Investor Relations

Investor Relations

Board Committee Description

Audit Committee

The members of the Audit Committee are Verne G. Istock (Chairman), Barry C. Johnson, Donald R. Parfet, and David B. Speer. All members of the Audit Committee are independent directors who meet the independence and accounting or related financial management expertise standards and requirements of the NYSE and the SEC. The Audit Committee assists the Board in overseeing our accounting and financial reporting processes, its internal control and disclosure control systems, the integrity and audits of its financial statements, its compliance with legal and regulatory requirements, the qualifications and independence of its independent auditors and the performance of its internal audit function and independent auditors.

The Committee's duties and responsibilities are set forth in the Audit Committee Charter, which include: appointment of independent auditors, subject to shareowner approval; approval of all audit, audit-related and permitted non-audit fees and services of the independent auditors; review with the independent auditors and management the annual audited and quarterly financial statements; discussion periodically with management of quarterly earnings releases; and review with the independent auditors and management of the quality and adequacy of internal controls. The Audit Committee met eight times during the 2007 fiscal year. The Board has determined that Messrs. Istock, Speer and Parfet qualify as "audit committee financial experts" as defined by the SEC.