This excerpt taken from the MRVL DEF 14A filed May 8, 2006.
JOINT REPORT OF THE EXECUTIVE COMPENSATION AND STOCK OPTION COMMITTEES
The responsibility of the Executive Compensation Committee is to oversee compensation practices, levels and components for the Companys President and Chief Executive Officer, Chief Operating Officer, Vice President and Chief Financial Officer and Chief Technology Officer (collectively, the Companys executive officers). The Stock Option Committee administers the Companys option plans and is solely responsible for awarding stock option grants to all of the Companys eligible employees, and also recommends compensation and stock option grants to the Executive Compensation Committee with respect to the Vice President of Finance and Chief Financial Officer. The Executive Compensation Committee met twice in fiscal year 2006, and, based on the recommendations of the Stock Option Committee, adjusted the base salary and made stock option grants to the Vice President of Finance and Chief Financial Officer. The Executive Compensation Committee has engaged the services of independent
compensation consultants and is currently reviewing the compensation packages for the Companys other executive officers, but took no action to adjust the compensation packages for the Companys other executive officers during fiscal year 2006. The Stock Option Committee met fourteen times throughout fiscal year 2006 to determine stock option grants for the Companys eligible employees.