From: Dennis.Ellison@CliffordChance.com Sent: Tuesday, March 30, 2004 10:12 AM To: rule-comments@sec.gov Subject: S7-19-03 Boards of public corporations should be comprised of only outside directors. Officers of the corporation should not be on the board unless they are also a significant shareholder. Board independence is imperative. ******* This message and any attachment are confidential and may be privileged or otherwise protected from disclosure. If you are not the intended recipient, please telephone or email the sender and delete this message and any attachment from your system. If you are not the intended recipient you must not copy this message or attachment or disclose the contents to any other person. For further information about Clifford Chance please see our website at http://www.cliffordchance.com or refer to any Clifford Chance office.