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Alcoa Announces Dividend; Will Submit Future Severance Agreements for Shareholder Approval
PITTSBURGH--(BUSINESS WIRE)--Sept. 12, 2003--The Board of
Directors of Alcoa (NYSE:AA) today declared (a) a quarterly common
stock dividend of 15 cents per share payable November 25, 2003 to
shareholders of record at the close of business on November 7, 2003
and (b) a quarterly dividend of 93.75 cents per share on Alcoa's $3.75
cumulative preferred stock payable January 1, 2004 to shareholders of
record at the close of business on December 12, 2003. Alcoa has paid a
quarterly dividend on its common stock for more than 60 years.
The directors also adopted a policy to seek shareholder approval
for severance agreements with senior executive officers when any such
agreement would result in payment in excess of 2.99 times the salary
and bonus of the executive. This policy is the result of discussions
that began following the last shareholders' meeting in April. A
majority of shareholders who cast votes at that meeting (although not
a majority of shares outstanding) approved a resolution requesting
that the Board of Directors consider such a policy and the Board has
responded to that request.
In accordance with Alcoa's longstanding practices and policies,
any severance agreements with senior executive officers must be
approved by the Compensation and Benefits Committee of the Board of
Directors. This Committee is composed entirely of independent
directors. Prior severance agreements approved by the Committee have
not resulted in cash payments or negotiated benefits that exceeded the
2.99 limit in the policy adopted by the Board.
Alcoa is the world's leading producer of primary aluminum,
fabricated aluminum and alumina, and is active in all major aspects of
the industry. Alcoa serves the aerospace, automotive, packaging,
building and construction, commercial transportation and industrial
markets, bringing design, engineering, production and other
capabilities of Alcoa's businesses as a single solution to customers.
In addition to aluminum products and components, Alcoa also markets
consumer brands including Reynolds Wrap(R) aluminum foil, Alcoa(R)
wheels, and Baco(R) household wraps. Among its other businesses are
vinyl siding, closures, precision castings, and electrical
distribution systems for cars and trucks. The company has 127,000
employees in 40 countries. For more information go to www.alcoa.com.