The U.S. securities industry’s self-regulatory body, the Financial Industry Regulatory Authority, announced the election of seven new governors, along with the approval of several proxy proposals at its annual meeting.

The proxy proposals address several issues, including: disclosure of officer compensation; the commission of an independent study into the Bernard Madoff securities scandal; FINRA’s investment policies, practices and transactions; and, the creation of an independent, private-sector inspector general.

Under FINRA’s by-laws, member-submitted proxy proposals are non-binding. In response, the FINRA board of governors said, “The board of governors continually reviews FINRA’s policies and practices in order to ensure they support its mission to protect investors and the integrity of our markets. The board will carefully review each of the proxy proposals beginning at its next meeting.”

Additionally, firms elected seven governors to its 22-member board; three that will represent large firms, three to represent small firms, and one to represent mid-sized firms. The newly elected governors begin their terms immediately.

IE