By Burton Rothberg, Steven Lilien

The SEC issued principles that would have an effect on company governance within the US. the 1st calls for all funding businesses to incorporate of their registration statements a disclosure of the methods and rules they'll use in balloting on company proxies. the second one calls for funding businesses to post all in their real proxy votes. This file describes a few of the coverage and approach disclosures required by means of the principles and discusses the results for company governance and shareholder participation in company decision-making.

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Copyright © 2003 by Financial Executives Research Foundation, Inc. All rights reserved. No part of this publication may be reproduced in any form or by any means without written permission from the publisher. International Standard Book Number 1-885065-58-2 Printed in the United States of America First Printing Financial Executives Research Foundation, Inc. is the research affiliate of Financial Executives International. The purpose of the Foundation is to sponsor research and publish informative material in the field of business management, with particular emphasis on the practice of financial management and its evolving role in the management of business.

The decline in the reserve balance in 2002 compared to 2001 primarily relates to scrapping of excess and obsolete inventory with the appropriate reduction in the related gross inventory balance. If actual future demand or market conditions are less favorable than those projected by management, additional inventory writedowns may be required. Likewise, as with other reserves based on management's 38 Financial Executives Research Foundation, Inc. judgment, if the reserve is no longer needed, amounts are reversed into income.

We establish valuation allowances for our deferred tax assets when the amount of expected future taxable income is not likely to support the use of the deduction or credit. Deferred tax liabilities generally represent tax expense recognized in our financial statements for which payment has been deferred or expense for which we have already taken a deduction on our tax return, but have not yet recognized as expense in our financial statements. We have not recognized any United States tax expense on undistributed international earnings since we intend to reinvest the earnings outside the United States for the foreseeable future.

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