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Standards of Director Independence

See also:
Corporate Governance Principles  •   Adult Committee Charter  •  Corporate Development and Technology Committee Charter   •  Related Persons Transaction Policy  •  Compensation Committee Charter  •   Nominating / Corporate Governance Committee Charter


A director who meets all of the following categorical standards shall be presumed to be "independent":

  • During the past five years, the Company has not employed the director, and has not employed (except in a non-officer capacity) any of his or her immediate family members.
  • During any twelve-month period within the past five years, neither the director nor any of his or her immediate family members has received more than $60,000 per year in direct compensation from the Company, other than director and committee fees and pension or other forms of deferred compensation (provided such compensation is not contingent in any way on continued service).
  • During the past five years, the director has not been employed (or affiliated with) the Company’s present or former internal or external auditors, nor has any of his or her immediate family members been so employed or affiliated in a professional capacity.
  • During the past five years, neither the director, nor any of his or her immediate family members, has been employed by a company where an executive officer of the Company serves on such company’s compensation (or equivalent) committee.
  • The director does not (directly or indirectly as a partner, shareholder or officer of another company) provide consulting, legal or financial advisory services to the Company or the Company’s present or former auditors.
  • During the past five years, the director has not been an employee or executive officer, nor has any of his or her immediate family members been an executive officer, of a company that makes payments to, or receives payments from, the Company of property or services in an amount which, in any fiscal year of such company, exceeds, $100,000 or 1% of such company’s consolidated gross revenues (whichever is more).
  • During the past five years, the director has not had a personal services contract with the Company, its chairman, chief executive officer or other executive officer, or any affiliate of the Company.
  • During the past five years, the director has not been an employee, officer or director of a foundation, university or other non-profit organization to which the Company gave directly, or indirectly through the provision of services, more than $100,000 per annum or 1% of the total annual donations received (whichever is more).
  • The director does not, either directly or indirectly as a partner, shareholder or officer of another company, own more than 5% of the Company’s common stock.

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