operate with integrity.
             To restore public confidence in the honesty of senior corporate managers, companies must show a strong commitment to the expansion and enforcement of rigorous corporate governance scandals. The NYSE and NASDAQ has been asked to work with the corporate and shareholder communities to evaluate their corporate governance and list scandals, including vital issues of executive and managerial qualifications and codes of conduct of public companies. Their considerate efforts represent a noteworthy step in addressing primary concerns raised by recent events. They have formed a broad set of rules to deal with these issues as well as requiring stockholder authorization of all stock option programs, a majority of directors to be independent, requiring audit, compensation and nominating committees to be comprised entirely of independent directors, and tightening "independence" requirements to reduce the ties between self-governing directors and the company or its board.
             Other governance reforms are also being undertaken, such as proposing mutual funds and their advisers to disclose shareholders and clients how they vote the proxies for the securities they hold. Greater transparency of proxy voting should encourage mutual fund directors and investment advisors to exercise their trust responsibilities in an appropriate manner, particularly since there are conflicts of interest associated with proxy voting. Their enforcement program is producing quality results and reassuring investors that if corporate executives and professionals cross the line, they will pay heavily where it hurts the most. Records were carefully filed such as assets frozen, dollars returned to investors, and other proper relief.
             In October 2002, the nation's top state securities officer said that regulatory action is key step to restoring investor confidence in the markets. Christine Bruenn, Maine Securities administrator and ...