Business Context and Reporting Period
This Form 8-K Current Report was filed by Energy Transfer Equity, L.P. (ETE) on August 5, 2011. The report addresses corporate governance matters regarding the composition of the Board of Directors' Audit Committee and compliance with New York Stock Exchange (NYSE) listing standards.
Key Financial Metrics
The filing text does not provide a clear value for revenue, profit, cash flow, margins, debt, or liquidity. This report focuses exclusively on governance events and does not contain financial performance data.
Material Changes
- Audit Committee Composition: On August 5, 2011, the Board elected David R. Albin to the Audit Committee, increasing the number of members to three.
- NYSE Compliance Status: ETE previously notified the NYSE on July 29, 2011, of non-compliance with Section 303A.07(a), which requires at least three independent directors on the audit committee. The NYSE issued an official deficiency notice on August 2, 2011. Following Mr. Albin's election, ETE notified the NYSE on August 8, 2011, that it is now in full compliance.
Guidance, Outlook, and Risks
The filing contains no financial guidance, outlook, or management commentary regarding future operations. The primary risk addressed was the potential delisting or failure to satisfy continued listing rules due to the audit committee deficiency, which has been resolved.
Investor Verification Points
- Confirm that David R. Albin meets the independence and financial literacy requirements under NYSE rules and Rule 10A-3.
- Verify the official receipt of the compliance notification by the NYSE on August 8, 2011.
- Review subsequent filings to ensure no further governance deficiencies arise.