Subject: File No. S7-03-06
From: jeremy w millard
Affiliation: Student, University of Washington, Executive MBA Program

February 15, 2006

Our team is doing a presentation to our MBA Executive class members this Saturday. I wanted to know if the 370 page proposal that Alan Beller authored regarding executive compensation will address the following:
1. Wage gap between executive pay and average worker (presently a 400:1 ratio).
2. Executive pay has gone up 30 since 2004.
3. Repealing the Williams Act of 1968.
4. Board members not being held accountable to the shareholders for the executive pay of the CEO.
5. A significant percentage of CEO's are on other board members boards... quid pro quo effect. Lack of transparency.
6. How stock options are valued (black-sholes method?)?

Your comments would be greatly appreciated