in Cybersecurity Oversight, a tangible credential that demonstrates a commitment to cybersecurity literacy. Resources NACD Director Compensation Report: analyzes annual pay levels and practices among 1,400 companies across 24 industries with revenue from $50 million to more than $10 billion. NACD and Pearl Meyer & Partners annually release the NACD Director Compensation Report. NACD Fortune 500 Committee Chair Advisory Council Briefs: NACD regularly convenes Fortune 500 board committee chairs, investors, regulators, and leading governance professionals to discuss key issues impacting the audit, compensation, nominating and governance and risk committees. Annual Governance Surveys: annual surveys of more than 1,000 public, private and nonprofit directors on leading governance practices. NACD Directorship Magazine: the official magazine of NACD, reporting on current issues of importance to directors and boards. NACD Director Handbook Series: guidance on issues such as cyber-risk oversight, corporate sustainability, effective director onboarding practices and other topics. Role in the corporate governance movement In 2001 and 2002, the unexpected bankruptcies of Enron and WorldCom brought increased public and government attention to corporate governance and the role of the board of directors. In February 2002, Roger Raber, former CEO of NACD, was called to testify before House Energy and Commerce Committee, chaired by Billy Tauzin (R-LA), regarding the failure of Enron Corporation. At request of Committee, Raber submitted 10 suggested standards, based on the Report of the NACD Blue Ribbon Commission on Director Professionalism (1996/2001/2005), for public company governance, submitting same to the New York Stock Exchange (NYSE) and the NASDAQ on May 1, 2002. In November 2003, the Securities and Exchange Commission approved new listing requirements for both, which were influenced by NACD's recommendations. The ten core recommendations are as follows: Boards should be composed of a substantial majority of independent directors. At a minimum, these directors should meet the definition of “independent director” as defined under relevant SRO standards, although boards may consider adopting even more stringent standards of independence. Furthermore, boards should formulate and adhere to clear conflict of interest policies applicable to all board members. Boards should require that key committees—including but not limited to audit, compensation, and governance/nominating—be composed entirely of independent directors, and are free to hire independent advisors as necessary. Each key committee should have a board-approved written charter detailing its duties. Audit committee duties, at a minimum, should include two key elements: a) oversight of the quality and integrity of financial reports and the process