Investor Relations

Investor Relations

Board Committee Description

Compensation and Management Development Committee

The members of the Compensation and Management Committee are Joseph F. Toot, Jr. (Chairman), Betty C. Alewine, William T. McCormick, Jr. and Bruce M. Rockwell. All members of the Committee are independent directors as defined by the NYSE and are not eligible to participate in any of the plans or programs administered by the Committee, except the 2003 Directors Stock Plan and 1995 Directors Stock Plan.

The principal functions of the Compensation and Management Development Committee are to evaluate the performance of our senior executives and plans for management succession and development, review the design and competitiveness of our compensation plans, review and approve salaries of corporate officers and review the salary plan for other executives who are direct reports to the Chief Executive Officer, review and approve corporate goals and objectives relevant to the Chief Executive Officer's compensation level and administer our incentive, deferred compensation and long-term incentives plans pursuant to the terms of the respective plans. The Committee determines salaries, incentive compensation and long-term incentive awards for all corporate officers. The Committee met six times and acted on three occasions by written consent in lieu of a meeting during the 2007 fiscal year.