Current Board Members
Meredith's board of directors is comprised of 12 business professionals from around the country. They include:

Herbert M. Baum
President & COO,
HASBRO, Inc.
Elected to the board in 1994
Serves on the Finance Committee and the Audit Committee

Mary Sue Coleman
President,
The University of Iowa
Elected to the board in 1997
Serves on the Audit Committee and the Pension Committee

Christina A. Gold
Vice Chairman & CEO,
Excel Communications, Inc.
Elected to the board in 1999
Serves on the Audit Committee and Pension Committee

Frederick B. Henry
President,
The Bohen Foundation
Elected to the board in 1969
Serves on the Compensation/Nominating Committee; chairs the Pension Committee

Joel W. Johnson
Chairman, President & CEO,
Hormel Foods Corp.
Elected to the board in 1994
Serves on the Finance Committee and Pension Committee

William T. Kerr
Chairman & CEO,
Meredith Corp.
Elected to the board in 1994
Serves on the Executive Committee

Robert E. Lee
President
Glacier Properties, Inc.
Elected to the board in 1982
Serves on the Executive Committee and the Finance Committee; chairs the Compensating/Nominating Committee

Richard S. Levitt
Chairman & CEO,
Nellis Corp.
Elected to the board in 1971
Serves on the Executive Committee and Compensation/Nominating Committee; chairs the Audit Committee

Philip A. Marineau
President & CEO,
Levi Strauss & Company
Elected to the board in 1998
Serves on the Pension Committee and the Audit Committee

E.T. Meredith III
Chairman of the Executive Committee,
Meredith Corp.
Elected to the board in 1966

Nicholas L. Reding
Chairman of the Board,
Nidus Center for Scientific Enterprise
Vice Chairman, Retired,
Monsanto Co.
Elected to the board in 1992
Serves on the Compensation/Nominating Committee; chairs the Finance Committee

Jack D. Rehm
Chairman, retired,
Meredith Corp.
Elected to the board in 1988
Serves on the Executive Committee and the Finance Committee

Board Member Terms
The board's Compensation/Nominating Committee works with management and, at times, a national search firm to nominate candidates to fill board vacancies. The board then votes on the nominee to serve until the next annual shareholders meeting, at which time the shareholders vote on the nominee to complete the term. Board members serve 3-year terms; the number of terms is unlimited, though board members must retire by the age of 70.

Board Responsibilities
While corporate officers and executives manage Meredith's day-to-day operations and activities, the board provides oversight, advice and counsel on issues as wide-ranging as long-term strategy, budgets, human resources, benefits, marketing and new product development. Specifically, the board:

• Makes certain there is a management succession plan in place.
• Reviews and approves strategic plans and budgets.
• Approves major matters and expenditures (acquisitions, divestitures, financings, level of debt, etc.)
• Discusses and approves recommendations from the five board committees (executive, finance, compensation/nominating, pension and audit)
• Monitors company policies to ensure they comply with financial accounting standards, legal and ethical standards, laws, regulations, etc.
• Provides general advice and counsel to management.

Ultimately, the board has a legal responsibility to act in the best interest of the shareholders. In practical terms, that boils down to a financial concern, making sure the company is run soundly, ethically and profitably.

Board Committees
Meredith's board of directors has five standing committees who meet regularly to discuss and decide key issues that affect the company and its operations.

The committees and their responsibilities include:

Executive Committee
Has the authority to meet between board meetings and make decisions about the management of the business (except decisions about dividends, certain compensation issues or fundamental changes in corporate structure).

Audit Committee
(Composed entirely of non-employee directors)

• Review the scope of all audits to be performed by outside auditors.
• Review the results of the annual audit prior to publication in the annual report.
• Meet with Internal Audit department to determine its responsibilities.
• Review compliance with Corporate Code of Business Conduct.
• Provide additional guidance and assistance to make sure financial reports are complete and accurate.

Compensation/Nominating Committee
(Composed entirely of non-employee directors)

• Review and approve corporate officer compensation.
• Review and approve corporate salary administration plans and programs.
• Review all employee benefit plans.
• Review annually the performance of the CEO.
• Serve as nominating committee to recommend new members to the board.

Finance Committee

• Review and approve corporate financial policies and procedures.
• Provide financial advice and counsel to management.
• Formulate the dividend policy and make recommendations to the board.
• Supervise corporate investment portfolios.
• Review specific financing plans.
• Consider and approve significant capital requests brought forth by management (for instance, new building projects).
• Review and approve operating budgets.

Pension Committee

• Review and approve pension plans and performance of funds.
• Monitor pension plan administration and benefit levels.