On January 11, 2013, the SEC approved new listing standards regarding independence requirements for compensation committees and compensation advisers of New York Stock Exchange (NYSE) listed companies.1 The NYSE initially proposed the new listing standards on September 25, 2012,2 based on the final rules that the SEC adopted June 20, 2012 (SEC Rules),3 and amended the initial proposal on October 1, 2012 and January 8, 2013.