Board of Directors Underscores Commitment to Effective Governance Practices
MOORESVILLE, N.C., Aug. 22 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE:
LOW) today announced four initiatives designed to enhance the company's
corporate governance practices.
(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )
The board of directors voted today to establish the position of lead
director, who will be elected annually by the independent directors on the
board and will serve as the chair of the board's governance committee. The
lead director will preside at all meetings of the board at which the chairman
is not present, including executive sessions of the independent directors;
serve as a liaison between the chairman and the independent directors;
communicate with the chairman and the secretary of the company to develop an
agenda for the board meeting; approve meeting schedules to assure that there
is sufficient time for discussion of all agenda items; have the authority to
call meetings of the independent directors; and be available for consultation
and direct communication with major shareholders upon their request and at the
direction of the chief executive officer.
"Today's action by the board of directors further illustrates Lowe's long
tradition of strong corporate governance policies and practices," explained
Robert A. Niblock, chairman and CEO. "We continually evaluate our policies
and make changes from time to time to ensure they best serve the interests of
our shareholders, which is what we have accomplished with these changes."
O. Temple Sloan was elected to fill the position of lead director. Sloan
is chairman and CEO of General Parts International, Inc., a Raleigh, N.C. -
based distributor of automotive replacement parts. He has served as an
independent director of Lowe's since 2004 and is chair of the governance
committee and a member of the audit and executive committees. Sloan also
serves as lead director of Bank of America Corporation, is chairman of the
board of Highwoods Properties, Inc., and serves on the board of Golden Corral.
In other board action, Lowe's also announced:
-- An amendment to its bylaws which will allow shareholders holding
greater than 50 percent of the company's outstanding voting shares to call a
special meeting of shareholders. The provision is effective immediately.
-- An amendment to its corporate governance guidelines to limit to a
maximum of six the number of public company boards on which a Lowe's director
may serve including the Lowe's board.
-- An amendment to the company's Restated Articles of Incorporation that
would remove all remaining supermajority vote requirements from the Articles.
The amendment will be submitted to Lowe's shareholders for approval at the
2009 Annual Meeting.
With fiscal year 2007 sales of $48.3 billion, Lowe's Companies, Inc. is a
FORTUNE(R) 50 company that serves approximately 14 million customers a week at
more than 1,575 home improvement stores in the United States and Canada.
Founded in 1946 and based in Mooresville, N.C., Lowe's is the second-largest
home improvement retailer in the world. For more information, visit
SOURCE Lowe's Companies, Inc.
/CONTACT: Karen Cobb of Lowe's Companies, Inc., +1-704-758-3504,
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/Web site: http://www.lowes.com /
CO: Lowe's Companies, Inc.
ST: North Carolina
IN: REA CST
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7631 08/22/2008 14:00 EDT http://www.prnewswire.com