FINRA Board of Governors

The FINRA Board of Governors, the governing body of the corporation, oversees management in the administration of FINRA’s affairs and the promotion of FINRA’s welfare, objectives and purposes.

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Composition

FINRA’s Board is currently composed of 24 industry and public members, with 10 seats designated for industry members, 13 seats designated for public members and one seat reserved for FINRA’s Chief Executive Officer.

Seven of the industry governor seats—three small firm governors, one mid-size firm governor and three large firm governors—are designated for individuals associated with FINRA members that corresponds to each firm size. A small firm employs at least one and no more than 150 registered persons, a mid-size firm employs at least 151 and no more than 499 registered persons and a large firm employs 500 or more registered persons.

The remaining industry seats are reserved for one Floor Member Governor, one Independent Dealer/Insurance Affiliate Governor and one Investment Company Affiliate Governor.

Current Board Members

Chairman and Public Governor

William H. Heyman
The Travelers Companies, Inc.
New York, NY

FINRA CEO

Robert W. Cook
FINRA
Washington, DC

Public Governors

Carol Anthony (John) Davidson 
Retired
Bonita Springs, FL

Shelly Lazarus
Ogilvy & Mather
New York, NY

Joshua S. Levine
Kita Capital Management, LLC
New York, NY

Brigitte C. Madrian
Harvard Kennedy School of Government
Cambridge, MA

Eileen Murray
Bridgewater Associates
Westport, CT

Charles I. Plosser
Former President and CEO, Federal Reserve Bank of Philadelphia
Amelia Island, FL

Randal K. Quarles
The Cynosure Group
Salt Lake City, UT

Hillary Sale
Washington University in St. Louis
School of Law
St. Louis, MO

Leslie Seidman
Former Chairman
Financial Accounting Standards Board
Westport, CT

Luis M. Viceira
Harvard Business School
Boston, MA

Elisse B. Walter
Former Commissioner and Chairman
U.S. Securities and Exchange Commission
Bethesda, MD

Susan Wolburgh Jenah
Former President and CEO
Investment Industry Regulatory
Organization of Canada
Toronto, ON

Industry Governors

Stephen M. Cutler
JPMorgan Chase & Co.
New York, NY

Andrew S. Duff
Piper Jaffray
Minneapolis, MN

Stephen A. Kohn
Stephen A. Kohn & Associates, Ltd.
Lakewood, CO

Brian Kovack
Kovack Securities, Inc.
Ft. Lauderdale, FL

Joseph M. Mecane
Citadel Securities
New York, NY

Robert A. Muh
Sutter Securities, Inc.
San Francisco, CA

Kathleen A. Murphy
Fidelity Personal Investing
Boston, MA

Joe Romano
Romano Wealth Management
Evanston, IL

John W. Thiel
Merrill Lynch Wealth Management
New York, NY

Amy L. Webber
Cambridge Investment Research, Inc.
Fairfield, IA

Selection Process

The Board’s Nominating  & Governance Committee (Nominating Committee) has the authority to nominate candidates to run for election to fill seven seats on the Board designated by firm-size category—three small firm governors, one mid-size firm governor and three large firm governors. Individuals may also petition to become candidates for these seven elected governor seats. Candidates for these seats are elected by the firms eligible to vote for that category of governorship.

The remaining governors are appointed by the Board from candidates nominated by the Nominating Committee.

Terms

Governors are appointed or elected for three-year terms and may not serve more than two consecutive terms. If a governor is elected or appointed to fill a vacancy for a term of less than one year, the governor may serve up to two consecutive full terms after the expiration of the governor’s initial term.

Board Schedule

The FINRA Board of Governors generally holds five regularly scheduled meetings a year. The Board also holds special meetings as necessary.

Upcoming Board Meetings

  • September 26 – 27, 2017
  • December 13 – 14, 2017
  • March 7 – 8, 2018
  • May 9 – 10, 2018
  • July 18 – 19, 2018
  • September 26 – 27, 2018
  • December 12 – 13, 2018