This excerpt taken from the WST DEF 14A filed Mar 27, 2008.
To assure that executive compensation is market competitive, the Committee sets midpoint base salaries, target bonus levels and long-term incentive award values at the median of a select group of peer companies and compensation data from a broader survey conducted by the Consultant.
The peer group companies were selected based on their comparability to West as measured by global footprint, manufacturing capabilities, revenues, materials, intellectual-property profile and customer characteristics. The peer group was proposed by the Consultant, and selected and agreed to by the Committee and management. It is comprised of the following companies: