Tollgrade Communications makes changes to improve corporate governance

By Lisa Kerner

Charlotte, N.C., July 1 - Tollgrade Communications, Inc. announced that it adopted a series of amendments to enhance the company's corporate governance.

According to Tollgrade, the amendments are intended to provide an even stricter standard of director independence than is required under Nasdaq Stock Market rules and require that at least two-thirds of the company's board of directors be independent.

In addition, the board's audit, compensation and nominating and governance committees must be comprised exclusively of independent directors, a company news release said.

Under Tollgrade's new stricter standard of independence, a director will not be considered independent if, among things, the director or a member of the director's immediate family was employed by Tollgrade or received more than $90,000 in direct compensation from the company during a 12-month period.

"We believe that the adoption of the corporate governance enhancements being announced today will enhance the independence of the Tollgrade board and increase its accountability to our shareholders," Tollgrade's lead independent director, Robert W. Kampmeinert, said in a company news release.

Tollgrade, based in Cheswick, Pa., designs, engineers, markets and supports test system and status monitoring hardware and software products for the U.S. telecommunications and cable industries.

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