Summary
This filing for Lowe's Companies Inc. (LOW) for the period ending July 31, 2003, provides an update on market risk and internal controls. The company continues to monitor interest rate risks associated with its long-term debt, and believes its exposure is manageable due to available variable rate instruments. Importantly, the company states that its market risk exposure has not materially changed since the previous fiscal year-end. Management has evaluated the company's disclosure controls and procedures and concluded they are effective. No material changes to internal control over financial reporting occurred during the quarter.
Key Highlights
- 1Market risk exposure, primarily from interest rates on long-term debt, remains a key focus, with no material change reported since January 31, 2003.
- 2The company believes potential interest rate risks are mitigated by its access to variable rate instruments through credit lines.
- 3Disclosure controls and procedures were evaluated and deemed effective by senior management, including the CEO and CFO.
- 4No changes in internal control over financial reporting have materially affected the company's financial reporting during the reported quarter.
- 5The annual shareholders meeting was held on May 30, 2003, with directors elected and shareholder proposals voted upon.
- 6Key proposals voted on included the election of directors (Peter C. Browning, Kenneth D. Lewis, Thomas D. O'Malley), a proposal concerning global workplace labor standards, a proposal regarding the redemption of shareholder rights plan, and a proposal for a bylaw amendment.