The purpose of the Finance & Investment Committee of the Board of Directors of FPL Group, Inc. is to assist the Board of Directors in fulfilling its overall responsibilities with respect to the financial affairs of the Company.
The Committee shall consist of no fewer than three directors. A majority of the Committee shall meet the independence criteria of Section 303A of the New York Stock Exchange Listed Company Manual and of any applicable laws and regulations.
The members of the Committee shall be appointed at least annually, generally at the first meeting of the Board following the annual meeting of shareholders. Additional or alternate members may be appointed and any member may be removed by the Board at any time at the pleasure of the Board.
One member of the Committee shall be designated by the Board as Chair and shall preside over meetings of the Committee and report to the Board.
The Committee shall meet at least three times per year and, in addition, as often as its members deem necessary to perform the Committee’s responsibilities. The Committee shall report its activities to the Board on a regular basis, generally at the next succeeding meeting of the Board following a meeting of the Committee.
The Committee shall have the sole authority, to the extent it deems necessary or appropriate, to retain and terminate legal counsel and other experts and advisors for such purposes as the Committee, in its sole discretion, determines to be necessary or advisable to carry out its responsibilities.
At least annually the Committee will conduct an evaluation of its performance, periodically assess the adequacy of its charter, and report its findings and recommendations, if any, to the Board.
The Committee shall designate an administrative secretary who shall not be a member of the Committee. The administrative secretary shall keep minutes of the meetings of the Committee and perform such other functions as are designated by the Committee.