BETHESDA, Md.--(BUSINESS WIRE)--April 3, 2003--In a comprehensive analysis of the corporate governance practices at America's largest public companies, Institutional Shareholder Services (ISS) has determined that USEC Inc. (NYSE:USU) is among the very best of America's publicly traded companies. In measuring the quality of corporate governance at USEC, ISS calculated that the Company outperforms 99.9 percent of the companies in the Russell 3000, an index made up of the 3000 largest public companies in the United States. ISS also gave USEC a score of 100 among companies in USEC's industry group.
USEC's high score is a result of having, among other factors, independent directors constituting a majority of the Board; entirely independent audit, compensation, and nominating committees; a Board that is elected annually; the chairman and chief executive officer positions held by different individuals; all stock option and stock-based incentive plans approved by shareholders; and to assure close alignment with shareholder interests, directors and officers are subject to stock ownership guidelines.
Responding to the widespread view that good governance matters, ISS created the Corporate Governance Quotient as a rating tool to assist institutional investors in evaluating the quality of corporate boards and the impact their governance practices may have on performance. Ratings are calculated on the basis of eight core categories, including: 1) board of directors, 2) audit, 3) charter and bylaw provisions, 4) laws of the state of incorporation, 5) executive and director compensation, 6) qualitative factors, 7) ownership, and 8) director education. ISS analyzes 61 criteria to derive each company's rating.
"USEC is proud to be earning a reputation for effective corporate governance," said William H. Timbers, USEC president and chief executive officer. "Our strong Board of Directors demands the highest ethics and accountability from management and consistently keeps shareholder interests in sharp focus. ISS commended our Board for its high degree of independence, which is the cornerstone of effective corporate governance."
ISS is a leading provider of proxy voting and corporate governance services. Located in Rockville, Maryland, ISS provides proxy research, voting recommendations and governance advisory services to financial institutions and corporations worldwide.
USEC Inc., a global energy company, is the world's leading supplier of enriched uranium fuel for commercial nuclear power plants.
SOURCE: USEC Inc.
CONTACT:
USEC Inc.
Charles Yulish, 301/564-3391
or
Steven Wingfield, 301/564-3354