Kodak 2003 Annual Report Download - page 98

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Proxy Statement
98
• limited participation in the Company’s annual stock option program to the Company’s officers, those who are most responsible for influencing
shareholder value;
• strengthened the Company’s share ownership requirements for the Company’s executive officers;
• revised the Committee’s charter to comply with the new corporate governance listing standards of the NYSE;
• completed a review of the Committee’s own performance;
• reviewed the Company’s executive development process;
• set the compensation for the CEO and reviewed the compensation recommendations for the Company’s other executive officers; and
• granted and certified awards under the Company’s compensation plans.
Finance Committee— 5 meetings in 2003
The Finance Committee of the Board assists the Board in overseeing the Company’s balance sheet and cash flow performance; financing plans; capital
expenditure budget and proposed capital expenditures; acquisitions, joint ventures and divestitures; risk management policies; and tax policy. A detailed
list of the Committee’s functions is included in its charter, which can be accessed at www.kodak.com/go/governance. In the past year, the Finance
Committee:
• reviewed the Company’s financing strategies including dividend declaration, capital expenditures, debt issuances and foreign exchange and
commodity hedging;
• reviewed cash flow, balance sheet performance and credit ratings;
• reviewed significant acquisitions, divestitures and joint ventures;
• reviewed investment performance;
• reviewed the administration of the Company’s defined benefit pension plan; and
• reviewed the Company’s risk management and tax strategies.
Executive Committee— No meeting in 2003
The Executive Committee is composed of five directors, the Chairman of the Board and the Chairs of each of the other four committees. The Committee
is generally authorized to exercise all of the powers of the Board in the intervals between meetings of the Board. The Executive Committee did not meet
in 2003.
Committee Membership
Corporate Responsibility Executive Compensation Finance
Director Name Audit Committee and Governance Committee and Development Committee Committee
Richard S. Braddock X X*
William M. Bradley X X
Martha Layne Collins X X
Timothy M. Donahue X X
William H. Hernandez X X
Durk I. Jager X X*
Debra L. Lee X* X
Delano E. Lewis X X
Paul H. O’Neill X X
Hector de J. Ruiz X* X
Laura D’Andrea Tyson X X
*Chair
Presiding Director
Our Board created the position of Presiding Director in February 2003. Richard S. Braddock has been designated the Board’s Presiding Director. The pri-
mary functions of the Presiding Director are to: (i) ensure that our Board operates independent of our management; (ii) chair the meetings of the inde-
pendent directors; (iii) act as the principal liaison between the independent directors and the CEO; and (iv) assist the Board in its understanding of the
boundaries between board and management responsibilities.