NYSE & Prudential plc's Corporate Governance Rules and Practice

On 4 November 2003, the New York Stock Exchange (the NYSE) established new corporate governance rules. The application of the NYSE’s rules is restricted for foreign companies, recognising that they have to comply with domestic requirements. As a foreign private issuer, Prudential must comply with four NYSE rules:

1. Satisfy the audit committee requirements of the Securities and Exchange Commission;
2. Chief Executive Officer must promptly notify the NYSE in writing after any executive officer of the listed company becomes aware of any material non-compliance with any applicable provisions of Section 303(A);
3. Submit an executed Written Affirmation annually to the NYSE and submit an interim Written Affirmation each time a change occurs to its audit committee; and
4. Provide a brief description of any significant difference between its corporate governance practices and those followed by US companies under the NYSE listing standards.

As a company listed on the London Stock Exchange, Prudential is required to comply with the Financial Service Authority's Listing Rules, Disclosure Rules and Prospectus Directive, and to report and explain non-compliance with the Combined Code on Corporate Governance, which was issued by the Financial Reporting Council.

View the table disclosing the differences between Prudential's domestic practice and the NYSE rules (PDF, 46 KB, opens in a new window)