Under its charter, the Finance Committee is responsible for reviewing and making recommendations to the Board on significant financial matters, including:
- at least annually, the Company’s long-term capital structure, including financing plans, projected financial structure, funding requirements, target credit ratings and return on invested capital;
- authorization of issuances, sales or repurchases of equity and debt securities;
- the Company's external dividend policy and dividend recommendations.
- proposed acquisitions, divestitures, joint ventures, investments, asset sales and purchase commitments for services in excess of $100 million; and
- Board authorization and delegation levels with respect to financing matters.
The Finance Committee also reviews and discusses with management:
- results of transactions such as acquisitions, divestitures, joint ventures, investments, asset sales and purchase commitments for services in excess of $100 million; and
- the cash-flow impact of non-debt obligations, including funding pension and other post-retirement benefit plans.