Corporate Governance

2003 Corporate Governance Survey

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36 Terms of Director Stock Ownership Guidelines 5 1 2 4 19 2 3 1 8 0 5 10 15 20 Multiple of annual retainer Own a "substantial" or "appropriate" amount of stock Specific dollar value Retain percentage of shares acquired in connection with option exercises and equity awards (after taxes and costs) Unspecified guidelines Hold shares until service terminated or for a specified period thereafter Ownership encouraged, not mandatory Specific number of shares Percentage of shareholdings on a given date plus percentage of shares awarded thereafter Number of Companies

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