This excerpt taken from the EBAY DEF 14A filed Apr 26, 2006.
Stock Ownership Guidelines for Directors
In September 2004, our Board adopted stock ownership guidelines to better align the interests of our directors and executives with the interests of stockholders and further promote our commitment to sound corporate governance. Under the guidelines, directors are required to achieve ownership of eBay common stock valued at three times the amount of the annual retainer paid to directors within three years of joining the Board, or in the case of directors serving at the time the guidelines were adopted, within three years of the date of adoption of the guidelines. A more detailed summary of our stock ownership guidelines can be found on our website at http://investor.ebay.com/governance. The ownership levels of our directors as of April 1, 2006 are set forth in the section entitled Security Ownership of Certain Beneficial Owners and Management above.