Subject: File No. S7-03-06
From: Carl Fredrickson, Dr.

April 7, 2006

I strongly support the proposed rule. In fact, I would favor a requirement that what is required in proxy and regulatory filings should be a mandated part of an annual report. I object to the current level of executive compensation, but that is not the central issue. The central issue is transparency and access to compensation information. High or low, acceptable or extreme, stockholders should know the total rewards available to senior executives.