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This excerpt taken from the GIS DEF 14A filed Aug 12, 2008. Performance and
Compensation Peer Groups
To assure our compensation programs for executive officers are
appropriately competitive in the marketplace, the compensation
committee, with the assistance of management and Watson Wyatt,
benchmarks our performance and compensation against a peer group
of 18 major consumer products companies. To establish this peer
group, the compensation committee used the following five
selection criteria:
As shown below, the median annual revenues and market
capitalizations for the 18 companies in this peer group are
comparable to those of General Mills. The compensation committee
annually reviews the composition of this peer group to assure it
is the most relevant set of companies to use for comparison
purposes. The peer groups utilized for comparisons of
performance and compensation are identical with the exception of
three European companies (Nestlé, Unilever and Danone) that
are in our performance peer group but not in our compensation
peer group, due to the lack of availability of publicly reported
pay information.
The following branded consumer products companies comprise our
performance peer group:
*Not in our compensation peer group.
Source: Standard & Poor’s Compu Stat Database
* As of May 31, 2008
Table of Contents
The compensation committee annually reviews comparisons of
General Mills’ compensation under various performance
scenarios versus peer group compensation practices to ensure our
programs function consistently with our compensation philosophy
and principles. Based upon these reviews, the compensation
committee believes that the compensation paid to General
Mills’ named executive officers is reasonable and
appropriate.
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