Kodak 2007 Annual Report Download - page 140

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COMMITTEES OF THE BOARD
The Board has the five committees described below. The Board has determined that each of the members of the Audit Committee
(Richard S. Braddock, William H. Hernandez, Debra L. Lee, Delano E. Lewis, William G. Parrett and Dennis F. Strigl), the Corporate
Responsibility and Governance Committee (Timothy M. Donahue, Michael J. Hawley, Douglas R. Lebda, Hector de J. Ruiz and Laura
D’Andrea Tyson), the Executive Compensation and Development Committee (Richard S. Braddock, Michael J. Hawley, Douglas R. Lebda,
Delano E. Lewis and William G. Parrett) and the Finance Committee (Timothy M. Donahue, William H. Hernandez, Debra L. Lee, Hector
de J. Ruiz, Dennis F. Strigl and Laura D’Andrea Tyson) has no material relationship with the Company (either directly or as a partner,
shareholder or officer of an organization that has a relationship with the Company) and is independent under the Company’s Director
Independence Standards and, therefore, independent within the meaning of the NYSE’s corporate governance listing standards and, in the
case of the Audit Committee, the rules of the SEC.
Audit Committee — 9 meetings in 2007
The Audit Committee assists the Board in overseeing: the integrity of the Company’s financial reports; the Company’s compliance with
legal and regulatory requirements; the independent registered public accounting firm’s (PricewaterhouseCoopers LLP) selection,
qualifications, performance and independence; the Company’s systems of disclosure controls and procedures and internal controls over
financial reporting; and the performance of the Company’s internal auditors. A detailed list of the Audit Committee’s functions is included in
its charter, which is attached as Exhibit V and can be accessed at www.kodak.com/go/governance.
In the past year, the Audit Committee:
• Discussed the independence of PricewaterhouseCoopers LLP;
• Discussed the accounting principles used to prepare the Company’s financial statements;
• Reviewed the Company’s periodic financial statements and SEC filings;
• Oversaw the Company’s compliance with requirements of the Sarbanes-Oxley Act and SEC rules;
• Retained PricewaterhouseCoopers LLP;
• Reviewed and approved the audit and non-audit budgets and activities of both PricewaterhouseCoopers LLP and the internal audit
staff of the Company;
• Received and analyzed reports from the Company’s independent accountants and internal audit staff;
• Received and analyzed reports from the Company’s Chief Compliance Officer;
• Met separately and privately with PricewaterhouseCoopers LLP and with the Company’s Director, Corporate Auditing, to ensure that
the scope of their activities had not been restricted and that adequate responses to their recommendations had been received;
• Reviewed the progress of the Company’s internal controls assessment;
• Conducted and reviewed the results of an Audit Committee evaluation;
• Reviewed the fees and activities of the Company’s other significant accounting service providers;
• Reviewed the results of the PCAOB report on the 2006 limited inspection of PricewaterhouseCoopers LLP;
• Reviewed the results of the Company’s employee affirmation and training process relating to the Company’s Business Conduct
Guide;
• Monitored the Company’s legal and regulatory compliance, compliance with the Company’s Business Conduct Guide and activity
regarding the Company’s Business Conduct Help Line;
• Received reports on the Company’s enterprise risk management program, including the results of the Company’s risk assessment
and the activities of the corporate Risk Management Council; and
• Reviewed the Company’s key accounting policies with the Controller and Assistant Controllers.