The Pfizer Board understands and acts on the fundamental principle that good corporate governance is critical to organizational success and the protection of shareholder value. In 1994, the Pfizer Board took the unprecedented step of creating a corporate governance committee of the Board. The first act of the Committee was to issue a new set of principles to govern the operation of the Board and its Committees. In keeping with the Board's forward thinking and accountability to shareholders, these Principles were published in Pfizer's proxy statement almost a decade ago, well before NYSE mandated guidelines in 2003. The Principles are a living document, reviewed at least annually and updated periodically in response to changing regulatory requirements, evolving best practices and concerns of our shareholder and all stakeholders. Review our Corporate Governance Principles: