Securities & Exchange Commission, has demanded to know the details behind the head of the New York Stock Exchange's $140m (£89m) pay package.
The huge deal handed to Richard Grasso has been a massive corporate controversy in the States, and led William Donaldson, chairman of the SEC, to write a strongly worded letter to the NYSE.
The Financial Times reports the letter saying the package raises ‘serious questions regarding the effectiveness of the NYSE’s current governance structure’.
The letter continues: ‘Self-regulatory organisations must be models of good governance. In my March 26th letter to Mr Grasso, I urged that the NYSE demand of itself the same standards of governance that the exchange has proposed for its listed companies.’
The NYSE said it would respond by 9 September.