I am very pleased to serve as your Lead Independent Director. I join with my fellow Board members in overseeing the long-term interests of our shareowners with a commitment to good corporate governance practices.

In this role, I am elected by the independent Directors for a one-year term. Although elected annually, our Lead Independent Director is generally expected to serve for more than one year for continuity and effectiveness.

I take this role very seriously, and I understand that you, our shareowners, are putting your trust in me to provide independent Board leadership. You can see the duties assigned to this role on page 28 of the 2016 Proxy Statement.

In the context of these responsibilities, I would like to highlight three governance initiatives that were a focus in 2015:

  • I endeavored to meet personally with a number of our investors through our well-established shareowner engagement program. Our Board believes that investors should have line of sight into decisions we make in the boardroom. In my view, to do our jobs as Directors effectively, we need to understand what our owners think. In addition to receiving regular reports from our established shareowner engagement program activities, during 2015, I personally engaged with nearly 20 shareowners, including some of our largest investors.

  • Muhtar and I also want to provide our Directors with an opportunity to have more practical, hands-on experience with our Company. When our Directors travel, we help facilitate market visits and meetings with our operators on the ground. Our Board believes it has an obligation to oversee the Company’s business strategy and this is a way for Directors to see in practical terms – in real life if you will – the execution of the strategy we discuss inside the boardroom. In 2015, Directors visited many locations including China, Mexico, Japan, Spain, Panama, Italy, South Africa and Chile. This is an excellent way for our individual Directors to understand the challenges, the opportunities and, most importantly, our people.

  • Another focus area has been our Board evaluation process. We know that a robust Board evaluation process is a critical element of good corporate governance and board effectiveness. A description of our evaluation process can be found on page 17 of the 2016 Proxy Statement.

I remain committed to helping ensure that this Board of highly capable and diverse Directors is well-equipped to effectively oversee the business and represent the long-term interests of shareowners.

Sam Nunn signature