Summary
Southern Company (SO) has filed an 8-K report on October 19, 2009, addressing two key items pertinent to its stock listing and corporate governance. The company previously received notice from the NYSE regarding a deficiency in its Audit Committee's membership, falling below the required minimum of three members due to a director's resignation. However, the company has since rectified this issue by appointing Mr. Jon A. Boscia to the Audit Committee on October 19, 2009, bringing the committee back into compliance with NYSE listing standards.
Key Highlights
- 1Southern Company's Audit Committee temporarily fell below the NYSE's minimum membership requirement of three members.
- 2The deficiency was caused by the resignation of a director on October 7, 2009.
- 3On October 19, 2009, Mr. Jon A. Boscia was appointed to the Audit Committee, resolving the deficiency.
- 4The company has notified the NYSE of the corrective action and is now in compliance with listing standards.
- 5The NYSE is expected to take no further action regarding this matter.
- 6Mr. Henry A. Clark III was elected as a new member of the Board of Directors, effective October 19, 2009.
- 7Mr. Clark has been appointed to the Finance Committee and the Compensation and Management Succession Committee.