This excerpt taken from the PBI DEF 14A filed Mar 26, 2009.
Pitney Bowes Board of Directors Independence Standards
An independent director is a director who meets the New York Stock Exchange definition of independence, as determined by the Board. The Board of Directors determines on an annual basis whether each Director is independent based upon the recommendation of the Governance Committee and all relevant facts and circumstances appropriate for consideration in the judgment of the Board. The Board applies the following standards in assessing independence:
No Director can qualify as independent if he or she has a material relationship with the Company outside of his or her service as a Director of the Company. A Director is not independent if: