Lowe's Announces Corporate Governance Initiative

Lowe's Announces Corporate Governance Initiative

MOORESVILLE, N.C., Feb. 9 /PRNewswire/ -- Lowe's Companies, Inc. (NYSE: LOW) announced today a new initiative that further enhances its corporate governance practices.

(Logo: http://www.newscom.com/cgi-bin/prnh/20031205/LOWLOGO )

The board of directors adopted a policy for recoupment of performance-based executive compensation in the event of a significant financial restatement, commonly referred to as a "clawback" provision. The new guideline applies to all Lowe's executive officers, as designated by the board.

"This additional corporate governance policy demonstrates our board's continued leadership and commitment to aligning management's interests with those of our shareholders," said Robert A. Niblock, chairman and CEO.

In summary, the policy commits the board of directors to seek recoupment of unearned performance-based executive compensation if the board determines that an executive officer engaged in fraud or intentional misconduct that caused or substantially caused a significant restatement of the company's financial results. The new guideline is available in its entirety on lowes.com.

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 1,625 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 lowes.com.

SOURCE Lowe's Companies, Inc.