"SEC Proposes New Executive Compensation Disclosure Requirements"

On January 27, 2006, the Securities Exchange Commission (the “SEC”) issued Release Nos. 33-8655; 34-53185; IC-272181 (the “Release”), proposing its first major revision of the executive and director compensation disclosure rules in 14 years.

The proposed changes are meant to provide investors with a transparent view of the actual compensation received by a company’s named executive officers and certain other highly compensated employees, and its directors, including quantified total compensation amounts.