The rule changes would also amend Form 8-K to focus current disclosure of executive compensation arrangements on unquestionably or presumptively material events.

The new rules would reorganize and consolidate the related party disclosure rules and the rules regarding disclosure of director independence and other corporate governance matters.

And they would for the first time require that all compensation to board members be fully disclosed. Finally, the rules will require that all of this specified disclosure in proxy statements, information statements and annual reports be in plain English.

I know that some of you are thinking, "I'll believe that when I see it." But these rule changes would permit the SEC to get very serious about plain English.

Once again, thank you to the staff of the Division of Corporation Finance for your hard work on this proposal, and thank you as well to the Office of Chief Accountant, the Division of Investment Management and the Offices of General Counsel and Economic Analysis.