SEC Adopts Proxy Disclosure Enhancements

On December 16, 2009, the Securities and Exchange Commission (the "SEC") approved amendments to the rules governing executive compensation and corporate governance to enhance the disclosures that companies are required to include in their proxy statements. The SEC's press release is available on its website here (www.sec.gov/news/press/2009/2009-268.htm) and the final rules are available here (www.sec.gov/rules/final/2009/33-9089.pdf).

The new rules will become effective on February 28, 2010. Among other things, the new rules require companies to provide enhanced disclosure regarding:

• compensation policies and the impact of these policies on risk taking;
• value of stock and option awards granted to executives and directors;