Progress Energy 2007 Annual Report Download - page 18

Download and view the complete annual report

Please find page 18 of the 2007 Progress Energy annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 140

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140

A U D I T A N D C O R P O R AT E P E R F O R M A N C E
COMMITTEE
This committee reviews the annual and quarterly
financial results of the company and the various
periodic reports the company files with the Securities
and Exchange Commission. It is responsible for
retaining the company’s external auditors, over-
seeing and monitoring the auditors’ activities and
pre-approving all external audit and non-audit
services and fees. This committee also oversees the
activities of the internal audit department and the
Corporate Ethics Program.
CORPORATE GOVERNANCE COMMITTEE
This committee is responsible for making recom-
mendations on the structure, charter, practices and
policies of the board, including amendments to the
articles of incorporation and bylaws. The commit-
tee ensures that processes are in place for annual
CEO performance appraisal, reviews of succession
planning and management development. It also
recommends the process for the annual assessment
of board performance and criteria for board member-
ship. In addition, it proposes nominees to the board.
FINANCE COMMITTEE
This committee reviews and oversees the company’s
financial policies and planning and the company’s
pension funds. It monitors the company’s financial
position, reviews the company’s strategic invest-
ments and financing options and recommends
changes in the company’s dividend policy.
OPERATIONS AND NUCLEAR OVERSIGHT
COMMITTEE
This committee reviews the company’s load forecasts
and plans for generation, transmission and distribu-
tion, fuel procurement and transportation, customer
service, energy trading, term marketing and other
company operations with a particular emphasis on
nuclear operations. The committee ensures company
policies, procedures and practices relative to envi-
ronmental protection and safety-related issues are
sufficient to achieve and maintain compliance with
applicable laws and regulations, and advises and
makes recommendations to the board regarding
these matters.
O R G A N I Z AT I O N A N D C O M P E N S AT I O N
COMMITTEE
This committee reviews personnel policies and
procedures for consistency with governmental rules
and regulations and ensures that the company
attracts and retains competent, talented employees.
The committee reviews all executive-development
and management-succession plans, evaluates CEO
performance and makes senior executive compensa-
tion decisions.
RESPONSIBILITIES OF BOARD COMMITTEES
Progress Energy achieved full compliance with the applicable internal control requirements
in connection with its 2007 financial reporting processes.
16
Jeffrey Jenkins, first class Line and Service technician, Progress Energy Carolinas