SEC adopts new S-K 407(c)

Replaces Schedule 14A Item 7(d)(2) and S-K 401(j)

• As part of consolidation of corporate governance disclosure requirements per new S-K 407
• Adopted per SEC Release 33-8732A  August 2006
• No substantive change was made
• See SEC release 33-8732A (2006) Footnote 471

Required disclosures include:

• Whether a company has a separate nominating committee
• If not, reasons why not and who determines nominees for director
• Whether members of nominating committee are "independent"
• Company's process for identifying and evaluating director nominees
• Minimum qualifications and standards that are used
• Fees paid to director search firms
• Whether and how candidates put forth by shareholders are considered
• Whether a company has rejected candidates put forth by large, long-term security holders or groups of security holders

See also SEC Interpretations below

S-K Item 407 Interpretations

• General 407(c) Interpretations
• Specific 407(c) Interpretations

• Issued 3.14.07
• Replace prior S-K 407 interpretations in July 1997 Manual of Publicly Available Telephone Interpretations
• See S-K 407 Interpretations

Law Firm Commentary

• Perkins Coie reference chart

Final release 33-8732  August 2006

• Corporate governance disclosure §V.D

Proposal release 33-8655  January 2006

• Corporate governance disclosure §V.D

Final release 33-8340  2003

• Press release summary

• Proposal release 34-48301 2003

• Comment letters
• Summary of comments

Corporate Governance

Regulation S-K Index

Nominating Committees