Rule

• Requires line graph comparing yearly percentage change
  in total shareholder return with 1> broad equity index and 2> peer group

• For peer group comparison, issuer may use 1> published industry or line-of-business index, 2> peer issuers  selected in good faith or 3> issuers with similar market capitalizations

• Issuer may include comparisons using performance measures in addition to total return 

• Only required for annual report that precedes or accompanies proxy materials 
• Information is "furnished" rather than "filed"

Instructions

• S-K 201 in general

• Foreign issuers

• S-K 201(e)

S-K 201(e) was S-K 402(l)

• SEC considered eliminating requirement entirely
• But instead removed it from S-K 402

• Which addresses executive compensation disclosure

• Final release commentary 2006

Archive

• Final release 33-6962 1992

S-K Item 201 Interpretations

• General 201(e) Interpretations
• Specific 201(e) Interpretations

• Replace prior S-K 201 interpretations in July 1997 Manual of Publicly Available Telephone Interpretations
• Issued 3.14.07

• See S-K 201 Interpretations

Law Firm Commentary

• Perkins Coie reference chart  3.20.07

Final release 33-6383  1982 

• Adopted Integrated Disclosure System

• Section III.B.5 (re: Item 201)

Final release 33-6962  1992 

Final release 33-8732  2006 

Proposing release 33-8819  2007 

• Proposed amendment for Smaller Reporting Relief and Simplification

• No substantive changes; propose to replace "small business issuer" with reference to "smaller reporting company"
• Section II.B.2.b (re: Item 201)

S-K 201

S-K Index