SEC Approves Nasdaq Rule Change on Definition of Independent Director
The SEC has accepted the Nasdaq's proposed rule change increasing the dollar threshold for determining director independence. "Nasdaq Rule 4200(a)(15)(B) provides that a director of a listed company who accepted, or has a family member who accepted, any compensation from the company in excess of $100,000 during any period of twelve months within the preceding three years cannot be deemed an independent director (with certain exceptions). The proposed rule change would change this threshold amount to $120,000."
