On March 13, the Division of Corporation Finance of the Securities and Exchange Commission issued new telephone interpretations on several key aspects of proxy statement disclosure. The new interpretations, available here, cover disclosure questions relating to shares reserved for issuance under equity compensation plans, stock performance graphs, stock ownership tables, change-of-control provisions, transactions with related persons and corporate governance (director independence and board committees).

The new interpretations will be "must" reading for those charged with preparation of this year's proxy statement.