Our company is governed by an independent Board of Directors, according to standards established by the New York Stock Exchange. The Board consists of 14 members, 10 of whom have joined the Board since 2003. They are committed to maintaining the highest standards for corporate governance, and in 2007 our Board consistently scored well in the Institutional Shareholder Services (ISS) Corporate Governance Quotient.

The ISS noted several factors having a positive impact on our Board’s score, including:

• The Board is controlled by a supermajority of independent outsiders;
• The nominating committee comprised solely of independent outside Directors;
• The full Board of Directors is elected annually;
• A majority of directors participated in an “ISS-endorsed” Director education program during the past two years.