PANews, June 6: Tether has announced the appointment of an independent director to the board of Twenty One Capital (XXI) to fill the vacancy in the Audit Committee following recent board changes. The new director will meet the independence standards set by the U.S. Securities and Exchange Commission (SEC) and the New York Stock Exchange (NYSE), restoring the Audit Committee to its full composition. The board vacancy arose from Tether’s acquisition on May 20 of SoftBank Group’s stake in XXI and the termination of the associated governance agreement. Following the transaction, SoftBank Group’s representative on the board stepped down, including one member of the Audit Committee. XXI had previously notified the NYSE of the change in committee composition.
Tether Appoints Independent Director to Twenty One Capital Audit Committee
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Summary
Tether has appointed an independent director to the Twenty One Capital (XXI) audit committee, enhancing the risk-to-reward ratio for oversight. This follows the acquisition of SoftBank’s stake and the departure of its board representative. The new director satisfies SEC and NYSE independence requirements, restoring the committee to full capacity. XXI previously notified the NYSE of this change. The appointment supports capital protection objectives amid governance transitions.
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