Business Roundtable Supports SEC Rule Executive Pa

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Business Roundtable Supports SEC Rule Executive Pa
Washington, DC, July 27, 2006--Steve Odland, chairman & CEO of Office Depot, Inc., and chairman of Business Roundtable’s Corporate Governance Task Force, made the following statement today on behalf of Roundtable CEOs regarding approval by the Securities and Exchange Commission (SEC) of a new rule for public disclosure of executive compensation: “Complete, accurate and understandable disclosure of executive compensation is a key component of the Roundtable’s Principles on Executive Compensation, issued in 2003. We are fully supportive of the new SEC rule, which is an important step in providing clearer information about executive compensation. “More information helps make the markets work. This rule will give important information to shareholders who are making investment decisions, and it also will help boards evaluate and determine executive compensation. “The rule also requires additional disclosure of the practice of backdating stock options, which also is consistent with Business Roundtable’s Principles on Executive Compensation which advise against adjusting previously established targets. “We believe the rule strikes a good balance between providing disclosure of accurate and complete compensation information, and the need for companies to prevent strategic information from being revealed to competitors.”