THE CORPORATE LIBRARY
BOARD EFFECTIVENESS RATINGS COMMENT

05/27/2003

Comment from the Anheuser-Busch Companies, Inc.:

            Anheuser-Busch has consistently strong financial results, a commitment to sound corporate governance practices, and a strong, effective board of directors.

             Anheuser-Busch has delivered strong and dependable growth in earnings per share and return on capital and the company’s stock has outperformed the S & P 500 over the past 1,3,5,10, and 20-year time periods.   

With respect to corporate governance practices, Anheuser-Busch has always promoted and encouraged strong internal controls, a robust audit process, and simple, straightforward and transparent financial reporting and disclosures.

            Like most other companies, we are in compliance with the requirements of the Sarbanes-Oxley Act and the New York Stock Exchange concerning corporate governance.  Anheuser-Busch and its board of directors have embraced the core values of these requirements for many years.  For example, we have reported on our internal controls in the annual report since 1979.  We have also had our outside auditor review and comment on our internal controls for many years.  We have had a strong internal audit function since 1919 and we have a strong audit committee that has consisted entirely of non-management directors for more than 50 years.

            Furthermore, we believe that our board of directors is one of the finest in American industry.  Our board consists of a highly effective combination of individuals with a variety of company knowledge, business acumen, professional expertise, personal experience, historical perspective, and independent judgment.  Only three of the current 15 directors are current or former employees of the company.  A majority of the board is independent as defined by the New York Stock Exchange.  All members of the Compensation Committee, the Audit Committee, and the Corporate Governance Committee are independent directors.

            At Anheuser-Busch, we take our corporate responsibilities very seriously and are committed to sound corporate governance, effective internal controls, straightforward financial disclosures, and enhancing shareholder value.

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