Qualifications of Directors 2371

  • We are a non-reporting company who will be looking to go public within the next several months. Could someone tell me where I can find information regarding the qualifications of Directors?

  • What do you mean with go public? Just offer equity securities to the public so that the number of holders of securities goes above 300 and you have to register the securities under section 12(g) of the Securities Exchange Act with the SEC? Or listing securities on a national securities exchange (e.g. New York stock exchange or NASDAQ)?
    The NYSE and NASDAQ have corporte governance requirements in their respective listing rules that you can find on their websites. There are also requirements on the independence and the qualifications for members of the audit committee. In addition the SEC has a requirement to disclose in the annual report whether or not and if not why the audit committee includes an audit committee financial expert. The SEC rule defines the necessary expertise and experience.

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