Survey Results: Trading Policies for Outside Directors

Our June 2005 survey on blackout practices ended with a question as to whether outside directors were subject to restrictions. The survey below follows up on that theme: 1. Are outside directors at your company subject to restrictions on trading in company securities? (Total responses: n=80) (select only one)
n=80 (100.00%)	Yes
n=0 (0.00%)	No

2. If yes, are they subject to the same restrictions as senior management? (Total responses: n=79) (select only one)
n=74 (93.67%)	Yes
n=5 (6.33%)	No

3. Are outside directors free to trade at any time when there are no restrictions or must they also preclear their trades (eg. with the compliance or legal department)? (Total responses: n=80) (select only one)
n=71 (88.75%)	Must always preclear
n=5 (6.25%)	Only needs to preclear in limited circumstances
n=4 (5.00%)	Never needs to preclear

4. If preclearance is required, how long is the preclearance valid? (Total responses: n=76) (select only one)
n=27 (35.53%)	Less than 3 trading days
n=22 (28.95%)	3-5 trading days
n=14 (18.42%)	5-10 trading days
n=13 (17.11%)	More than 10 trading days