Board Excellence Award bestowed on Sunoco Inc.
THE WHARTON SCHOOL of the University of Pennsylvania and Spencer Stuart, the international executive search firm, jointly selected the board of directors of Sunoco Inc. to receive the fourth annual Board Excellence Award.
Sunoco, based in Philadelphia, is one of the largest independent petroleum refiners-marketers in the United States. Sunoco was selected from among 13 finalists by a panel of 10 business leaders. Nominations were solicited from boards, shareholders, and management over the past year for any North American publicly traded company.
The award was presented to Sunoco Chairman and CEO Robert H. Campbell on November 30, 1999, in Scottsdale, Ariz. The award was part of the Wharton/Spencer Stuart Directors' Institute, a special program for CEOs and board directors that explores the best practices in corporate governance. The program is held twice each year in the United States and once annually in the United Kingdom.
"Sunoco serves as a superb example of how boards can function effectively," said Robert E. Mittelstaedt Jr., vice dean and director of executive education at Wharton. "Its actions show that the board has a complete understanding of its responsibilities to its shareholders, management, and employees."
Sunoco first adopted and published a "Statement on Corporate Governance" in its 1998 proxy statement. The standards include the requirement that each director stand for re-election annually, the board undergo periodic formal evaluations, new directors must participate in an orientation process, and that more than half of the total director compensation package be delivered in the form of Sunoco stock and stock equivalents.
In addition, the board also approves annually a three-year strategic plan, yearly goals, and a yearly operation plan. On an ongoing basis throughout the year, the board monitors Sunoco's progress against the annual operating plan and its peers.
Sunoco's board was also commended for its efforts to align the interests of the board, management, and employees with those of the shareholders through the adoption of management and...
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