Lowe's board adopts clawback provision

MOORESVILLE, N.C. Lowe's announced that its board of directors has adopted a policy for recoupment of performance-based executive compensation in the event of a significant financial restatement, commonly referred to as a "clawback" provision. The new guideline applies to all Lowe's executive officers, as designated by the board.

"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 CEO.

In summary, the policy commits the board of directors to seek recoupment of unearned performance-based executive compensation if the board determines that an executive officer engaged in fraud or intentional misconduct that caused or substantially caused a significant restatement of the company's financial results. The new guideline is available in its entirety on lowes.com.