SCHEDULE 14A INFORMATION
Proxy Statement Pursuant to Section 14(a) of the Securities and Exchange Act
of 1934
(Amendment No. )
Filed by the Registrant (x)
Filed by a Party other than the Registrant ( )
Check the appropriate box:
[ ] Preliminary Proxy Statement
[ ] Confidential, for use of the Commission Only
(as permitted by Rule 14a-6(e)(2))
[x] Definitive Proxy Statement
[ ] Definitive Additional Materials
[ ] Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12
PUBLIX SUPER MARKETS, INC.
---------------------------------------------------------------------------------------------
(Name of Registrant as Specified in its Charter)
---------------------------------------------------------------------------------------------------------------------------------------------
(Name of Person(s) Filing Proxy Statement, if other than the Registrant)
Payment of Filing Fee (Check the appropriate box):
[x] No fee required.
[ ] Fee computed on the table below per Exchange Act Rules 14a-6(i)(1)and 0-11.
1) Title of each class of securities to which transaction applies:
-------------------------------------------------------------------------------------------------------------------------------------------------------
2) Aggregate number of securities to which transaction applies:
-------------------------------------------------------------------------------------------------------------------------------------------------------
3) Per unit price or other underlying value of transaction computed
pursuant to Exchange Act Rule 0-11 (set forth the amount on which the
filing fee is calculated and state how it was determined):
-------------------------------------------------------------------------------------------------------------------------------------------------------
4) Proposed maximum aggregate value of transaction:
-------------------------------------------------------------------------------------------------------------------------------------------------------
5) Total fee paid:
-------------------------------------------------------------------------------------------------------------------------------------------------------
[ ] Fee paid previously with preliminary materials.
[ ] Check box if any part of the fee is offset as provided by Exchange Act
Rule 0-11(a)(2) and identify the filing for which the offsetting fee was
paid previously. Identify the previous filing by registration statement
number, or the Form or Schedule and the date of its filing.
1) Amount Previously Paid:
-------------------------------------------------------------------------------------------------------------------------------------------------------
2) Form, Schedule or Registration Statement No.:
-------------------------------------------------------------------------------------------------------------------------------------------------------
3) Filing Party:
-------------------------------------------------------------------------------------------------------------------------------------------------------
4) Date Filed:
------------------------------------------------------------------------------------------------------------------------------------------------------
PUBLIX SUPER MARKETS, INC.
2001 NOTICE OF ANNUAL MEETING OF STOCKHOLDERS AND PROXY STATEMENT
Tuesday, May 15, 2001
Corporate Office 1936 George Jenkins BoulevardMailing Address
3300 Airport Road P.O. Box 407
Lakeland, Florida 3381533811 Lakeland, Florida 33802
- --------------------------------------------------------------------------------
2003 Notice of Annual Meeting of Stockholders
to be held May 13, 2003
To Our Stockholders:
Notice is hereby given pursuant to the By-Laws of the Company, that the Annual Meeting of Stockholders of Publix Super
Markets, Inc., a Florida corporation (the "Company"), will be held at the
corporate office of the Company, 1936 George Jenkins
Boulevard,3300 Airport Road, Lakeland, Florida, on
Tuesday, May 15, 2001,13, 2003, at 9:30 a.m. for the following purposes:
1. To elect a Board of Directors;
2. To transact such other business as may properly come before the
meeting or any adjournments thereof.
Accompanying the Notice of Annual Meeting of Stockholders is a Proxy Statement
and a proxy card. Whether or not you plan to attend this meeting, please mark,
sign, datevote
your shares by completing, signing, dating and returnpromptly mailing the enclosed
proxy card in the enclosed return envelope.envelope provided.
By order of the Board of Directors:
/s/ John A. Attaway, Jr.
- ------------------------
John A. Attaway, Jr.
Secretary
Lakeland, Florida
Dated: March 6, 20014, 2003
2003 PROXY STATEMENT
GENERAL INFORMATION
This Proxy Statement is being mailed on or about April 12, 2001,10, 2003, to the
stockholders of Publix Super Markets, Inc. (the "Company") in connection with
the solicitation of proxies by the Board of Directors of the Company for use at
the Annual Meeting of Stockholders to be held on May 15, 2001,13, 2003, or any
adjournments thereof. The cost of the enclosed proxy is borne by the Company.
VOTING SECURITIES OUTSTANDING
As of March 6, 2001,4, 2003, there were 207,566,326190,482,495 shares of common stock of the
Company outstanding. Each share is entitled to one vote.
Only holders of common stock of record as of March 6, 2001,4, 2003, will be entitled to
vote at the Annual Meeting of Stockholders.
VOTING PROCEDURES
A stockholder giving the enclosed proxy has the power to revoke it at any time
before it is exercised by filing a written notice of such revocation or a duly
executed proxy bearing a later date with the Secretary of the Company, at the
corporate office of the Company, 1936 George Jenkins Boulevard,3300 Airport Road, Lakeland, Florida 33815.33811. The
execution of the enclosed proxy will not affect a stockholder's right to vote in
person at the meeting should the stockholder later find it convenient to attend
the meeting and desire to vote in person.
The proxy cards will be tabulated by employees of the Company. A stockholder
attending in person or by proxy will be counted as part of the quorum for the
meeting, even if that person abstains or otherwise does not vote on any matter.
Directors will be elected by a plurality of the votes cast at the meeting in
person or by proxy. A properly executed proxy marked "AUTHORITY WITHHELD" will
not be voted for the election of directors (if the name of one or more directors
is crossed out, the proxy will not be voted with respect to the director or
directors indicated) and will not be counted in determining whether a plurality
of votes exists. Any other matter submitted to a vote of the stockholders mustwill
be approved byif the affirmative votevotes cast in favor of the majority of shares voted atmatter are greater than the meetingvotes
cast in person or by proxy. An abstention or a failureopposition to the matter. A properly executed proxy where the authority
to vote on any such other matter is marked "AUTHORITY WITHHELD" will be
considered an abstention and will not be voted. The abstention will have the
same effect as does a share that is not counted
in determining whether a plurality of votes exists, but an abstentionpresent or a
failure to votethat is equivalent to a "no" vote when a majority vote of all
outstanding shares is required.otherwise not voted.
ELECTION OF DIRECTORS
The Company's By-Laws specify that the Board of Directors shall not be less than
three nor more than fifteen members. The exact number of directors shall be
fixed by resolution of the then authorized number of directors. The Board of
Directors has fixed the number of directors at nineeleven members. The persons
designated as nominees for election as a director are Carol Jenkins Barnett,
Hoyt R. Barnett, W. EdwinJoan G. Buccino, William E. Crenshaw, Mark C. Hollis, Sherrill
W. Hudson, Charles H. Jenkins, Jr., Howard M. Jenkins, Tina P. Johnson, E. Vane
McClurg and Kelly E. Norton. All nominees except Mr. Norton are currently directors of the
Company. William H.
Vass is not standing for re-election. Management of the Company recommends a vote FOR all the nominees. The
proxies will be voted FOR the election of the nineeleven nominees unless the
stockholder specifies otherwise.
The term of office of the directors will be until the next annual meeting or
until their successors shall be elected and qualified. If one or more of the
nominees become unable or unwilling to serve at the time of the meeting, the
shares represented by proxy will be voted for the remaining nominees and for any
substitute nominee(s) designated by the Board of Directors or, if none, the size
of the Board will be reduced accordingly. The Board of Directors does not
anticipate that any nominee will be unavailable or unable to serve.
INFORMATION ABOUT NOMINEES FOR DIRECTOR
The following information set forth for each of the nominees for election to the
Board of Directors includes such person's principal occupation presently and
during the last five years, other information, period of service as director of
the Company and age.
- --------------------------------------------------------------------------------
Carol Carol Jenkins Barnett
Jenkins Chairman of the Board and President of Publix Super Markets
Barnett Charities, Inc.
(Photo) Director since 1983. Age 46.
Hoyt R. Hoyt R. Barnett
Barnett Vice Chairman of the Company and Trustee of the Employee Stock
(Photo) Ownership Plan since December 1999. Previously, Executive Vice
President and Trustee of the Profit Sharing Plan to August 1998,
Executive Vice President, Trustee of the Profit Sharing Plan and
Trustee of the Employee Stock Ownership Plan to January 1999,
Vice Chairman, Trustee of the Profit Sharing Plan and Trustee of
the Employee Stock Ownership Plan to December 1999.
Director since 1985. Age 59.
Joan G. Joan G. Buccino
Buccino Chair of the Social Science Division since 1997 and Professor of
(Photo) Economics since 1991 for Florida Southern College (Lakeland,
Florida). Served as Vice President and Interim Dean of the
College during 2001. Also has held the Dorotha C. Tanner Chair in
Ethics in Business and Economics since 1994.
Director since 2002. Age 65.
William E. William E. Crenshaw
Crenshaw President of the Company.
(Photo) Director since 1990. Age 52.
Mark C. Mark C. Hollis
Hollis Vice Chairman of the Board of the Company from January 1996 until
(Photo) retiring in January 1999.
Director since 1974. Age 68.
Sherrill Sherrill W. Hudson
W. Hudson Managing Partner, Deloitte & Touche LLP, Miami, Florida from 1983
(Photo) until retiring in August 2002. He is a certified public
accountant and serves on the Audit Committee as the Audit
Committee financial expert and is independent of management. Mr.
Hudson was elected to the Board of Directors effective January 1,
2003. Also currently serving as a Director of TECO Energy, Inc.
and The Standard Register Company.
Director since 2003. Age 60.
INFORMATION ABOUT NOMINEES FOR DIRECTOR (continued)
Charles H. Charles H. Jenkins, Jr.
Jenkins, Jr. Chief Executive Officer of the Company since May 2001.
(Photo) Previously, Chairman of the Executive Committee to June 2000,
Chairman of the Executive Committee and Chief Operating Officer
to May 2001.
Director since 1974. Age 59.
Howard M. Howard M. Jenkins
Jenkins Chairman of the Board of the Company since May 2001. Previously,
(Photo) Chairman of the Board and Chief Executive Officer.
Director since 1977. Age 51.
Tina P. Tina P. Johnson
Johnson Senior Vice President of the Company and Trustee of the 401(k)
(Photo) Plan - Publix Stock Fund (Publix stock portion).
Director since 1993. Age 43.
E. Vane E. Vane McClurg
McClurg Attorney-at-law, law office of Hahn, McClurg, Watson, Griffith &
(Photo) Bush.
Director since 1988. Age 61.
Kelly E. Kelly E. Norton
Norton Independent business advisor and consultant. Previously,
(Photo) President and Chief Executive Officer of Florida Tile Industries,
Inc. (formerly Sikes Corporation) from 1982 to 1994. Also served
as a Director of Florida Tile Industries, Inc. from 1980 to 1990.
Director since 2001. Age 64.
Carol Jenkins Barnett and Howard M. Jenkins are siblings. Hoyt R. Barnett is the
husband of Carol Jenkins Barnett and brother-in-law of Howard M. Jenkins.
William E. Crenshaw is the nephew of Carol Jenkins Barnett and Howard M.
Jenkins. Charles H. Jenkins, Jr. is the cousin of Carol Jenkins Barnett, Howard
M. Jenkins and William E. Crenshaw.
INFORMATION CONCERNING PROPOSEDTHE BOARD OF DIRECTORS AND CERTAINITS COMMITTEES
MEETINGS
The Board of Directors held five meetings during 2002. All directors attended
100% of the Company's Board of Directors and respective committee meetings held
in 2002. Prior to the Annual Meeting of Stockholders on May 14, 2002, the Board
of Directors consisted of Carol Jenkins Barnett, Hoyt R. Barnett, William E.
Crenshaw, Mark C. Hollis, Charles H. Jenkins, Jr., Howard M. Jenkins, Chairman,
Tina P. Johnson, E. Vane McClurg and Kelly E. Norton. Subsequent to the Annual
Meeting of Stockholders on May 14, 2002, the Board of Directors consisted of
Carol Jenkins Barnett, Hoyt R. Barnett, Joan G. Buccino, William E. Crenshaw,
Mark C. Hollis, Charles H. Jenkins, Jr., Howard M. Jenkins, Chairman, Tina P.
Johnson, E. Vane McClurg and Kelly E. Norton. Sherrill W. Hudson was elected to
the Board of Directors effective January 1, 2003. Mr. Hudson did not attend any
of the Board of Directors or respective committee meetings held in 2002.
COMMITTEES
The Board of Directors had the following committees during 2002, each of which
is described below: Executive, Compensation, Audit, Corporate Governance and
Nominating.
The Executive Committee's primary responsibility is to act on behalf of the
Board of Directors between meetings of the board. During 2002, the Executive
Committee held seven meetings and consisted of Hoyt R. Barnett, William E.
Crenshaw, Charles H. Jenkins, Jr., Chairman and Howard M. Jenkins.
The Compensation Committee reviews and sets the salary and benefits structure of
the Company with respect to its executive officers. During 2002, the
Compensation Committee held two meetings and consisted of Mark C. Hollis, Howard
M. Jenkins, Chairman and Kelly E. Norton.
The Audit Committee has responsibility to the Board of Directors for assessing
the processes related to the Company's risks and control environment, overseeing
the financial reporting and evaluating the internal and independent audit
processes. During 2002, the Audit Committee held six meetings. Prior to the
Annual Meeting of Stockholders on May 14, 2002, the Audit Committee held two
meetings and consisted of Carol Jenkins Barnett, Mark C. Hollis, E. Vane McClurg
and Kelly E. Norton, Chairman. Subsequent to the Annual Meeting of Stockholders
on May 14, 2002, the Audit Committee held four meetings and consisted of Joan G.
Buccino, Mark C. Hollis, E. Vane McClurg and Kelly E. Norton, Chairman.
The Corporate Governance Committee has responsibility for reviewing and
reporting to the Board of Directors on matters of corporate governance such as
practices, policies and procedures affecting directors and the Board's
operations and effectiveness. During 2002, the Corporate Governance Committee
held six meetings. Prior to the Annual Meeting of Stockholders on May 14, 2002,
the Corporate Governance Committee held two meetings and consisted of Mark C.
Hollis, Tina P. Johnson and E. Vane McClurg, Chairman. Subsequent to the Annual
Meeting of Stockholders on May 14, 2002, the Corporate Governance Committee held
four meetings and consisted of Joan G. Buccino, Mark C. Hollis, E. Vane McClurg,
Chairman and Kelly E. Norton.
The Nominating Committee has responsibility for reviewing and reporting to the
Board of Directors on matters of Board nominations. This includes reviewing
potential candidates and proposing nominees to the Board of Directors. During
2002, the Nominating Committee held two meetings. There were no meetings of the
Nominating Committee in 2002 prior to May 14. Subsequent to the Annual Meeting
of Stockholders on May 14, 2002, the Nominating Committee held two meetings and
consisted of Hoyt R. Barnett, Mark C. Hollis, Chairman, Howard M. Jenkins and E.
Vane McClurg.
COMPENSATION OF DIRECTORS
Non-employee directors receive a quarterly retainer of $10,000 for serving on
the Board of Directors. Beginning in 2003, members of the Audit Committee will
also receive an additional quarterly retainer of $2,500 for serving on the Audit
Committee. The Company has a Non-Employee Directors Stock Purchase Plan for the
benefit of eligible directors. Under the plan, non-employee directors may
purchase shares of the Company's common stock at the current fair market value
during specific time periods directly from the Company. The provisions of this
plan are generally the same as the provisions of the Employee Stock Purchase
Plan.
BENEFICIAL OWNERSOWNERSHIP OF SECURITIES
The following table sets forth certain information about the shares of the
Company's common stock beneficially owned as of March 6, 2001,4, 2003, by each of the
Company's proposed directors. Additionally listed arenominees for director, each executive officer named in the Summary
Compensation Table and all directors and executive officers as a group.
Additionally, the table includes the persons (including any group and othersdeemed a
"person" under Section 13(d)(3) of the Securities Exchange Act of 1934) known by
the Company to own beneficiallybe a beneficial owner of more than 5% or more of the Company's
outstanding common stock.
Name, Principal Occupation
Presently and During Last
Five Years, Other Information Nature of Family Relationship
Number of Shares of Common
and Period of Service as with Executive Officers Stock Beneficially Owned Percent
DirectorName of the Company (Age) and DirectorsBeneficial Owner Owned as of March 6, 20014, 2003 (1) of Class
- -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Carol Jenkins Barnett Sister of9,993,286 (2) 5.25
Hoyt R. Barnett 58,859,964 (3) 30.90
Joan G. Buccino 2,290 *
William E. Crenshaw 604,702 *
Mark C. Hollis 1,354,565 (4) *
Sherrill W. Hudson 1,000 *
Charles H. Jenkins, Jr. 1,668,150 *
Howard M. Jenkins 11,814,765 (2) 5.69
Chairman of the Board cousin of Charles H. Jenkins, Jr.,
and President of Publix aunt of W. Edwin Crenshaw and
Super Markets Charities, Inc. wife of Hoyt R. Barnett
Director since 1983. (44)
Hoyt R. Barnett Husband of Carol Jenkins Barnett 58,832,310 (3) 28.34
Vice Chairman of the and brother-in-law of Howard6,477,502 (5) 3.40
Tina P. Johnson 7,251,476 (6) 3.81
E.Vane McClurg 1,644,489 (7) *
Kelly E. Norton 2,300 *
David P. Phillips 46,730 *
Daniel M. Jenkins
Company and Trustee of
theRisener 61,885 (8) *
Employee Stock Ownership Plan since December 1999.
Previously, Executive Vice
President57,556,642 30.22
All directors and Trustee of the
Profit Sharing Plan to August
1998, Executive Vice President,
Trustee of the Profit Sharing
Plan and Trustee of the
Employee Stock Ownership Plan
to January 1999, Vice Chairman,
Trustee of the Profit Sharing
Plan and Trustee of the
Employee Stock Ownership
Plan to December 1999.
Director since 1985. (57)
W. Edwin Crenshaw Nephew of Carolexecutive
officers as a group (37) 87,068,436 (9) 45.71
SunTrust Bank 11,061,609 (10) 5.81
Nancy E. Jenkins Barnett, 623,258 *
President of the Company. nephew of Howard M. Jenkins and
Director since 1990. (50) cousin of Charles H. Jenkins, Jr.
Mark C. Hollis 1,378,971 (4) *
Vice Chairman of the Board
of the Company from
January 1996 until retiring
in January 1999. Director
since 1974. (66)14,638,789 (11) 7.69
* Shares represent less than 1% of class.common stock.
Note references are explained on page 4.
Name, Principal Occupation
Presently and During Last
Five Years, Other Information Nature of Family Relationship Number of Shares of Common
and Period of Service as with Executive Officers Stock Beneficially Owned Percent
Director of the Company (Age) and Directors as of March 6, 2001 (1) of Class
- -----------------------------------------------------------------------------------------------------------
Charles H. Jenkins, Jr. Cousin of Howard M. Jenkins, 2,170,863 (5) 1.05
Chairman of the Executive cousin of Carol Jenkins Barnett
Committee and Chief Operating and cousin of W. Edwin Crenshaw
Officer of the Company
since June 2000. Previously,
Chairman of the Executive
Committee. Director since
1974. (57)
Howard M. Jenkins Brother of Carol Jenkins Barnett, 11,941,221 (6) 5.75
Chairman of the Board and cousin of Charles H. Jenkins, Jr.,
Chief Executive Officer of uncle of W. Edwin Crenshaw and
the Company. Director brother-in-law of Hoyt R. Barnett
since 1977. (49)
Tina P. Johnson 5,304,341 (7) 2.56
Senior Vice President of the
Company and Trustee of the
401(k)Plan - Publix Stock Fund
since Ju1y 1997. Previously,
Treasurer and Trustee of the
401(k)Plan - Publix Stock Fund
to March 1996, Vice President,
Treasurer and Trustee of the
401(k) Plan - Publix Stock Fund
to July 1997. Director since
1993. (41)
E. Vane McClurg
Attorney-at-law, law office of 1,728,002 *
Hahn, McClurg, Watson, Griffith
& Bush. Director since 1988. (59)
Kelly E. Norton
Independent business advisor __
and consultant. Previously,
President and Chief Executive
Officer of Florida Tile
Industries, Inc. (formerly
Sikes Corporation) from 1982
to 1994. Also served as a
Director of Florida Tile
Industries, Inc. from 1980 to
1990. Nominee for Director
of the Company in 2001. (62)
* Shares represent less than 1% of class.
Note references are explained on page 4.6.
(1) As used in the table on the preceding pages,page, "beneficial ownership" means
the sole or shared voting or investment power with respect to the Company's
common stock. Unless otherwise indicated, the individual has sole voting
and investment power with respect to the shares shown as beneficially
owned. Holdings of officers include shares allocated to their individual
accounts in the Company's Employee Stock Ownership Plan (ESOP), over which
each officer exercises sole voting power and shared investment power. In
accordance with the beneficial ownership regulations, the same shares of
common stock may be included as beneficially owned by more than one
individual or entity. The address for all beneficial owners except SunTrust
Bank is 3300 Airport Road, Lakeland, Florida 33811. The address for
SunTrust Bank is 303 Peachtree Street, Atlanta, Georgia 30308.
(2) Includes 1,218,1491,201,501 shares of common stock which are also shown as
beneficially owned by Carol Jenkins Barnett's husband, Hoyt R. Barnett, but
excludes all other shares beneficially owned by Hoyt R. Barnett, as to
which Carol Jenkins Barnett disclaims beneficial ownership.
(3) Hoyt R. Barnett is Trustee of the ESOP which is the record owner of
57,512,34057,556,642 shares of common stock over which he has shared investment
power. As Trustee, Hoyt R. Barnett exercises sole voting power over 978,551941,022
shares in the ESOP because such shares have not been allocated to
participants' accounts. For ESOP shares allocated to participants'
accounts, Hoyt R. Barnett will vote the shares as instructed by
participants. Additionally, Hoyt R. Barnett will vote the ESOP shares for
which no instruction is received. Total shares beneficially owned include
1,218,1491,201,501 shares also shown as beneficially owned by his wife, Carol
Jenkins Barnett, but exclude all other shares beneficially owned by Carol
Jenkins Barnett, as to which Hoyt R. Barnett disclaims beneficial
ownership.
(4) Mark C. Hollis has shared voting and investment power over 1,378,547these shares of
common stock.
(5) Charles H. Jenkins, Jr. is co-trustee of a trust which is the record owner
of 532,807 shares of common stock over which he has shared voting and
investment power.
(6) Howard M. Jenkins has sole voting and investment power over 1,910,7532,282,806
shares of common stock which are held directly, sole voting and investment
power over 5,947,054162,713 shares which are held indirectly, sole voting and shared
investment power over 37,967 shares which are held indirectly and shared
voting and investment power over 4,046,0933,994,016 shares which are held
indirectly.
(7)(6) Tina P. Johnson is Trustee of the 401(k) Plan - Publix Stock Fund (Publix
stock portion) which is the record owner of 5,243,2867,188,515 shares of common
stock over which she has sole voting and shared investment power.
OTHER BENEFICIAL OWNERS' INFORMATION
Thirty-two directorsAdditionally, she is co-trustee of a trust which is the record owner of
18,890 shares of common stock over which she has shared voting and
executive officers asinvestment power.
(7) E. Vane McClurg is co-trustee of a grouptrust which is the record owner of
582,052 shares of common stock over which he has shared voting and
investment power. Total shares beneficially owned 93,004,188exclude 10,000 shares
owned by E. Vane McClurg's wife, as to which he disclaims beneficial
ownership.
(8) Includes 12,931 shares of common stock over which Daniel M. Risener has
shared voting and investment power.
(9) Includes 64,745,157 shares or 44.81% of the common stock of the Company as of March 6,
2001. Included in this amount are 62,755,626 shares or 30.23%33.99% in the ESOP and 401(k) Plan - Publix
Stock Fund.
The address for this group(10) SunTrust Bank has sole voting and investment power over 10,206,824 shares
of beneficial ownerscommon stock which are held in trusts and shared voting and investment
power over 854,785 shares which are held in trusts.
(11) Nancy E. Jenkins is 1936 George Jenkins Boulevard, Lakeland, Florida 33815.
Huntington National Bankco-trustee of a trust which is the record and beneficial owner of
12,087,452121,951 shares or 5.82% of the common stock ofover which she has shared voting and
investment power. She is the Company. The address for Huntington National
Bank is 41 S. High Street, Columbus, Ohio 43215.
Nancy E. Jenkins, sister of Howard M. Jenkins and Carol Jenkins
Barnett, aunt of W. EdwinWilliam E. Crenshaw, cousin of Charles H. Jenkins, Jr. and
sister-in-law of Hoyt R. Barnett, is the record and beneficial owner of 14,638,789 shares or
7.05% of the common stock of the Company. The address for Nancy E. Jenkins is
1936 George Jenkins Boulevard, Lakeland, Florida 33815.
Beneficial owners of 5% or more of common stock who are known by the Company
include those noted in the preceding table with respect to directors, the ESOP
or as otherwise noted above. The Company is aware of no other beneficial owners
of 5% or more of the common stock of the Company.Barnett.
SECTION 16(a) BENEFICIAL OWNERSHIP REPORTING COMPLIANCE
Under Section 16 of the Securities Exchange Act of 1934, certain officers,
directors and stockholders of the Company are required to file reports of stock
ownership and changes therein with the Securities and Exchange Commission. The
Company believes that its officers, directors and stockholders complied with the
Section 16 filing requirements except as noted below. ReportsA report filed by the
following personsperson did not reflect theirher direct or indirect beneficial ownership of certain
shares or changes therein: Huntington National Bank (1999 - one
Schedule 13G); Robert H. Moore (1999 - oneJoan G. Buccino (one Form 4); Charles H. Jenkins, Jr.
(2000 - one Form 5). Upon learning of the
omissions, Huntington National Bank,
Mr. Moore and Mr. Jenkinsomission, Mrs. Buccino promptly filed the necessary reportsreport to reflect the
required information.
COMPENSATION OF DIRECTORS
The directorsCERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS
During 2002, the Company purchased approximately $2,757,000 of food products
from Alma Food Imports, Inc., a company owned by Julia Jenkins Fancelli, sister
of Howard M. Jenkins, Carol Jenkins Barnett and Nancy E. Jenkins, aunt of
William E. Crenshaw, cousin of Charles H. Jenkins, Jr. and sister-in-law of Hoyt
R. Barnett.
During 2002, the Company paid approximately $576,000 to the law office of Hahn,
McClurg, Watson, Griffith & Bush for legal services. E. Vane McClurg is a
director and continues to provide legal services to the Company.
In the opinion of management, the terms of the Company were not compensated for services as directors
during 2000. Beginning in May 2001, non-employee directors will receive a
quarterly retainer of $10,000 for serving on the Board of Directors.foregoing transactions are no
less favorable than terms that could have been obtained from unaffiliated
parties.
COMPENSATION COMMITTEE INTERLOCKS AND INSIDER PARTICIPATION
Compensation Committee members, include William H. Vass, Chairman and a directorwho were all directors of the Company during
2000, and the following who served as directors and
executive officers of the Company during 2000: Hoyt R. Barnett,2002, include: Mark C. Hollis, Howard M. Jenkins and Tina P. Johnson.Kelly E. Norton. Howard M.
Jenkins is Chairman of the Board of the Company. There were no interlocks of the
executive officers or directors of the Company serving on the compensation or
equivalent committee of another entity which has any executive officer or
director serving on the Compensation Committee, other committee or Board of
Directors of the Company.
During 2000,2002, the Company purchased approximately $2,395,000$2,757,000 of food products
from Alma Food Imports, Inc., a company owned by Julia Jenkins Fancelli, sister
of Howard M. Jenkins, Carol Jenkins Barnett and Nancy E. Jenkins, aunt of
W.
EdwinWilliam E. Crenshaw, cousin of Charles H. Jenkins, Jr. and sister-in-law of Hoyt
R. Barnett.
COMPENSATION COMMITTEE REPORT ON EXECUTIVE COMPENSATION
The Board's Compensation Committee is responsible for reviewing the salary and
benefit structure of the Company with respect to its executive officers. The
compensation for the named executive officers, including the Chief Executive
Officer (CEO), includes a base salary and an incentive bonus.
The factors considered in determining the base salary include: (1) the overall
level of responsibility and the relationship to compensation levels of the
Company's management, (2) the compensation levels of supermarket chains in the
Company's Peer Group Index, taking into account the size and financial
performance of the Company, (3) anticipated competitive operating conditions and
(4) overall economic conditions. During 2000, the CEOCharles H. Jenkins, Jr.'s base salary was
increased by approximately 8.2%. This increase includes part of the Company, Howard M.
Jenkinssalary
adjustment he received no base salary increase. While the first, second and fourth
factors above suggested an increase in salary for the CEO, the Company decided
notMay 2001 upon his promotion to increase his salary consistent with its conservative position regarding
base salary increases for named executive officers.CEO.
Bonuses are paid generally in the year following the year earned. During 1999,
the Company implemented a new incentive bonus plan. The incentive
bonus plan covers approximately 400375 management employees. The incentive bonus plan was
changed to make the bonus more appropriately reflect the Company's operating
results while also reducing the total amount of compensation that was "at risk"
for the incentive bonus plan participants. To achieve this result, the base
salary of the incentive bonus plan participants was increased. The combination
of the increase in the base salary and the decrease in the amount of the
incentive bonus that can be earned under the new incentive bonus plan was
designed to be compensation neutral in a year of good operating performance. Under the plan, a
bonus pool is established using the current fiscal year earnings before income
taxes and incentive bonus of the Company as compared with the prior year. Then thisThis
pool is adjusted upward or downward to reflect actual sales results for the
fiscal year in comparison to a sales goal. In general, the bonus pool is
allocated among the participating management employees, including the named
executive officers, according to base compensation paid during the calendar
year. The bonuses are earned for employment during the calendar year and an
employee must be employed at the end of the calendar year to participate in the
bonus. Although the Company has a defined method for calculating the incentive
bonus, the Company's Executive Committee retains the right to alter or
discontinue the incentive bonus plan at its discretion.discretion at any time, for all
employees except executive officers. Any changes to the incentive bonus plan for
executive officers is at the discretion of the Compensation Committee.
The compensation earned by the executive officers named in the following table
ranks at or near the bottom of compensation earned by comparable positions among
the peer group supermarket chains included in the performance graphs on pages 9
andpage 10.
This report is submitted by the following members of the Compensation Committee
during 2000:
Hoyt R. Barnett,Committee:
Mark C. Hollis, Howard M. Jenkins, Tina P. JohnsonChairman and William H. Vass,
Chairman.Kelly E. Norton.
EXECUTIVE COMPENSATION
The following table summarizes the compensation earned by the Company's CEO and
the Company's four most highly compensated executive officers other than the CEO
who were serving as executive officers at the end of 20002002 and for services
rendered in all capacities to the Company during the years ended 2000, 19992002, 2001 and
1998:2000:
SUMMARY COMPENSATION TABLE
Long TermLong-Term Compensation
---------------------------------------------------------------
Annual Compensation Awards Payouts
---------------------------------------- -------------------------------------------------------- ---------------------- -------
Other
Annual Restricted All Other
Name and Principal Position Compen- Stock Options/ LTIP Compen-
Name and Principal Position( ) Years of Service Year Salary Bonus (1) Total sation Award SARs (#)SARs(#) Payouts sation(2)sation (2)
- ---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Howard M.Charles H. Jenkins, (26) 2000 $373,750Jr. (33) 2002 $447,000 $ 82,420 $456,17094,790 $541,790 - - - - $22,247
Chairman of the Board, 1999 373,750 115,386 489,136$21,041
Chief Executive Officer 2001 413,000 53,093 466,093 - - - - 18,634
Chief Executive Officer18,783
and 1998 300,000 180,895 480,895Director 2000 356,800 78,682 435,482 - - - - 17,105
Director
Charles H. Jenkins, Jr. (31) 2000 $356,80022,247
William E. Crenshaw (28) 2002 $375,800 $ 78,682 $435,48279,692 $455,492 - - - - $22,247
Chairman of the Executive 1999 328,900 101,540 430,440$21,041
President and Director 2001 355,400 45,688 401,088 - - - - 18,634
Committee, Chief Operating 1998 260,000 151,870 411,87018,783
2000 337,900 74,514 412,414 - - - - 17,105
Officer and Director
W. Edwin Crenshaw (26) 2000 $337,90022,247
Hoyt R. Barnett (34) 2002 $287,625 $ 74,514 $412,41460,993 $348,618 - - - - $22,247
President$21,041
Vice Chairman and Director 1999 328,900 101,540 430,4402001 287,625 36,975 324,600 - - - - 18,634
1998 264,000 152,904 416,90418,783
2000 279,625 61,663 341,288 - - - - 17,105
Hoyt R. Barnett (32) 2000 $279,62522,247
David P. Phillips (18) 2002 $254,000 $ 61,663 $341,28853,863 $307,863 - - - - $22,247
Vice Chairman and Director 1999 261,625 80,771 342,396$21,041
Chief Financial Officer 2001 233,700 30,043 263,743 - - - - 18,634
1998 210,000 125,130 335,13018,783
and Treasurer 2000 215,200 47,456 262,656 - - - - 17,10522,247
Daniel M. Risener (38) 2000 $232,000(40) 2002 $245,000 $ 51,161 $283,16151,954 $296,954 - - - - $22,247$21,041
Senior Vice President and 1999 225,580 69,642 295,2222001 238,500 30,660 269,160 - - - - 18,63418,783
Chief Information Officer 1998 174,200 101,482 275,6822000 232,000 51,161 283,161 - - - - 17,10522,247
( ) Years of Service
(1) Amounts in this column include bonuses earned in the applicable year but
paid in a subsequent year.
(2) Amounts in this column include the Company's contribution to the ESOP and
the 401(k) Plan for 2000 and the Company's contribution to the ESOP, Profit
Sharing Plan and 401(k) Plan for 1999 and 1998.Plan.
OTHER COMPENSATION
The Company has a trusteed, noncontributory defined contribution plan, the ESOP,
for the benefit of eligible employees. The amount of the Company's discretionary
contribution to the ESOP is determined annually by the Board of Directors and
can be made in Company common stock or cash. The Company's contribution to this
plan is allocated to all participants on the basis of compensation and the plan
does not discriminate, in scope, terms, or operation, in favor of officers or
directors of the Company. Prior to 2000, the Company had an additional trusteed,
noncontributory defined contribution plan, the Profit Sharing Plan. Effective
December 31, 1999, the Company merged the Profit Sharing Plan into the ESOP.
Amounts earned for 2000, 19992002, 2001 and 19982000 under the plansplan
by the CEO and the four most highly compensated executive officers other than
the CEO are listed in the Summary Compensation Table.
The Company has a 401(k) plan for the benefit of eligible employees. The 401(k)
plan is a voluntary defined contribution plan. Eligible employees may contribute
up to 8%10% of their eligible annual compensation (8% prior to January 1, 2002),
subject to the maximum contribution limits established by Federal law. The
Company may make a discretionary annual matching contribution to eligible
participants of this plan as determined by the Board of Directors. During 2000, 19992002,
2001 and 1998,2000, the Board of Directors approved a match of 50% of eligible
contributions up to 3% of eligible wages, not to exceed a maximum match of $750
per employee. The match, which is determined as of the last day of the plan year
and paid in the subsequent year, is in the form
of common stock of the Company.
The Company's group health and dental insurance plans are available to eligible
full-time and part-time employees and the group life insurance plan and
long-term disability plan are available to eligible full-time employees. These
plans do not discriminate, in scope, terms, or operation, in favor of officers
or directors of the Company.
All compensation paid to executive officers during 2000,2002, other than cash and
compensation pursuant to the plans described above, does not exceed the minimum
amounts required to be reported pursuant to the Securities and Exchange
Commission rules.
INTEREST OF MANAGEMENT AND OTHERS IN CERTAIN TRANSACTIONS
AUDIT COMMITTEE REPORT
During 2000,2002, the Company purchased approximately $2,395,000Audit Committee of food products
from Alma Food Imports, Inc.,the Company's Board of Directors was
comprised of four Board members who were not actively involved in the current
management of the Company. Although two of the Audit Committee members are not
independent as defined by the New York Stock Exchange, in the opinion of the
Board, each Audit Committee member has the ability to make objective decisions
independent of the interests of management.
The roles and responsibilities of the Audit Committee are set forth in a company ownedwritten
Charter adopted by Julia Jenkins Fancelli, sister
of Howard M. Jenkins, Carol Jenkins Barnettthe Board. The Audit Committee reviews and Nancy E. Jenkins, aunt of W.
Edwin Crenshaw, cousin of Charles H. Jenkins, Jr.reassesses the
Charter annually and sister-in-law of Hoyt R.
Barnett.
During 2000, the Company paid approximately $687,000recommends any changes to the law officeBoard for approval.
Management is responsible for the Company's internal controls and the financial
reporting process. The Company's independent auditors are responsible for
performing an independent audit of Hahn,
McClurg, Watson, Griffith & Bushthe Company's consolidated financial
statements in accordance with auditing standards generally accepted in the
United States of America. The Audit Committee's responsibility is to monitor and
oversee these processes as described in the Audit Committee Charter.
The Audit Committee reviewed and discussed with management and the Company's
independent auditors the Company's audited consolidated financial statements for
legal services.the fiscal year ended December 28, 2002. The Audit Committee also discussed with
the Company's independent auditors the matters required to be discussed by
Statement on Auditing Standards No. 61, Communication with Audit Committees. The
Audit Committee received the written disclosures and the letter from the
Company's independent auditors required by Independence Standards Board Standard
No. 1, Independence Discussions with Audit Committees, and discussed with the
auditors the firm's independence.
Based upon the review and discussions referred to in the preceding paragraph,
the Audit Committee recommended to the Board of Directors that the audited
consolidated financial statements be included in the Company's Annual Report on
Form 10-K for the fiscal year ended December 28, 2002, for filing with the
Securities and Exchange Commission.
This report is submitted by the following members of the Audit Committee at the
end of 2002: Joan G. Buccino, Mark C. Hollis, E. Vane McClurg is a
director and continues to provide legal servicesKelly E.
Norton, Chairman.
RELATIONSHIP WITH INDEPENDENT PUBLIC ACCOUNTANTS
The firm of KPMG LLP was the Company's auditors during 2002. The Audit Committee
will make its recommendation to the Company.
During 2000,Board of Directors as to the CompanyCompany's
auditors for 2003 later this year.
Representatives of KPMG LLP will be present at the meeting with an opportunity
to make a statement if they desire to do so and will be available to respond to
appropriate questions.
The aggregate fees billed by the Company's independent auditors, KPMG LLP, for
professional services rendered for the fiscal year ended December 28, 2002, were
approximately $332,000 for audit fees, $17,000 for audit-related fees, $237,000
for tax fees and none for other fees. The Audit Committee has reviewed and
discussed the fees paid approximately $115,000 to William H. Vass, a
directorKPMG LLP during the last fiscal year for audit and
non-audit services and has determined that the provision of the Company, for consulting services.
Innon-audit
services are compatible with the opinion of management, the terms of these transactions are no less
favorable than terms that could have been obtained from unaffiliated parties.firm's independence.
PERFORMANCE GRAPHGRAPHS
The following performance graph sets forth the Company's cumulative total
stockholder return during the five years ended December 30, 2000,28, 2002, with the
cumulative total return on the S&P 500 Index and a custom Peer Group Index
including companies in the same line of business (supermarket retail
companies)(1). The Peer Group Index is weighted based on the various companies'
market capitalization. The comparison assumes $100 was invested at the end of
19951997 in the Company's common stock and in each of the related indices and
assumes reinvestment of dividends.
The Company's common stock is valued as of the end of each fiscal quarter. After
the end of a quarter, however, shares continue to be traded at the prior
valuation until the new valuation is received. The cumulative total return for
the companies represented in the S&P 500 Index and the custom Peer Group Index
is based on those companies' calendar year end trading price. Therefore, the
Company has provided a performance graph based on the Company's fiscal year end
valuation (rather than the trading price at fiscal year end, representing the
appraised value as of the prior fiscal quarter). For comparative purposes,
additional information is provided based on the fiscal year end trading price of
the Company's shares.
COMPARISON OF FIVE-YEAR CUMULATIVE RETURN BASED UPON YEAR END VALUATION
1995 1996 1997 1998 1999 2000 -------------------------------------------------------------------2001 2002
------------------------------------------------------------------
PUBLIX $100.00 126.25 186.15 283.11 275.27 296.91152.09 147.88 159.50 136.43 129.07
S&P 500 $100.00 122.96 163.98 210.85 255.21 231.98100.00 128.58 155.63 141.46 126.97 97.32
PEER GROUP $100.00 132.10 168.81 261.05 161.40 207.38100.00 154.64 95.62 122.87 100.14 63.38
COMPARISON OF FIVE-YEAR CUMULATIVE RETURN BASED UPON YEAR END TRADING PRICE
1995 1996 1997 1998 1999 2000 -------------------------------------------------------------------2001 2002
------------------------------------------------------------------
PUBLIX $100.00 128.59 145.08 257.31 280.59 298.11177.36 193.41 205.49 180.44 164.06
S&P 500 $100.00 122.96 163.98 210.85 255.21 231.98100.00 128.58 155.63 141.46 126.97 97.32
PEER GROUP $100.00 132.10 168.81 261.05 161.40 207.38100.00 154.64 95.62 122.87 100.14 63.38
(1) Companies included in the peer group are: A&P, Albertson's, American Stores
(acquired by Albertson's in June 1999), Brunos (included through December
1999, no longer publicly traded), Delhaize America (formerly Food Lion),
Giant Food (acquired by Ahold USALion,
included through December 2000, became a part of the Delhaize Group in
October 1998)April 2001), Hannaford Bros.(acquired (acquired by Delhaize America in July 2000),
Kroger, Safeway, Smith's
Food and Drug (acquired by Fred Meyer in September 1997), Vons (acquired by
Safeway in April 1997), Weis Markets and Winn-Dixie. Peer group companies that
have been acquired are included in the performance graphs for all full
years prior to their acquisition.
MEETINGS
The Board of Directors held five meetings during 2000. All directors attended at
least 75% of the Company's Board of Directors and committee meetings held in
2000.
COMMITTEES
The Board of Directors had the following committees during 2000, each of which
is described below: Executive, Compensation, Audit, Corporate Governance and
Nominating.
The Executive Committee was formed by the Board of Directors to manage the
day-to-day affairs of the Company. During 2000, the Executive Committee
consisted of Hoyt R. Barnett, W. Edwin Crenshaw, Charles H. Jenkins, Jr.,
Chairman and Howard M. Jenkins. During 2000, the Executive Committee held 17
meetings.
The Compensation Committee sets and reviews the salary and benefits structure
of the Company with respect to its executive officers. During 2000, the
Compensation Committee consisted of Hoyt R. Barnett, Howard M. Jenkins, Tina P.
Johnson and William H. Vass, Chairman. During 2000, the Compensation Committee
held two meetings.
The Audit Committee has responsibility to the Board of Directors for assessing
the processes related to the Company's risks and control environment, overseeing
the financial reporting and evaluating the internal and independent audit
processes. During 2000, the Audit Committee consisted of Carol Jenkins Barnett,
Mark C. Hollis, E. Vane McClurg, Chairman and William H. Vass. During 2000, the
Audit Committee held two meetings.
The Corporate Governance Committee has responsibility for reviewing and
reporting to the Board of Directors on matters of corporate governance such as
practices, policies and procedures affecting directors and the Board's
operations and effectiveness. During 2000, the Corporate Governance Committee
consisted of Mark C. Hollis, Tina P. Johnson, E. Vane McClurg, Chairman and
William H. Vass. During 2000, the Corporate Governance Committee held seven
meetings.
The Nominating Committee has responsibility for reviewing and reporting to the
Board of Directors on matters of Board nominations. This includes establishing
criteria for Board membership, reviewing possible candidates and proposing
nominees to the Board of Directors. During 2000, the Nominating Committee
consisted of Mark C. Hollis, Chairman, Howard M. Jenkins, Tina P. Johnson and E.
Vane McClurg. During 2000, the Nominating Committee held two meetings.
AUDIT COMMITTEE REPORT
The Audit Committee of the Company's Board of Directors is comprised of four
Board members who are not actively involved in the current management of the
Company. Although the Audit Committee members are not independent as defined by
the New York Stock Exchange, in the opinion of the Board, each Audit Committee
member has the ability to make objective decisions independent of the interests
of management.
The role and responsibilities of the Audit Committee are set forth in a written
Charter adopted by the Board. A copy of the Charter, as revised on February 7,
2001, is included with this Proxy Statement as Appendix A. The Audit Committee
reviews and reassesses the Charter annually and recommends any changes to the
Board for approval.
Management is responsible for the Company's internal controls and the financial
reporting process. The Company's independent auditors are responsible for
performing an independent audit of the Company's consolidated financial
statements in accordance with auditing standards generally accepted in the
United States of America. The Audit Committee's responsibility is to monitor and
oversee these processes as described in the Audit Committee Charter.
The Audit Committee reviewed and discussed with management and the Company's
independent auditors the Company's audited financial statements for the fiscal
year ended December 30, 2000. The Audit Committee also discussed with the
Company's independent auditors the matters required to be discussed by Statement
on Auditing Standards No. 61, Communication with Audit Committees. The Audit
Committee received the written disclosures and the letter from the Company's
independent auditors required by Independence Standards Board Standard No. 1,
Independence Discussions with Audit Committees, and discussed with the auditors
the firm's independence.
Based upon the review and discussions referred to above, the Audit Committee
recommended to the Board of Directors that the audited financial statements be
included in the Company's Annual Report on Form 10-K for the fiscal year ended
December 30, 2000 for filing with the Securities and Exchange Commission.
This report is submitted by the following members of the Audit Committee during
the fiscal year 2000: Carol Jenkins Barnett, Mark C. Hollis, E. Vane McClurg,
Chairman and William H. Vass.
RELATIONSHIP WITH INDEPENDENT PUBLIC ACCOUNTANTS
The firm of KPMG LLP was the Company's auditors during 2000. The Audit Committee
will make its recommendation to the Board of Directors as to the Company's
auditors for 2001 later this year.
Representatives of KPMG LLP will be present at the meeting with an opportunity
to make a statement if they desire to do so and will be available to respond to
appropriate questions.
The aggregate fees billed by the Company's independent auditors, KPMG LLP, for
professional services rendered for the fiscal year ended December 30, 2000 were
approximately $200,000 for audit fees, $532,000 for professional services
related to financial information systems evaluation and selection and $165,000
for other professional services.
PROPOSALS OF STOCKHOLDERS
Proposals of stockholders intended to be presented at the 20022004 Annual Meeting of
Stockholders must be received at the Company's corporate office prior to
December 13, 2001,11, 2003, for consideration for inclusion in the Proxy Statement
relating to that meeting.
OTHER MATTERS THAT MAY COME BEFORE THE MEETING
At the date of this Proxy Statement, the Board of Directors knows of no matter
other than the matters described herein that will be presented for consideration
at the meeting. However, if any other business shall properly come before the
meeting, all proxies signed and returned by stockholders will be voted in
accordance with the best judgment of the persons voting the proxies.
By order of the Board of Directors:
/s/ John A. Attaway, Jr.
- ------------------------
John A. Attaway, Jr.
Secretary
Dated: March 6, 20014, 2003
The Company will provide, withoutfree of charge, a copy of its annual report to the
Securities and Exchange Commission, Form 10-K, for the fiscal year ended
December 30, 2000,28, 2002, upon the written request of any stockholder of record or
beneficial owner as of March 6, 2001.4, 2003. Requests for such reports should be
directed to John A. Attaway, Jr., Secretary, Publix Super Markets, Inc., P.O.
Box 407, Lakeland, Florida 33802. The above report may also be obtained
electronically, free of charge, through the Company's website. The Company's
website address is http://www.publix.com/stock.
---------------------------
AUDIT COMMITTEE CHARTER (Effective February 7, 2001) APPENDIX A
PURPOSE
This Audit Committee Charter sets forthYour choices are:
o To vote on the dutiesissues described on the front of this card,
o To withhold authority to vote your shares.
Once you have made your voting decision on the proxy card:
o Sign and responsibilities ofdate the Audit Committee (the "Committee") of Publix Super Markets, Inc. (the "Company").
The Committee is appointed by the Board of Directors (the "Board") of the
Company, andcard,
o Tear off along perforated line,
o Return in the absence of such appointment,envelope provided.
Please keep in mind that if we do not receive your voting instructions by May
13, the Board shall serve as the
Committee. Its primary function is to assist the Board in fulfilling its
oversight responsibilitiesshares represented by monitoring
o the integrity of the systems of internal controls regarding finance,
accounting, legal compliance and ethics established by management and
the Board
o the integrity of the financial statements and other information provided
to stockholders and others and
o the audit process.
Consistent with this function, the Committee shall encourage continuous
improvement of and foster adherence to the Company's policies, procedures and
practices at all levels.
MEMBERSHIP
The Committee is composed of at least three Board members who areproxy card will not actively
involved in the current management of the Company and, in the opinion of the
Board, have the ability to make objective decisions that may be in conflict with
the interests of management.
Committee members are elected by the Board at the annual organization meeting of
the Board. The Committee chairperson is appointed by the Board.
MEMBER SKILLS AND TRAINING
Committee members shall have
o an inquiring attitude, objectivity, and sound judgment
o knowledge of the primary industry in which the Company operates
o the ability to read and understand fundamental financial statements,
including the Company's balance sheet, statement of earnings, statement of
cash flows and key performance indicators
o a working familiarity with basic finance and accounting practices and
o the ability to understand key business and financial controls and related
control processes.
At least one Committee member shall have
o expertise in business and financial reporting and control, including
knowledge of the regulatory requirements and
o past accounting or related financial management expertise.
Committee members are encouraged to enhance their familiarity with finance and
accounting by participating in educational programs conducted by the Company or
an outside organization.
MEETINGS
The Committee shall meet at least three times annually or more frequently as
circumstances require. The Committee chair shall prepare and/or approve an
agenda in advance of each meeting. As part of its responsibility to foster open
communication, the Committee shall meet at least annually with management, the
Director of Internal Audit, and the independent auditor in separate sessions to
discuss any matters that the Committee or these groups believe should be
discussed in executive session. In addition, the Committee or designated
Committee member shall meet quarterly with management to review the Company's
Form 10-Q financial information prior to its filing. Any meetings may be
conducted telephonically.
AUTHORITY
The Committee has the authority to conduct or authorize any activities or
investigation appropriate to fulfilling its responsibilities. The Committee also
has direct access to the internal and independent auditor as well as anyone else
in the Company with information pertinent to the proper performance of its
duties. In addition, the Committee shall have access to its own legal counsel
and other advisors at the Committee's sole discretion.
CORE RESPONSIBILITIES
The Committee has three core responsibilities:
o assessing the processes related to the Company's risks and control
environment
o overseeing financial reporting and
o evaluating the internal and independent audit processes.
To accomplish these, the Committee shall establish and maintain free and open
communication between the Board, the independent auditor, the Director of
Internal Audit and the management of the Company.
ASSESSING RISKS AND THE CONTROL ENVIRONMENT
The Committee shall fulfill its responsibility for assessing the processes
related to the Company's risks and the control environment by performing these
activities.
1. Encourage management to foster an atmosphere that supports a strong control
environment.
2. Meet with management, the Director of Internal Audit, and the
independent auditor in separate sessions to discuss any matters that the
Committee or these groups believe should be discussed in executive session.
3. Review with management the significant risks and exposures to the Company
and their impact or potential impact on the financial statements.
4. Review with management, the Director of Internal Audit and the independent
auditor the adequacy of the Company's internal control environment and
controls in selected areas representing significant financial and business
risk.
5. Review with management and legal counsel any legal and regulatory matters
that may have a significant impact on the financial statements and
compliance policies and programs.
OVERSEEING FINANCIAL REPORTING
The Committee shall fulfill its responsibility for overseeing financial
reporting by performing these activities.
1. Understand the Company's accounting policies and procedures. Specifically,
review and understand significant and unusual transactions, revenue
recognition practices, and significant deferred costs, accruals, and
management estimates.
2. Review and approve changes in important accounting principles.
3. Review with the independent auditor and management the auditor's judgments
about the quality, not just the acceptability, of the Company's accounting
principles as applied in its financial reporting.
4. Review and approve significant conflicts of interests and related-party
transactions.
5. Review with management, or cause a designated Committee member to review
with management, the quarterly financial statements prior to the filing
of the Company's Form 10-Q with the Securities and Exchange Commission
(SEC).
6. At the completion of the annual examination, review with the independent
auditor, management and the Director of Internal Audit
o the Company's Annual Report on Form 10-K, including the audited financial
statements and related footnotes
o the independent auditor's audit and related opinion of the financial
statements
o the independent auditor's observations of the Company's internal control
structure and other related matters
o any significant findings and recommendations, including management's
responses
o any significant changes required in the independent auditor's audit plan
o any serious difficulties or disputes with management encountered during the
course of the audit and
o other matters related to the conduct of the audit which are to be
communicated to the Committee under Generally Accepted Auditing Standards.
7. Provide minutes of Committee meetings to the Board detailing the
committee's activities, conclusions and recommendations.
8. Annually review and update the Committee's charter and recommend any
proposed changes to the Board for approval.
9 Ensure the Committee's charter is published at least every three years in
accordance with SEC regulations.
10. Annually, prepare a report to stockholders as required by the SEC and
include the report in the Company's annual proxy statement.
EVALUATING THE AUDIT PROCESS
The Committee shall fulfill its responsibility for evaluating the internal and
independent audit processes by performing these activities.
1. Recommend to the Board the selection of the independent auditor, approve
the compensation of the independent auditor, evaluate the performance of
the independent auditor, and review and approve the discharge of the
independent auditor.
2. Annually, review and discuss with the independent auditor all significant
relationships with the Company that could impair the auditor's
independence. Include a review of management consulting services and
related fees provided by the independent auditor.
3. Confirm and assure the independent auditor's understanding that they are
responsible to the Board and the Committee as representatives of the
stockholders.
4. Consider with management and the independent auditor the rationale for
employing audit firms other than the principal independent auditor.
5. Review with the independent auditor, management and the Director of
Internal Audit the scope of the proposed audit for the coming year and the
audit procedures to be utilized.
6. Review with the Director of Internal Audit and the independent auditor the
coordination of audit effort to assure completeness of coverage, reduction
of redundant efforts, and the effective use of audit resources.
7. Review and concur in the appointment, replacement, reassignment, or
dismissal of the Director of Internal Audit.
8. Consider and review with the Director of Internal Audit
o the internal audit department charter
o the independence and objectivity of the internal auditors
o the annual audit plan and scope
o the process used to develop the annual audit plan
o the internal audit department staffing and
o internal audit's compliance with the Institute of Internal
Auditors' Standards for the Professional Practice of Internal Auditing.
9. Consider and review with the Director of Internal Audit and management
o the status of internal audit activities
o significant findings and recommendations, including management's
responses and the current status of the recommendations
o any difficulties encountered in the course of the audit work, including
any restrictions on the scope of activities or access to required
information and
o any changes required in the planned scope of the audit plan.
voted.
PUBLIX SUPER MARKETS, INC.
PROXY SOLICITED BY THE BOARD OF DIRECTORS FOR THE
ANNUAL MEETING OF STOCKHOLDERS TO BE HELD ON MAY 15, 200113, 2003
The undersigned hereby appoints Howard M. Jenkins, Charles H. Jenkins, Jr. and
W. EdwinWilliam E. Crenshaw or any of them, as proxies with full power of substitution,
to vote all shares of common stock of Publix Super Markets, Inc., which the
undersigned is entitled to vote at the 20012003 Annual Meeting of Stockholders, and
at any adjournments thereof, on the following matters:
1. Election of Directors - Carol Jenkins Barnett, Hoyt R. Barnett, W. EdwinJoan G.
Buccino, William E. Crenshaw, Mark C. Hollis, Sherrill W. Hudson,
Charles H. Jenkins, Jr., Howard M. Jenkins, Tina P. Johnson, E. Vane
McClurg and Kelly E. Norton.
|_|[ ] FOR all nominees listed above (except as to those nominees whose
names have been crossed out).
|_|
[ ] AUTHORITY WITHHELD
2. Other Matters - Unless a line is stricken through this sentence, the
proxies named above may, in their discretion, vote the shares
represented by this proxy card upon such other matters as may properly
come before the Annual Meeting.
The shares represented by this proxy card will be voted only if this proxy card
is properly executed and timely returned. In that event, such shares will be
voted as specified. If no specification is made, the shares will be voted in
favor of items 1 and 2.
The undersigned acknowledges receipt of (1) the Company's 20002002 Annual Report to
Stockholders and (2) the Company's Notice of Annual Meeting of Stockholders and
Proxy Statement dated March 6, 2001,4, 2003, relating to the Annual Meeting. The
undersigned revokes any proxy previously given for the shares represented by
this proxy.
- --------------- ------------------------- -------------------------------------- --------------------------------- ----------------------------
Date Signature Signature if held jointly
|_|[ ] If you received an annual report for this account and request not to,
please mark an (x) in this box. Stockholders with multiple accounts, please
leave one proxy card unmarked.
|_|[ ] I will attend the meeting.
Note: Your signature should appear as your name appears hereon. For shares held
in joint names, each joint owner should sign. If signing as attorney, executor,
administrator, trustee, guardian or other representative capacity, please give
full title as such.
Please mark, sign, date and promptly return this proxy card using the enclosed
envelope.
Proxy Cards must be received by May 13, 2003.
Your vote is very important to us.
TO THE PARTICIPANTS OF PUBLIX SUPER MARKETS, INC.
EMPLOYEE STOCK OWNERSHIP PLAN (ESOP)
Dear ESOP Participant:
The Publix Super Markets, Inc. Annual Meeting of Stockholders is being held on
May 1513 this year. At the meeting, the Trustee of the ESOP, Hoyt R. Barnett, or
his designee, will vote the shares allocated to your ESOP account according to
your instructions. You may indicate your instructions on the last page of this
booklet, which is the 20012003 Notice of Annual Meeting of Stockholders and Proxy
Statement.
Your choices are:
o To vote on the issues described on the last page of this booklet,
o To withhold authority to vote your shares.
Once you have made your voting decision on the proxy card:
o Sign and date the card,
o Tear off along perforated line,
o Fold and return through the unmetered mail system. If you did not receive
this booklet at a Publix location, please return the card in the envelope
provided.
Please keep in mind that if you indicate "authority withheld" on the last page
of this booklet, the Trustee will not exercise any voting rights for your ESOP
shares. If your voting instructions are not received by May 15,13, the Trustee will
vote your ESOP shares at his discretion.
Thank you,
Plan Administrator
Publix Super Markets, Inc.
Dated: March 6, 20014, 2003
Proxy cards must be received by May 13, 2003.
Your vote is very important to us.
Voting card is on the last page of this booklet.
PUBLIX SUPER MARKETS, INC.
REQUEST FOR VOTING INSTRUCTIONS
IN CONNECTION WITH THE
ANNUAL MEETING OF STOCKHOLDERS
TO BE HELD ON MAY 15, 200113, 2003
The undersigned, a participant or beneficiary in the Publix Super Markets, Inc.
Employee Stock Ownership Plan (the "ESOP"), with respect to all shares of common
stock of Publix Super Markets, Inc. (the "Company") allocated to the ESOP
account of the undersigned, the voting rights of which are accorded to the
undersigned under the ESOP (the "Account Shares"), requests and instructs Hoyt
R. Barnett, Trustee, or the Trustee's designee, to attend the Annual Meeting of
Stockholders of the Company to be held on May 15, 2001,13, 2003, and any adjournments
thereof, and to vote all the Account Shares which are entitled to vote at the
Annual Meeting, in any manner and with the same effect as if the undersigned
were the record owner of the Account Shares. The undersigned authorizes and
instructs the Trustee or his designee to vote as follows:
1. Election of Directors - Carol Jenkins Barnett, Hoyt R. Barnett, W. EdwinJoan G.
Buccino, William E. Crenshaw, Mark C. Hollis, Sherrill W. Hudson, Charles
H. Jenkins, Jr., Howard M. Jenkins, Tina P. Johnson, E. Vane McClurg and
Kelly E. Norton.
|_|[ ] FOR all nominees listed above (except as to those nominees whose
names have been crossed out).
|_|
[ ] AUTHORITY WITHHELD
2. Other Matters - Unless a line is stricken through this sentence, the
Trustee (or the Trustee's designee) is directed in such person's
discretion to vote the Account Shares upon such other matters as may
properly come before the Annual Meeting.
The Account Shares will be voted as directed above if this proxy card is
properly executed and timely returned. If no specification is made, or this
proxy card is not returned, the shares will be voted at the Trustee's
discretion.
The undersigned acknowledges receipt of (1) the Company's 20002002 Annual Report to
Stockholders and (2) the Company's Notice of Annual Meeting of Stockholders and
Proxy Statement dated March 6, 2001,4, 2003, relating to the Annual Meeting. The
undersigned revokes any proxy previously given for the Account Shares.
- -------------------- ----------------------------------------------------- -------------------------------------------
Date Signature
Note: Your signature should appear as your name appears on the reverse side. If
signing as attorney, executor, administrator, trustee, guardian or other
representative capacity, please give full title as such.
|_|[ ] I will attend the meeting.
(PromptlyPromptly mark, sign, date, remove card from booklet, fold and return either
through the unmetered mail system or in the enclosed envelope.)
Return to:
Retirement Department
Publix Corporate Office
Lakeland