The admission board's requirements for listed companies may include: the submission of two to three previous years' worth of financial statements, the issuance of a prospectus and the meeting or exceeding of minimum requirements for total market value, number of shares outstanding and share price. The board's guidelines and decisions must comply with securities regulations established by the government. An exchange's admission board generally consists of high-level executives such as CEOs, CFOs, directors, vice presidents and partners from a variety of major companies.