High Three Compensation Disclosure Proposal Unlikely to Be Adopted for Upcoming Proxy Season

John White, Director of the Division of Corporation Finance of the Securities and Exchange Commission, has previously indicated that in order for the Commission’s proposal regarding disclosure of the compensation of an additional three highly paid employees other than the “named executive officers” to go into effect for the immediately upcoming proxy season, the Commission would have to act before or at its December 13 meeting. The agenda for the December 13 meeting has been released and does not include this proposal. Accordingly it is unlikely, absent an unexpected development, that the proposal will be put into effect for the forthcoming proxy season (if at all).

The agenda for the December 13 can be viewed at the following link:
http://sec.gov/news/openmeetings/2006/ssamtg121306.htm

Please call any of your regular contacts at the firm or any of our partners and counsel listed under Employee Benefits in the Our Practice section of our web site if you have any questions.