Progress Energy 2010 Annual Report Download - page 153

Progress Energy Proxy Statement
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Our Governance Guidelines and Code of Ethics are posted on our Internet website and can be accessed at
www.progress-energy.com/investor.
DIRECTOR INDEPENDENCE
The Board of Directors has determined that the following current members of the Board are independent, as
that term is defined under the general independence standards contained in the listing standards of the NYSE:
John D. Baker II E. Marie McKee
James E. Bostic, Jr. John H. Mullin, III
Harris E. DeLoach, Jr. Charles W. Pryor, Jr.
James B. Hyler, Jr. Carlos A. Saladrigas
Robert W. Jones Theresa M. Stone
W. Steven Jones Alfred C. Tollison, Jr.
Melquiades R. “Mel” Martinez
In addition to considering the NYSE’s general independence standards, the Board has adopted categorical
standards to assist it in making determinations of independence. The Board’s categorical independence standards are
outlined in our Governance Guidelines. The Governance Guidelines are available on our Internet website and can be
accessed at www.progress-energy.com/investor. All directors and director nominees identified as independent in this
Proxy Statement meet these categorical standards.
In determining that the individuals named above are or were independent directors, the Governance
Committee considered their involvement in various ordinary course commercial transactions and relationships
during 2010 as described below:
• Messrs.DeLoachandMullinandMs.McKeeservedasofficersand/ordirectorsofcompaniesthat
have been among the purchasers of the largest amounts of electric energy sold by PEC during the last
three preceding calendar years. These transactions involve the rendering of services by a public utility
at rates fixed in conformity with governmental authorities.
• Messrs.Baker,Hyler,W.StevenJonesandSaladrigasservedasdirectorsofcompaniesthatpurchase
electric energy from PEC, and Messrs. Baker, W. Steven Jones, Mullin and Saladrigas served as
directors of companies that purchase electric energy from PEF. These transactions involve the
rendering of services by public utilities at rates fixed in conformity with governmental authorities.
• Mr.BakercurrentlyservesasadirectorofWellsFargo&Companyandisaformerdirectorof
Wachovia Corporation. Both of these entities have been part of our core bank group and have provided
a variety of banking and investment services to us during the past several years.
• Mr.W.StevenJonesservesasadirectorofacommunicationstechnologycompanythatprovided
services to us in 2010.
• Mr.MartinezisaManagingDirectorofJPMorganChase&Co.,whichhasprovidedavarietyof
investment banking services to us during the past several years.
• Mr.Pryorisadirectorofacompanythathasaffiliatesthatprovideuraniumenrichmentservicesto
PEC and PEF.
• Mr.TollisonisaformeremployeeofPECandthusreceivesamodestpensionfromus.