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Our Board undertook a comprehensive review and evaluation of its corporate governance practices in light of the Sarbanes-Oxley Act of 2002, new SEC regulations implementing this legislation, and new corporate governance listing standards proposed by the New York Stock Exchange. In response to emerging requirements, the Board at its February 2003 meeting formalized its corporate governance guidelines, approved a revised code of business conduct and ethics applicable to Belo's directors, management and employees, and approved an updated charter for each Board committee. Belo's corporate governance documents, which are posted below, codify a number of Belo's existing corporate governance practices and policies and address several new matters. The Board will review and periodically update these documents as it deems necessary and appropriate.
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