(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
"This additional corporate governance policy demonstrates our board's
continued leadership and commitment to aligning management's interests with
those of our shareholders," said
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
SOURCE