Statement by SEC Chairman Harvey L. Pitt on Corporate Governance Reforms Approved by the Membership of the Chicago Board Options Exchange

FOR IMMEDIATE RELEASE
2002-124

Washington, D.C., August 16, 2002 -- Securities and Exchange Commission Chairman Harvey L. Pitt issued the following statement today on corporate governance reforms approved by the membership of the Chicago Board Options Exchange:

"I commend the Board, its Chairman, Bill Brodsky, its President, Ed Joyce, and the membership of the Chicago Board Options Exchange for the sweeping reforms of its corporate governance structure that were passed by a vote of an overwhelming majority of the CBOE membership on Thursday. These initiatives evidence the CBOE's strong commitment to the integrity of our marketplace and the strength of the self-regulatory function. I extend a particular note of appreciation to the Special Committee on Governance, composed of independent directors of the CBOE Board, for their tireless efforts in achieving these laudable results. "