On July 26, 2006, the SEC adopted final rules to revise the requirements for disclosure of executive compensation in proxy statements, registration statements and other SEC filings. The new disclosure rules will apply to next year’s proxy statements for any issuer whose fiscal year ends after December 15, 2006. The new rules were adopted substantially as proposed with the exception of the elimination of the “Katie Couric” clause. This controversial clause (a requirement to disclose the compensation of up to three employees whose compensation exceeds that of the named executive officers) is being reproposed for comment. In its new iteration, the requirement would apply only to large accelerated filers and will specifically exclude athletes, entertainers and other employees who have no policy making authority at the company or any of its major units.