tailieunhanh - New York Stock Exchange Corporate Accountability and Listing Standards Committee

Moreover, even if it were established that options increased risk taking, it is not clear whether such an outcome would be desirable or undesirable from the perspective of the shareholders. Risk-averse managers, who hold disproportionate amounts of their financial and human capital in the companies they manage, are likely to take fewer risks than are optimal. This is an agency problem that is likely magnified in companies where top executives enjoy substantial rents from their positions, and have strong incentives not to take risky actions that may get them removed from their positions. Thus, not only do we not know whether stock options. | Corporate Accountability and Listing Standards Committee I New York Stock Exchange Corporate Accountability and Listing Standards Committee Co-Chairmen GERALD M. LEVIN Chief Executive Officer retired AOL Time Warner Inc. H. CARL McCALL Comptroller of the State of New York and Sole Trustee Common Retirement Fund of the State of New York and Chairman NYSE Finance and Audit Committee LEON E. PANETTA Director of the Panetta Institute for Public Policy and Chairman NYSE Public Policy and Review Committees Members MYRA DRUCKER Chief Investment Officer GM Asset Management GM Trust Co. and Chairman NYSE Pension Managers Advisory Committee RICHARD J. HECKMANN Chairman K2 Inc. and Chairman NYSE Listed Company Advisory Committee DAVID H. KOMANSKY Chairman and Chief Executive Officer Merrill Lynch Co. Inc. and Vice Chairman NYSE KENNETH G. LANGONE Chairman of the Board Invemed Associates LLC and Chairman NYSE Human Resources Policy and Compensation Committee PETER N. LARSON Chairman and Chief Executive Officer retired Brunswick Corporation MARTIN LIPTON Partner Wachtell Lipton Rosen Katz and Chairman NYSE Legal Advisory Committee ROBERT M. MURPHY Chief Executive Officer LaBranche Co. LLC and Vice Chairman NYSE LAWRENCE W. SONSINI Chairman and Chief Executive Officer Wilson Sonsini Goodrich Rosati KURT P. STOCKER Professor Emeritus Northwestern University Medill School of Journalism and Chairman NYSE Individual Investors Advisory Committee ALEX TROTMAN Chairman Imperial Chemicals Industries PLC Chairman of the Board and Chief Executive Officer retired Ford Motor Company and Chairman NYSE Quality of Markets Committee Ex-Officio Member RICHARD A. GRASSO Chairman and Chief Executive Officer New York Stock Exchange Inc. II New York Stock Exchange We are very grateful for the support we received from the officers and employees of the NYSE. In particular we wish to recognize the assistance we received from Robert G. Britz and Catherine R. Kinney each of whom is Executive Vice .