On December 16, 2009, the Securities and Exchange Commission adopted new rules providing for enhanced compensation and corporate governance disclosure in proxy statements of domestic issuers. The new rules become effective on February 28, 2010 and require enhanced disclosures regarding a company's compensation policies as they relate to risk-taking, fees paid to compensation consultants, qualifications of board members, board leadership structure and risk oversight role, and board diversity considerations. The new rules also require more rapid reporting of shareholder voting results.
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