By:  Cydney Posner

Ok, here it is, for your reading pleasure, the ne plus ultra of proxy statements, brought to you by Pfizer. The executive compensation and comp committee report section starts on page 51 and goes on (and on) through page 77 (excluding a page or two for the performance graph), giving new meaning to the word "comprehensive." It includes an almost unseemly number of tables, including "Present Value of 2005 Total Compensation," "Estimated Current Value of Change-in-Control Benefits," "Incremental Cost of Perquisites Provided to Named Executive Officers in 2005" (with various columns for the different categories of perks), "Weightings Assigned in 2005 to Each Performance Objective for the Named Executive Officers" and "Pfizer Relative Performance for Performance Periods Ending December 31, 2005 and Resulting Performance-Share Awards." It was filed as a prelim, so it will be interesting to see if the SEC has any comments on it!

Even though we may not often have to deal with the delicate question of determining the incremental value of a "car and driver," it may prove to be a surprisingly good resource for unusual proxy issues.

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