MOORESVILLE, N.C.–Lowe’s has adopted a policy for recoupment of performance-based executive compensation in the event of a significant financial restatement, often referred to as a “clawback” provision.
The policy calls for Lowe’s board of directors to seek recoupment of unearned performance-based executive compensation if the board finds that an executive officer engaged in fraud or intentional misconduct that contributed to a significant restatement of the company’s financial results.
“This additional corporate governance policy demonstrates our board’s continued leadership and commitment to aligning management’s interests with those of our shareholders,” said Robert Niblock, chairman and chief executive officer of Lowe’s, in a statement.