2003 Committee Charter : YRK

York International Corporation
Charter of the Finance Committee of the Board of Directors
Adopted February 9, 2000
Revised March 4, 2002
Purpose
The Finance Committee (the "Committee") of the Board of Directors (the "Board") of York International Corporation (the "Company") shall oversee the financing and investment activities of the Company and long term financial strategy of the Company.
Structure and Membership
The Board shall determine the size and composition of the Committee. All of the members of the Committee shall be free from any relationship that, in the opinion of the Board, would interfere with the exercise of independent judgment.
Meetings
The Committee shall have such regularly scheduled or special meetings as it shall determine necessary and appropriate. The Committee may invite to its meetings, or meet privately with, others, including representatives of the Company's financial management and independent auditors and outside financial advisers. The Committee shall report to the Board on its activities.
Activities
In performing its responsibility, the Committee shall:
  • Review the Company's debt ratings and debt composition
  • Receive annually a report from the Company's Treasurer on the Company's compliance with its debt covenants
  • Review at least annually the funding and investment results of the Company's pension plans
  • Review operating plan prior to Board approval including the Company's financial objectives and capital structure
  • Make recommendations to the Board concerning dividends on the Company's stock
  • Approve acquisitions and divestitures between $5 and $10 million
  • Review capital expenditures and leases in excess of $5 million for recommendation to the Board and review the results of prior expenditures
  • Act as the pricing committee for securities offerings
  • Review and recommend to the Board financing transactions
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