This excerpt taken from the MOLX DEF 14A filed Sep 13, 2006.
COMPENSATION COMMITTEE REPORT
The Compensation Committee of the Board (Committee) has the responsibility to establish and oversee Molexs compensation for executive officers. The specific responsibilities of the Committee include approving corporate goals and objectives for the Chief Executive Officer (CEO) and evaluating the performance of the CEO in light of the approved goals and objectives. The Committee is composed entirely of independent non-employee directors. When appropriate, the Committee uses the services of a compensation consultant for advice regarding trends and recommendations on various issues associated with the executive compensation program. The Committee reports to the Board on its actions and recommendations following each meeting. A copy of the Committees charter is posted on Molexs Web site, www.molex.com, on the Investor Relations page under Corporate Governance.