Rockville, Maryland; July 26, 2006: We applaud the Commission's substantive work and its unanimous decision to upgrade the disclosure of executive and director compensation. Shareholders and board members should receive immediate benefits next proxy season from the new tally sheets providing information on the total annual compensation packages paid to senior executives at U.S. companies. Additionally, we would expect abuses in the pensions, deferred compensation, severance and perquisites areas to dry up now that light will finally reach those previously dark recesses of the compensation landscape. The Commission also demonstrated its willingness to respond to public comment by making important adjustments to its original proposal. As a bonus, the staff also included enhanced disclosure provisions for stock option grant practices that should boost transparency regarding backdating and spring loading practices. Congratulations to Chairman Cox and his staff. Now, its up to shareholders and board members to put this information to good use.