Subject: File No. S7-03-06
From: chip head
Affiliation: stockholder

May 6, 2006

What is so difficult about writing rules to compel companies to disclose ALL forms of compensation? Ya'll seem to circle the wagons on every new scam the lawyers come up with.
The SEC should get ahead of the cat and mouse game the lawyers have going on what is or isn't disclosable as "compensation". You should redefine it to include the dollar value of all forms of compensation current, future, contingent, in-kind, loans or outright gifts. Stockholders should have enough information to accurately second-guess the compensation committee and register their disapproval. Boards and executives should be willing to stand up and attempt to justify the reasonableness of their actions.
Ultimately, I believe stockholders will accept the corporate jet and condo in NY as "tools". But secretly hauling cash out with dump trucks should be illegal.