NYSE Regulation, Inc. announced today that eGovDirect.com—a complimentary, password-protected website that assists NYSE-listed companies to meet their corporate governance and compliance requirements—is now being offered to non-U.S. foreign private issuers (FPI) listed on the New York Stock Exchange.
“Foreign private issuers can now take advantage of a customized version of our popular eGovDirect website,” said Janice O’Neill, senior vice president of NYSE Regulation’s Listed Company Compliance division. “Like the domestic version—currently in use by over 1,800 listed companies—the site allows issuers to save time and resources by filing annual and interim affirmations, officer and audit committee members’ vital information, as well as dividends, shareholder meeting dates, shares outstanding, and press releases.”
There are 360 foreign private issuers currently listed on the New York Stock Exchange. Seventeen took part in a recently-completed pilot program and are now using eGovDirect.
The U.S. Securities and Exchange Commission defines a foreign private issuer as any foreign issuer, other than a foreign government, except an issuer that meets the following conditions: more than 50 percent of the issuer's outstanding voting securities are directly or indirectly held of record by residents of the United States, and any of the following: a) the majority of the executive officers or directors are U.S. citizens or residents, b) more than 50 percent of the assets of the issuer are located in the U.S., or c) the business of the issuer is administered principally in the U.S.
This new version of eGovDirect.com makes it easy to submit certain reporting requirements for companies that trade American Depositary Shares on the NYSE by their depositary bank. A FPI Disclosure Tool offers ease of access to disclosures made by foreign private issuers regarding significant ways their corporate governance practices differ from those followed by
“We believe non-U.S. foreign private issuers will find eGovDirect to be just as compelling as the 85 percent of our domestic list that has already signed on,” said O’Neill.
To assist in recruiting board members, a Director Lookup tool includes a comprehensive database with a unique search feature to identify experienced board candidates.
Among the other features of the interactive web-based governance tool are a reminder function that proactively anticipates and notifies users of important filing dates and an archive of a company’s NYSE filings. The fully secure environment protects the website's contents and a company's privacy. Redundant architecture promises 100% uptime.