COMMITTEE FOR ECONOMIC DEVELOPMENT 2002 ANNUAL REPORT

The Best of Business Thinking IN THE NATION’S INTEREST

Early Childhood Education Campaign Finance Reform Globalization Health Care C OMMITTEE FOR E CONOMIC D EVELOPMENT IN THE NATION’S INTEREST

In 2002, the Committee for Economic Development education system from the early childhood years celebrated its 60th anniversary. For six decades, CED through postsecondary education, and enhanced and its Trustees have been actively engaged in public global trade and competitiveness. policy deliberations that have — quite literally — shaped That approach — of working to advance the the modern world. nation’s interest rather than a given partisan, ideologi- CED’s founding mission was to prepare the U.S. cal, or industry interest — is what characterizes CED’s economy for a smooth transition from a wartime to a work and distinguishes it from other organizations peacetime environment without experiencing a major whose principal policy interests are often reflected in depression or recession. To that end, CED’s leaders lobbying. This approach also helps ensure the integrity established some 3,000 field and objectivity of CED’s work groups across the country to — a fact that only enhances In today’s challenging times, help plan for a return to a its overall effectiveness and “CED has an important role to peacetime economy. credibility. In 1945, CED’s critical play. Our leadership is Throughout our rich his- work international trade, committed to having impact on tory, CED has received many foreign investment, and the issues that affect the daily accolades, and this praise domestic employment influ- lives of Americans. Together, we continues today. U.S. Senator enced the Bretton Woods are dedicated to ensuring our John McCain has called CED Agreement, which estab- work remains focused, impartial “a visionary organization not lished the International and of the highest quality. afraid to tackle tough prob- Monetary Fund and the ” ROY J. BOSTOCK lems.” Hugh B. Price, World Bank. Three years Chairman of CED President and CEO of the Chairman Emeritus, Bcom3 Group, Inc. later, CED’s report on National Urban League, “An American Program of European Economic describes CED as “the social conscience of the business Cooperation” outlined a strategy for European Recovery community”, and Princeton University economics pro- that eventually became the Marshall Plan. CED’s first fessor Alan Blinder comments that “[a]dvice from CED Chairman, Paul Hoffman, later led the agency that is simply the wisest and most enlightened advice the administered the Marshall Plan. business community has to offer.” CED’s Trustees continue to bring the best of This past year CED was honored to welcome to business thinking to bear on critical public policy issues members of its counterpart network, the that are in the nation’s interest. CED’s work promotes International Network of Private Business Organizations. policies that guarantee a vibrant U.S. economy, sound The counterpart members continue to share research domestic policies and strong democratic institutions, an and plan joint projects on issues such as older workers, educated American work force, a reformed public globalization and trade, and democratic institutions. 2 At this annual gathering, CED hosted a forum with leaders in improving their standing in society are huge.” its counterparts on “The Economics and Politics of His book, The Politics of Fortune: A New Agenda for Business Globalization,” a conference which focused, in part, on Leaders, contends that “[t]o play a more influential role CED’s report, A Shared Future: Reducing Global Poverty. in national and international policy, CEOs must do The globalization forum concluded with a gala din- more than repair their collective reputations. They will ner at the Waldorf=Astoria Hotel where CED presented also have to see their responsibilities extending beyond its 2002 Corporate Citizenship Award to Ira A. Lipman, insuring the health of their own companies or indus- Chairman of the Board and President of Guardsmark, tries.” Garten specifically highlights CED as offering this Inc., who gave keynote remarks on the importance of role in a manner that enables business leaders to devote corporate ethics. Frank C. Carlucci, former Secretary of time to critical public policy issues that affect the future Defense and Chairman of The Carlyle Group received of the and the rest of the world. CED’s Excellence in During these six Public Policy Award, decades, CED has been and Edmund B. fortunate to have as Fitzgerald, former CED Trustees men and Chairman, Managing women from the Director of Woodmont business world and Associates, and former academia who under- Chairman of Nortel stand the importance of Networks received the becoming actively first CED Trustee engaged in seeking Leadership Award. innovative solutions to Yotaro “Tony” major national and CED Chairman Roy J. Bostock and President Charles E.M. Kolb Kobayashi, Chairman, international issues. We Fuji Xerox Co., Ltd., and Chairman, Keizai Doyukai, a hope that CED’s approach, its history, and its successes member of the International Counterparts Network, will continue to inspire such engagement from received CED’s first International Leadership Award. America’s business and university leaders. George Soros, Chairman and President, Soros Fund Management LLC, and Chairman, Open Society Roy J. Bostock Chairman Institute, gave remarks at the dinner on globalization Committee for Economic Development and his international philanthropic efforts through the Chairman Emeritus Bcom3 Group, Inc. Open Society Institute. This year also saw the image of corporate America Charles E.M. Kolb tarnished by numerous financial and President irregularities. Jeff Garten, the Dean of Yale’s School of Committee for Economic Development Management, has written that “[t]he stakes for business

3 America stronger.” A stronger America is our goal 2002 CED’s 60th Anniversary as we approach today’s major public policy issues. The quality of our Trustees — the Chairs, CEOs, CED was founded in 1942 by a group Presidents, and senior executives of major corpora- of visionary business leaders. CED’s founding tions, as well as university Presidents — speaks for mission was to help the nation make an orderly transition from war to peaceful prosperity. In the itself. CED enables this diverse group of leaders to face of widespread fears that the end of World War “speak with one voice” on education, campaign II would bring a new depression, the business lead- finance reform, the federal budget, globalization, ers who formed CED established 3,000 field groups older workers, and other pivotal issues in our society. throughout the country to plan for a return to a peacetime economy. CED began using its research to formulate CED 2002 Achievement Awards: recommendations on a wide variety of policy Honoring Those Who Serve issues. CED’s early work led to the establishment in The Nation’s Interest of the International Monetary Fund, the World Bank, and the President’s Council At CED’s 2002 60th Anniversary in New York City on May 15, CED was of Economic Advisers. Dinner Today, CED is an proud to honor the achievements of four Trustees important forum for business and associates. Every year, CED presents an award leaders and educators to engage actively to a company that embodies the ideals and values in the policy process by combining practical expe- for which CED stands. CED’s 2002 Corporate rience with top quality research. Throughout Citizenship Award was presented to Guardsmark, Inc. its rich 60-year history, CED has had a major of Memphis, Tennessee, and its Chairman impact on public policy — both domestically and and President Ira A. Lipman. Previous recipients internationally. of the CED Corporate Citizenship Award include Automatic Data Processing, Inc.; The Chase Manhattan Bank; First NBD Corporation; CED Celebrates Six Decades of Merck & Co., Inc.; Nortel Networks; and Pfizer. the Best of Business Thinking CED’s Excellence in Public Policy Award was pre- sented to CED Trustee Frank C. Carlucci, former While CED continues to evolve as Secretary of Defense and Chairman of The Carlyle new policy issues arise, a major anniversary allows Group. Previous recipients include the four mem- us to take a back over our history. CED con- bers of Congress who championed campaign finance tinues to strive to live up to Senator John McCain’s reform — Representatives Christopher Shays and statement that “for 60 years the Committee for Martin Meehan, and Senators Russell Feingold and Economic Development has been working to make

4 2002 CED Annual Meeting (back row — left to right) Incoming CED Chairman Roy J. Bostock, outgoing CED Chairman Frank P. Doyle, Frank C. Carlucci, former Secretary of Defense and Chairman of The Carlyle Group, Ira A. Lipman, Chairman and President of Guardsmark, Inc. of Memphis, Charles E.M. Kolb, CED President. (front row — left to right) Yotaro Kobayashi, Chairman, Fuji Xerox Co., Ltd., and Chairman of CED’s Japanese counterpart organization Keizai Doyukai, George Soros, President and Chairman, Soros Fund Management, LLC, Edmund B. Fitzgerald, Managing Director, Woodmont Associates.

John McCain — and CED Trustee and former Secretary of Commerce Peter G. Peterson. CED’s first International Leadership Award was presented to Yotaro Kobayashi, Chairman, Fuji Xerox Co., Ltd.; and Chairman of CED’s Japanese counterpart organization Keizai Doyukai. CED’s first Trustee Leadership Award was presented to former CED Chairman Edmund B. Fitzgerald, Managing Director of Woodmont Associates and former Chairman of Nortel Networks. Theodore Sorenson (center), former speechwriter and special counsel to President Kennedy, congratulates CED Corporate Citizenship honoree Ira A. Lipman (right), Chairman of the Board and President of Guardsmark, Inc. CED President Charles Kolb (left) prepares to present the award.

5 GLOBALIZATION

CED’s work on international issues G LOBALIZATION is strengthened by partnerships with 11 indepen- Globalization and Poverty dent, nonpolitical business organizations around the world. The promise and challenges of globaliza- The globalization forum coincided with the tion are perfect issues for CED to explore with these release of CED’s policy statement, A Shared Future: counterpart organizations. In May 2002, the 17th Reducing Global Poverty. The report contends that business International Conference of Private Business and government leaders in the developed world have an Organizations was held in New York City as part of important role to play in reducing poverty worldwide. CED’s 60th Anniversary annual meeting. All eleven The report focuses on three critical areas: setting sound organizations were represented during a thoughtful economic policies, improving governance and rooting series of panel discussions. The keynote speakers out corruption, and investing in human and social capi- were former United Nation’s Ambassador Richard tal. The report also argues that aid, particularly when Holbrooke, who spoke about the administered through public-private constantly evolving role of the partnerships and in conjunction United Nations, and Nobel Prize- with open flows of trade and invest- winning economist Joseph Stiglitz ment, can significantly reduce of Columbia University, who poverty in the developing world. expanded upon his book, CED Trustees Edmund B. Globalization and its Discontents. Fitzgerald, Managing Director of Stiglitz spoke about the complex Woodmont Associates, and former roles of the World Bank (where Nobel Prize-winning economist Joseph Chairman of Nortel Networks, and Stiglitz of Columbia University speaks Paula Stern, President of The Stern he served as chief economist and during the release of the CED report, Senior Vice President from A Shared Future: Reducing Global Poverty. Group, Inc. and former Chair- The release luncheon was a highlight of woman of the U.S. International 1997-2000), the International the May 2002 annual meeting. Professor Monetary Fund, and the World Stiglitz is the author of the best seller, Trade Commission, chaired the Globalization and Its Discontents. CED Trade Organization. Despite his Trustee, former Chairman of Nortel project. Networks, and project co-chair Edmund In other globalization news, concerns about the internal work- B. Fitzgerald looks on. ings of these organizations, the Bush Administration in 2002 Stiglitz is a strong supporter of announced the “Millennium globalization as a route out of Challenge Account” which substan- poverty for millions of people tially increases U.S. development across the world. Panel subjects assistance and ties the aid to sound included regional updates, management and economic poli- Expanding International Trade cies in the recipient countries, and Investment, Sustainable consistent with CED’s recommen- Economic Development and Richard Holbrooke, former United Nation dations. CED Trustees discussed Ambassador, and CED Trustee Paula Stern, this and other issues in a June 2002 Poverty Reduction, and President, The Stern Group, Inc. and International Political and project co-chair, take questions during the meeting with then Secretary of the release event for CED’s A Shared Future Economic Institutions. report. Treasury Paul O’Neill.

6 EDUCATION

Business leaders continually face good measures of student accomplishment. CED the problem of recruiting a quality workforce for cautions that tests are a means, not an end, to school their enterprise, whether it is manufacturing, provid- reform. CED’s K-12 efforts will engage business lead- ing services, or administering a diverse multinational ers in sustaining support for performance measure- corporation. Quality education is therefore vitally ment in education and in identifying and overcoming important to ensuring that quality workforce. While barriers to delivering public education in new ways. there has been some encouraging news in American Protecting hard-won educational K-12 programs has education over the past few years, CED continues to focus on ways to improve educational performance. Additionally, 2002 saw CED strongly endorse a bold agenda to provide universal free early childhood education for all American preschoolers. The 2001 CED report, Measuring What Matters, continued in 2002 to impact the national debate on improving learn- ing through the use of quality student testing. The CED report is consistent with the “No Child Left Behind” Act which is CED Chairman Roy J. Bostock (right), Lori VanAuken of the Rochester the cornerstone of President Bush’s Area Community Foundation, and CED President Charles E. M. Kolb, with efforts to improve elementary education children at the YMCA Carlson Kids Center in Rochester, New York. The visit was part of CED’s efforts surrounding Preschool for All: Investing in a in the United States. More work must be Productive and Just Society. done, however, to ensure that tests are also become a priority for CED and its Trustees as many states grapple with severe budget shortfalls.

E DUCATION Preschool Update 2002

Since the February 2002 release of CED’s groundbreaking report, Preschool for All: Investing in a Productive and Just Society, early

The Honorable James B. Hunt, Jr., former Governor of education has continued to play a vital role in the North Carolina (right), speaks at an October 2002 early education reform debate. The report recommends education breakfast meeting along with George A. Ranney, Jr., CED Trustee and President of Chicago Metropolis 2020. making preschool available to all children ages three Co-Hosted by CED and Chicago Metropolis 2020, and with support from The Pew Charitable Trusts, the event and older whose parents want them to participate. brought together business, policy and education leaders to With generous outreach support from The Pew discuss early education issues in Illinois. Charitable Trusts, CED continues to engage the

7 EDUCATION

business and civic leaders in numerous communi- comed by CED Trustee Bertram L. Scott, President of ties, including Rochester, Boston, Buffalo, Chicago, TIAA-CREF Life Insurance Company, commended and New York City. CED conducts these efforts in the work CED has done on early education, standards, and accountability. CED is also sponsoring a cam- paign asking business leaders across the country to endorse the Preschool for All report. Over 170 leaders have currently added their names in sup- port of this endeavor. To join this growing list of supporters, contact Senator Edward M. Kennedy (D-MA), CED Chairman Roy J. Bostock, and CED Christine Ryan at 202-296-5860 or President Charles E. M. Kolb discuss CED’s report, Preschool for All: Investing in a Productive and Just Society. [email protected]

partnership with several organizations around E DUCATION the country, including the Pew-supported Trust The “American Teacher” for Early Education. Community Education CED’s Chairman, and the co-chairman of CED’s Roundtables 2002 Education Subcommittee that produced the report, Roy J. Bostock, has led a series of meetings with busi- After completing five community ness, community, policy and education leaders pro- education roundtables around the moting universal prekindergarten. He has repeatedly country, CED received additional support from the emphasized the business connection to early educa- MetLife Foundation to lead two more roundtables tion. “Businesses are the number one consumers in Boston and Providence. The roundtables covered of the education system,” said Bostock, Chairman issues raised in the most recent MetLife Survey of the Emeritus of Bcom3 Group, Inc. “If we are to believe American Teacher. The Survey illustrated a discon- all the studies that consistently show that investment nect with respect to the expectations about student in early education is so critical, then we, as business futures among parents, teachers, and students. leaders, need to invest in our children.” In Providence, CED worked with the Public Roy J. Bostock and CED President Charles E. Education Fund to gather more than 60 community M. Kolb joined former North Carolina Governor representatives. The event’s keynote speaker was James B. Hunt, Jr. and Miles D. White, Chairman of Susan Lusi, Chief of Staff of the Providence Public the Board and CEO of Abbott Laboratories, at a Schools. Ms. Lusi said, “To succeed in raising achieve- breakfast co-hosted with Chicago Metropolis 2020 in ment we need to focus on teaching and learning. October 2002. Bostock and Kolb later joined Students need to feel a connection to the people keynote speaker Joel I. Klein, Chancellor of the they learn with. We need to restructure the New York City Department of Education, at a New secondary school experience to create a community York City luncheon held at TIAA-CREF headquar- of learners where they matter to teachers and ters in January 2003. Chancellor Klein, who was wel- other students.”

8 Research: Prosperity Through Discovery. America’s Basic Research addresses several key concerns, including Congress’ procedures for allocating funds for basic research, the central role of the research university and the indi- vidual scientific investigator, the critical importance of peer review, The MetLife-CED September 2002 Roundtable, which brought together students, parents, and teachers to discuss “The MetLife Survey of the American Teacher,” the need to sustain the pipeline was held at Hope High School in Providence, Rhode Island. Susan Lusi, Chief of Staff, Providence Public Schools, provided the keynote address. of high-quality scientists and engineers for the long-term, and The Boston forum was held at Jeremiah Burke the implications of an increasingly global research High School in Dorchester and included more enterprise. than 50 representatives of the business community, Closely related to CED’s AMERICA’S educators, students, and policy- makers. Boston basic research goals are rec- BASIC RESEARCH Mayor Thomas Menino, the keynote speaker, told ommendations involving PROSPERITY math and science education THROUGH participants that one of the problems is that “the DISCOVERY media doesn’t report the good things that are hap- in America. Looking ahead pening at our schools.” Mayor Menino also said to the 2003 release of CED’s

A Policy Statement by the Research and Policy Committee that he believes communities need to know about math and science education of the Committee for Economic Development the progress Boston is making in improving their report, the Subcommittee public schools. He noted that one of the key ways on the Supply of U.S. Scientists and Engineers held to continue to build on their success is to forge a series of meetings on the issue. The math and sci- partnerships with the business community. ence report, entitled: Learning for the Future: Changing the Culture of Math and Science Education to Ensure a Competitive Workforce will present CED recommenda- E DUCATION tions designed to improve the “culture” that sur- Basic Research/Math and Science rounds technical education in the U.S., including: increasing student interest CED has long been a strong support- LEARNING FOR THE FUTURE in careers in math and Changing the Culture of Math and Science er of basic research aimed at advancing science and Education To Ensure a Competitive Workforce science, demonstrating the engineering knowledge rather than developing a wonder of discovery while specific product or process. CED recommends poli- helping students to master cy reforms to ensure that tomorrow’s basic research rigorous content, and can be as productive and effective as possible. In acknowledging the profes- 2002, CED continued to advocate the recommen- A Statement by the Research and Policy Committee of the Committee for Economic Development sionalism of teachers. dations in the 1998 CED report, America’s Basic

9 DEMOCRATIC INSTITUTIONS

D EMOCRATIC I NSTITUTIONS selection process. Derek Bok, President Emeritus Judicial Selection 2002 of Harvard University and the co-chair of CED’s Subcommittee on Judicial Selection, also spoke at The American court system is a pillar the release and said that “independent and impartial of our democratic society. Safeguarding the inde- exercise of judicial authority is an essential aspect pendence of our judiciary is vital to preserving of a free society.” CED Trustee Roderick M. Hills, respect for the rule of law and the legal system. Chairman of Hill Enterprises, Ltd. and also the Selecting qualified and objective judges to preside co-chair of the Subcommittee on Judicial Selection, over the courts is essential to ensuring the integrity added: “a fair and impartial judiciary is the corner- of the judicial system. stone of our democracy.” Unfortunately, because 39 states currently elect CED recommends abolishing judicial elections at least some of their judges through popular because they threaten the impartiality of our courts. elections, many state and local judges are exposed to questions concerning improper influence. Judicial elections require candidates for the bench to campaign for office like a politician. These can- didates usually feel compelled to seek the support of a political party and special interest groups. Moreover, judicial candidates also must often seek financial contributions from lawyers and other interests that may eventually have business before their courts. This situation creates the appearance that financial contributors and interest groups Alfred P. Carlton, President of the American Bar Association, speaks at the release of CED’s report, Justice influence the judges and their rulings. for Hire: Improving Judicial Selection. On August 9, 2002, CED released Justice for Hire: Improving Judicial Selection, a comprehensive study of the issue. Alfred R. Carlton, President of the American Bar Association, provided opening remarks at the release luncheon, and Texas Supreme Court Chief Justice Thomas R. Phillips served as the keynote Keynote speaker Texas Supreme Court Justice Thomas R. Phillips addresses the at the release of CED’s Justice for Hire: Improving Judicial Selection report. Joining Chief speaker. Both speakers Justice Phillips are (left to right) Charles Kolb, CED President, Derek Bok, President Emeritus of Harvard University and Chair of Common Cause, and Roderick M. Hills, stressed the need for Chairman of Hills Enterprises, Ltd. reforming the judicial

10 As Dr. Bok pointed out when Justice for Hire was CNN.com, The Christian Science Monitor, The Austin- released: “[I]nstead of safeguarding judges from American Statesman, and The Des Moines Register. political pressures, most election systems invite With generous support from the Open Society such influence.” CED asserts that a commission- Institute, CED will continue its efforts in states such based appointive system is the preferable method as Illinois, New York and Texas, among others, to for selecting judges. Appointive systems are better build support among the business community and suited to protecting the integrity of judges and other sectors to reform judicial selection. ensuring that qualified candidates are chosen for the bench, both of which are vital to ensuring the D EMOCRATIC I NSTITUTIONS fair administration of justice. As Mr. Hills stated, Campaign Finance Reform “[J]ustice should not be a function of who serves as judge, but of the merits of the case.” On March 27, 2002, President Bush signed CED has also sought to preserve the indepen- into law sweeping and unprecedented campaign dence of the judiciary as an active member in the finance reform legislation. Justice at Stake campaign. Justice at Stake is a non- CED played a crucial role in this legislative effort partisan national partnership of 39 organizations through its landmark policy statement, Investing in working together for fair and impartial courts. the People’s Business: A Business Proposal for Campaign Judicial selection is a major aspect of this campaign. Finance Reform. Many of the report’s recommenda- The impact of CED’s efforts can be seen in the tions closely match the final legislation, including passage of sweeping reform legislation in North Carolina. The new North Carolina law made elections for the highest state courts non-partisan and instituted a voluntary public financing system for qualified judicial candidates. Since its release, Justice for Hire has received extensive coverage in press Columbia University President and CED Trustee George Rupp lauds financier Jerome Kohlberg outlets such as for his work on campaign finance reform at the CED dinner marking President Bush’s signing of the sweeping 2002 campaign finance reform legislation into law. Kohlberg’s wife, Nancy, C-SPAN, National is at center. Public Radio,

11 DEMOCRATIC INSTITUTIONS

provisions to eliminate soft money, ensure stricter issue ad scrutiny, and raise the individual hard-money limit. At the request of several mem- bers of Congress, CED held a news conference on Capitol Hill before the House vote to high- light business communi- CED staff hold up the “Colossal Gram” sent from Warren Buffett, CEO of Berkshire Hathaway, ty support for campaign to Jerome Kohlberg for CED President Charles Kolb to read. finance reform. Just before the Senate vote, CED (along with Campaign for America) circulated a letter signed by 100 business leaders urging an immediate vote on the legislation. There is significant court action scheduled for 2003 on the McCain- Feingold Act, including review by the U.S. Supreme Court. CED campaign finance dinner honoree Jerome Kohlberg (center) is joined (from left to On April 23, 2002, right) by Congressman Martin Meehan (D-MA), Senator John McCain (R-AZ), Carl Levin CED hosted a dinner in (D-MI), and Congressman Christopher Shays (R-CT). Washington to celebrate passage of the landmark reform legislation and to McCain (R-AZ), and Congressmen Christopher Shays honor financier Jerome Kohlberg, former Senior (R-CT) and Martin Meehan (D-MA), attended the Partner of Kohlberg Kravis Roberts & Co. As the dinner to honor Mr. Kohlberg. founder of Campaign for America, Mr. Kohlberg Several other lawmakers also attended the led the way in demonstrating that business leaders dinner, including Rep. Earl Blumenauer (D-OR), supported campaign finance reform. Mr. Kohlberg Rep. Nita Lowey (D-NY), and Sen. Carl Levin (D-MI). was a key early ally and a close partner with CED. Former Senator Bob Packwood (R-OR) was also Three of the four lead sponsors of the present. campaign finance reform bill, Senator John

12 HEALTH CARE

The cost and quality of health Management, and Senior Fellow, Kennedy School of care in the United States continue to be major Government at Harvard University; and Steffen E. concerns and a high priority issue for CED. Palko, Vice Chairman and President, XTO Energy, In May 2002, CED released the policy state- Inc. CED’s statement urges employers, along with ment A New Vision for Health Care: A Leadership Role government, to take the lead in implementing specif- for Business. This statement was co-chaired by Peter ic changes in private and public policies that could A. Benoliel, Chairman, Executive Committee, produce a health care system that works for all Quaker Chemical Corporation; Dr. Jerome H. Americans. Grossman, Chairman and CEO, Lion Gate Dr. Mark McClellan, former member of the White House Council of Economic Advisers and now the Commis- sioner of the Food and Drug Administration, was the keynote speaker at the event. Dr. McClellan said: “CED’s wonderful new report represents a new level of vision, a new level of consolidation of ideas for strengthening various aspects of the employer system, the gov-

CED President Charles E. M. Kolb (left) joins keynote speaker, and former ernment health care system and Oregon Governor John A. Kitzhaber, M.D. (second from left), CED Trustee and our health care system over all.” Chairman and CEO, Lion Gate Management, and Director of the Health Care Delivery Program at the Kennedy School, Harvard University Dr. Jerome H. CED received a grant from the Grossman (second from right), and the President and CEO, Pacific Business Group on Health (PBGH) Peter Lee (right) at the October 2002 San Francisco Robert Johnson Foundation Health Care Roundtable. The roundtable discussion centered on finding ways to hold two roundtables to further to improve America’s health care system. explore health-care-access issues. The roundtables are a forum for the business com- munity to find ways to lower costs and increase access to quality health care. The first roundtable was held in San Francisco, and the Pacific Business Group on Health served as the co-sponsor. Jerome Grossman represented CED on the panel. More than 100 busi- ness leaders from the San Francisco area attended the forum. At this meeting, Sally Wellborn, Vice Dr. Mark McClellan, former member of the White House President for Corporate Benefits at Wells Fargo and Council of Economic Advisers, and Commissioner of the Food and Drug Administration, delivers the keynote Co., explained the case for business involvement address at the May 2002 release of CED’s policy statement, when she said that because of quality health care, A New Vision for Health Care: A Leadership Role for Business. “we’re getting employees who are on the job working

13 HEALTH CARE

productively. If we didn’t do that, our pro- ductivity would go down, our absenteeism would go down, we would have sicker people at work, and we would actually have a nega- tive impact.” CED plans to hold another roundtable in Boston in 2003. CED is also leading efforts to improve health care by sponsoring, with the American Health Initiative, an online discus- sion in April 2003 on the issues raised in CED Trustees Steffen E. Palko, Vice Chairman & President, XTO Energy, Inc., Jerome H. Grossman, Chairman & CEO, Lion Gate CED’s paper. The discussion will involve 100 Management, and Peter A. Benoliel, Chairman, Executive Committee, Quaker Chemical Corporation, participate in the May 2002 panel corporate executives across the country. discussion at the release on CED’s A New Vision for Health Care.

CED CO-HOSTS LOWER MANHATTAN CONFERENCE Symposium assists small business owners and employees

On April 10, 2002, CED joined the The Wall Street Journal, the National Urban League, and Audrey Cohen College in co-hosting an all-day conference for business owners and their employees affected by the September 11, 2001 terrorist attack on Lower Manhattan. Entitled Hands-On Hope: A Post-9/11 Survival Guide for Businesses and Employees, the conference was designed to provide the tools needed to succeed in the wake of the September 11th attack. It included “best practices” learning sessions from the region’s hard-hit businesses, as well as networking meetings and presentations from some of the country’s foremost authorities on economic recovery from the public and private sectors. Several business and economic experts from numerous disciplines participated in workshops addressing issues from marketing and branding for the small business owner to sessions on securing grants, loans and insurance. The symposium benefited entrepreneurs and business owners from several industries including real estate, art and entertainment, travel and tourism, retailing, financial services, insurance, advertising and communications, education, and manufacturing.

2003: A Look Ahead In The Nation’s Interest

This will be another active year for CED and its Trustees. Already in progress are reports on key public policy issues, including; • The federal budget and the growing structural budget deficit • Finding ways to improve science and math teaching to prepare tomorrow’s technical leaders • Corporate Governance Reform — how to restore the public’s faith in business, and • Continued work on globalization and global poverty issues.

14 SELECTED CED EVENTS – 2002

◆ January 10 Campaign Finance Reform-Business and from Chicago’s Metropolis 2020 and local business leaders Community Leaders Forum — Charles E.M. Kolb, CED discussed prekindergarden education. Chicago, IL President, participated in a money & politics panel ◆ June 3 Campaign Finance Reform: CED and Keizai Greenlining Institute. San Francisco, CA Doyukai-Joint Meeting — Washington, DC ◆ February 5 Release of Preschool For All: Investing in a ◆ August 9 Release of Justice for Hire: Improving Judicial Productive and Just Society — Keynote Speaker: The Honor- Selection — Keynote speaker: Texas Supreme Court Justice able James B. Hunt, Jr., former Governor, State of North Thomas Philips — Remarks from A. P. Carlton, president of Carolina — Remarks from Roy J. Bostock, Chairman the American Bar Association. Washington, DC Emeritus, Bcom3 Group, Inc., Adele Simmons, Vice Chair, ◆ Chicago Metropolis 2020. Washington, DC September 12 Early Education Town Hall Forum — CED-IMC, Rochester Area Community Foundation — ◆ February 25 Business Briefing on Campaign Finance Keynote speaker: Roy J. Bostock, Chairman Emeritus, Reform — CED hosted Representatives Christopher Shays Bcom3 Group, Inc. Rochester, NY and Martin Meehan for a briefing with business leaders on ◆ the prospects for passing the campaign finance reform bill September 30 CED-MetLife Foundation Education in the U.S. House of Representatives. Chicago, IL Roundtable for Business, Community and Academic leaders — Keynote speaker: Susan Lusi, Chief of Staff of Providence ◆ May 1 Release of A New Vision for Health Care: A Leader- Public Schools. Providence, RI ship Role for Business — Keynote Speaker: Dr. Mark McClellan, ◆ October 9 Early Education Town Hall Forum — CED- former member of the President’s Council of Economic Chicago Metropolis 2020 – Keynote Speaker: James B. Advisers and current Commissioner of the FDA — Remarks Hunt, Jr., former Governor of North Carolina, Chicago, IL by CED co-chairs Peter Benoliel, Chairman of the Executive — Remarks from Miles D. White, Chairman of the Board Committee of Quaker Chemical Corporation, Dr. Jerome and CEO, Abbott Laboratories; Arne Duncan, CEO, Grossman, Senior Fellow of Harvard University, and Steffen Chicago Public Schools; and George Ranney, Jr., President Palko, Vice Chairman and President of XTO Energy, Inc. & CEO, Metropolis 2020. Chicago, IL Washington, DC ◆ October 16 Early Education Business Leader Meeting — ◆ May 15 CED Board of Trustees and International CED-Buffalo Success by 6, Center for Early Care and Counterparts Meetings — The Global Economy: Prospects Education — Remarks from Roy J. Bostock, Chairman for Growth, Luncheon keynote speaker: Nobel Laureate Emeritus, Bcom3 Group, Inc.; and Warren Colville, Professor Joseph Stiglitz, Columbia University — Panel President, Buffalo News. Buffalo, NY discussion topics included: The View from Europe, The ◆ View from Asia/Pacific, and The View from the United October 25 Business Leaders’ Forum on Healthcare States and the Americas. New York, NY Coverage — With Pacific Business Group on Health — Keynote speaker: The Honorable John A. Kitzhaber, former ◆ May 15 CED Gala 60th Anniversary Dinner — Corporate Governor of Oregon — Remarks from Dr. Jerome Grossman, Citizenship Award: Guardsmark, Inc. of Memphis, TN, and its Senior Fellow, Harvard University. San Francisco, CA Chairman and President Ira A. Lipman; Excellence in Public ◆ October 30 CED-MetLife Foundation Education Policy Award: CED Trustee Frank C. Carlucci, former Secretary Roundtable for Business, Community and Academic of Defense and Chairman of The Carlyle Group; CED’s Leaders — Keynote Speaker: Thomas Menino, Mayor of International Leadership Award: Yotaro Kobayashi, Chairman, Boston. Boston, MA Fuji Xerox Co., Ltd., and Chairman of CED’s Japanese counter- part organization Keizai Doyukai; Trustee Leadership Award: ◆ November 7 CED-World Affairs Council – An event on former CED Chairman Edmund B. Fitzgerald, Managing Globalization and Poverty — Keynote speakers: William W. Director of Woodmont Associates and former Chairman of Lewis, Director Emeritus, McKinsey Global Institute; and Nortel Networks — Keynote speaker: George Soros, President, Frank Vogl, President, Vogl Communications. Soros Fund Management. New York, NY San Francisco, CA ◆ ◆ May 16 CED Board of Trustees and International November 8 CED-Stanford University, Graduate School Counterparts Meetings — The Economics and Politics of of Business — An event on Globalization and Poverty — Globalization – Luncheon Keynote speaker: Richard Keynote speakers: William W. Lewis, Director Emeritus, Holbrooke, former US Ambassador to the UN — Panel dis- McKinsey Global Institute; and Frank Vogl, President, Vogl cussions included Expanding International Trade and Invest- Communications. Palo Alto, CA ment: Providing Opportunities for Economic Growth and ◆ November 14 Research and Policy Committee Meeting Higher Incomes; Sustainable Economic Development and — Guest Speakers: Roger W. Ferguson, Vice Chair, Federal Poverty Reduction: Spreading the Benefits of Globalization; Reserve System; and Dr. Benjamin R. Barber, Professor, International Political and Economic Institutions: Supporting University of Maryland School of Public Affairs and author the International Economy. New York, NY of several books, including the best seller Jihad Versus McWorld. Washington, DC ◆ May 16 Release of A Shared Future: Reducing Global Poverty through Economic Development. New York, NY ◆ November 20 Early Education Panel Discussion, Harvard ◆ Graduate School of Education — Keynote Speaker: Roy J. May 16 CED International Counterparts Dinner — Bostock, Chairman Emeritus, Bcom3 Group, Inc. Boston, MA NASDAQ Marketsite. New York, NY ◆ December 9 Early Education Event — CED-Children’s ◆ May 31 Early Education Roundtable Meeting for Business Action Alliance — Keynote Speaker: Steffen E. Palko, Vice Leaders — CED President, Charles Kolb, and representatives Chairman and President, XTO Energy Inc. Phoenix, AZ

15 C OMMITTEE FOR E CONOMIC D EVELOPMENT DEVELOPMENT REPORT FOR 2002

CED Trustees continue to lead our dations with whom CED has enjoyed long-standing strategic development program and are personally collaborations, including Carnegie Corporation of New committed to ensuring its success. Our network of York, The Pew Charitable Trusts, The Open Society business and academic leaders continues to reach out Institute, and The Charles Stewart Mott Foundation. to their industry and regional colleagues, asking them We also received new grants from the William and Flora to become engaged in and support CED’s work. Hewlett Foundation for our work on Americans in the In spite of the lagging economy, it has been a very World, the Russell Sage Foundation, in support of CED’s good year. CED’s development efforts remain strong project on long-term economic growth strategies, and and dynamic, and in 2002 we experienced increases in the Robert Wood Johnson Foundation, for our work on private foundation support, individual contributions, the employer’s role in healthcare. and multi-year commitments. ADVISORY COUNCILS — CED established new TRUSTEE RECRUITMENT — In 2002, we leadership bodies to engage and gain the insights of recruited 40 new members to our Board of Trustees, additional representatives from our Trustee and corpo- including the CEOs of Airbus Industries of North rate member companies. Building on CED’s Trustee-led America, Inc., AMS, Inc., Bausch & Lomb, Deere & research, Advisory Councils examine current policies in Company, HCA, Nortel Networks, Northwest Mutual, a given issue area and make recommendations for policy and PricewaterhouseCoopers, and the Presidents and action as they relate to the changing environment. In Chancellors of Columbia University, George Mason 2002, the Digital Connections Council met three times University, Georgetown University, Harvard to discuss Internet Openness, Jurisdiction, Privacy, and University, University of Maryland, University of Intellectual Property Rights. Also in 2002, we began Miami, University of Notre Dame, and others. recruiting members for a Human Resources Advisory CORPORATE DEVELOPMENT — This year, we Council, to be comprised of human resources executives were pleased to welcome 50 new corporate supporters, who will work with CED on several workforce-related including Ashland, Inc., Bausch & Lomb, Baxter issues, including the aging of America’s workforce, the International, Campbell Soup Company, Coca-Cola working poor, and America’s healthcare system. Company, Cousins, HCA, IBM, United Technologies AFFINITY CAMPAIGN — We are grateful to CED Corp., United Water, Wells Fargo,and others. Trustees for their outstanding efforts and personal com- Current CED Trustees played a significant role in mitment to bringing new leaders into CED’s network of our development efforts and in securing this new sup- business executives and academicians. By reaching out port. Through a strategic Affinity Campaign, Trustees to their industry peers and regional colleagues, our have reached out to their business colleagues and Trustees have not only secured financial support for peers to endorse CED’s work and request their corpo- CED, but also engaged corporate and academic repre- rate support. Many of CED’s newest corporate contrib- sentatives in our leadership network. In addition, our utors have also become directly involved in CED’s Trustees have enhanced our Campaign Finance Reform leadership — our Board of Trustees, Program and Universal Prekindergarten endorsement campaigns. Committees, and Advisory Councils. ACADEMIC SUBSCRIPTION PROGRAM — In MULTI-YEAR COMMITMENTS — Following the 2002, we gained 20 new colleges and universities as CED success of our campaign to secure two-year commit- subscribers. CED’s program, launched in 2001, offers ments from our corporate supporters for FY2000 — an annual subscription to the academic community for FY2001, in 2002, CED launched an effort — led by our publications, newsletters, issue briefs, and invitations CED Chairman Roy J. Bostock — to secure three-year to meetings. In 2002, we successfully broadened the commitments. Beginning with Trustee company constituency engaged in CED’s policy work through the General Motors’ pledge of support for 2003-2005, this subscription program. effort has been extremely successful. We continue to FOR 2003, CED will build on 2002’s hard work, as well receive multi-year commitments that enable CED to as continue to expand the group of business, academic, plan its programs for greater impact in the long-term. and policy leaders in CED’s network. In addition, we are FOUNDATIONS — CED’s 2002 foundation cam- planning to launch new initiatives, including a Planned paign was particularly successful. We are pleased to Giving Campaign and a Small Business Membership report that renewed grants were awarded from foun- initiative.

16 CED SUPPORTERS

CED thanks its supporters ChevronTexaco Corporation The Dow Chemical Company CIGNA Corporation Electric Power Research Institute for their generous contribu- Deere & Company Harry L. Freeman tions and grants, which Frank P. Doyle GlaxoSmithKline enable us to pursue a Educational Testing Service Goldman Sachs Group, Inc. FedEx Corporation Alfred G. Goldstein dynamic agenda, focused on Edmund B. Fitzgerald Patrick W. Gross today’s most significant eco- Joseph Gantz Grossman Family Foundation Granite Broadcasting Corp. The Guardian Life Insurance nomic and social issues. The Shirley Ann Jackson Company list below represents CED’s Johnson & Johnson Judith Hamilton Manpower Inc. H. E. Butt Grocery Company major supporters. McKinsey & Company, Inc. Harman International Industries Inc. Robert and Joyce Menschel Family Judith Hernstadt Foundation Hills Enterprises, Ltd. $50,000 and over MetLife Foundation Household International, Inc. Bcom3 Group, Inc. Harvey Miller Human Genome Sciences, Inc. DaimlerChrysler Corporation Fund Morgan Stanley Inhale Therapeutic Systems, Inc. Exxon Mobil Corporation New York Stock Exchange, Inc. Korn/Ferry International Ford Motor Company Nortel Networks Corporation W. Mark Lanier General Electric Company Pacific Life Insurance Company James W. McKee, Jr. Guardsmark, LLC Pharmacia Corporation PepsiCo Foundation Merck & Co., Inc. PPL Corporation Perseus Capital, LLC Pfizer Inc. Raytheon Company Philip Morris Companies Inc. Prudential Insurance Co. of Roadway Corporation Public Service Enterprise Group, Inc. America Sara Lee Corporation Publix Super Markets, Inc. State Farm Insurance Companies Stillwell Financial Inc. Quaker Chemical Corporation Verizon Communications Target Corporation Randolph Foundation The Blackstone Group Rose Associates, Inc. The Goodyear Tire & Rubber RRE Ventures $20,000 to $49,999 Company Sallie Mae American International Group, Inc. The Home Depot, Inc. Sheridan Broadcasting Corporation American Management Systems, Inc. The Shorenstein Company Sidney Weinberg Foundation Automatic Data Processing, Inc. Thomas J. Klutznick Company TRW Inc. Bristol-Myers Squibb Company TIAA-CREF James Vincent Corning Incorporated United Technologies Corporation The Walt Disney Company Deloitte & Touche Weil, Gotshal & Manges Arnold Weber General Mills Foundation Josh S. Weston Michael Wickham General Motors Corporation Jacob J. Worenklein HCA — The Healthcare Company Wyeth $2,500 to $4,999 IBM Corporation 3M Foundation The JP Morgan Chase Foundation $5,000 to $9,999 The Company Ashland, Inc. The Horace W. Goldsmith Alberto-Culver Company Black Enterprise Magazine Foundation Apache Corporation Alan Belzer The Lanier Law Firm P.C. Ian Arnof Frank C. Carlucci United Parcel Service, Inc. Roy L. Ash The CIT Group, Inc. United Water Resources, Inc. Baxter International Inc. The Commonfund Asset Warburg Pincus LLC Peter A. Benoliel Management Co., Inc. Xerox Foundation Best Buy Company, Inc. Covington & Burling XTO Energy, Inc. Black Entertainment Televison The Diebold Institute Box USA Group, Inc. Duke University Campbell Soup Company Equitable Resources, Inc. $10,000 to $19,999 Carolyn Chin The Gillette Company A. O. Smith Corporation Classroom Connect The Goldberg Family Foundation Armstrong Holdings, Inc. CNA Insurance Companies Halliburton Company Avaya Inc. The Coca-Cola Company Hershey Foods Corporation Biogen, Inc. Consolidated Edison Co. of NY Hills & Company Roy J. Bostock Cousins Properties Historic Restoration, Inc. Brown Brothers Harriman & Co. Cross Atlantic Capital Partners Holt Family Foundation Caterpillar Inc. CSX Corporation Philip K. Howard

$2,500 to $4,999 Supporters continued on page 18

17 CED SUPPORTERS

Hubbard Broadcasting, Inc. Holborn Corporation University of Texas at El Paso Human Resource Services, Inc. Robert Holland Vanderbilt University IKON Office Solutions IGA, Inc. The Vantage Group William C. Jennings Indiana University of Pennsylvania Wayne State University Kemper Corporation Intermountain Gas Company Western Connecticut State The Liberty Corporation Jackson State University University Bruce K. MacLaury John Diebold Incorporated Western Industrial Contractors Marsh & McLennan Companies, Inc. Edward A. Kangas Clifton & Dolores Wharton National Urban League Kildare Enterprises, LLC Whittier College Nationwide Charles E. M. Kolb Wilberforce University Shure Incorpoarted C. Joseph LaBonte Margaret S. Wilson Texas Utilities Company Leviton Manufacturing Company, Inc. Wolfe Enterprises, Inc. Thomas Publishing Company The Levy Economics Institute Xavier University of Louisiana The Vanguard Group William W. Lewis Wachovia Corporation Louisiana State University Wells Fargo & Company Loyola Marymount University Project Funders Colette Mahoney Arnof Family Foundation Manhattan College Carnegie Corporation of New York $2,499 and under Ellen R. Marram The William and Flora Hewlett Ackman-Ziff Real Estate Group LLC Oscar G. Mayer Foundation Adelphi University John McGillicuddy IBM Foundation Alliant Energy Corporation Monadnock Paper Mills, Inc. The Charles Stewart Mott Ameritas Life Insurance Corp. Sandra O. Moose Foundation Atlas Electric Devices Company National Cooperative Refinery Open Society Institute Avenir Group, Inc. Association The Pew Charitable Trusts Baker College of Jackson Niagara Mohawk Power The Robert Wood Johnson Baruch College Corporation Foundation Baylor University Matthew Nimetz Russell Sage Foundation Henry Becton North Carolina Farm Bureau Belz Enterprises Ocwen Financial Corporation Endowments Boston Properties, Inc. Preformed Line Products Company The Roy L. Ash Program in John Brademas S. L. Prendergast American Governance Brown University James Riordan (given by Mr. Ash) Bunge Corporation Rowan University Callaway Company Stephen Sanger The Owen B. Butler Program in Carl H. Pforzheimer & Co. Ralph Saul Education Studies Central Bancompany ShoreBank Corporation (given by Daiwa Securities Co., Ltd.) Hugh Chapman John Siciliano ChemFirst Inc. Rocco C. Siciliano The Edmund B. Fitzgerald CNF Inc. Snap-on Incorporated Program in International Studies Columbia University Sony Corporation of America (given by Northern Telecom) Country Insurance and Financial The Stanley Group Services Paula Stern The Philip M. Klutznick Program in Cumberland County College Donald M. Stewart Urban Studies The Dickson Foundation Inc. Matthew Stover (given by Mr. Klutznick) Irwin Dorros Susquehanna Pfaltzgraff Co. The Philip D. Reed Program in Dunphy Family Foundation T. Rowe Price Associates, Inc. Energy and the Environment Christopher Earl Michael Tarnopol (given by the Philip D. Reed Earl G. Graves Publishing Co., Inc. Maurice Tempelsman Foundation) Eastern Michigan University Texas Southern University W. D. Eberle Texas Tech University El Centro College Stephen Trachtenberg Elliott Turbo Machinery Co., Inc. University of Alaska FirstEnergy Corporation University of Connecticut General Atlantic Partners University of Illinois Granite Construction Inc. University of Montana GreenPoint Financial Corp. University of Nebraska Richard Hanselman University of North Carolina Hendrix College University of North Texas The Hillman Company University of Pittsburgh Hillsborough Community College

18 CED TRUSTEES ELECTED 2002

COUNTESS MARIA BEATRICE ARCO Partner American Asset Corporation

MERRILL J. BATEMAN President Brigham Young University

LEE BOLLINGER President Columbia University

JACK O. BOVENDER, JR. Chairman and CEO HCA Inc.

TONY BUZZELLI Deputy Managing Partner Deloitte & Touche LLP

DARALD W. CALLAHAN Executive Vice President ChevronTexaco Corporation

DAVID CAPUTO CED was pleased to welcome 35 new Trustees to its Board in 2002. W. Mark Lanier, President Partner, The Lanier Law Firm, PC, joined CED as a Trustee in 2002 and is seen Pace University here with CED President Charles E.M. Kolb. Mr. Lanier has taken an active role in CED’s judicial selection work. MICHAEL CHESSER Chairman and CEO United Water

W. BOWMAN CUTTER Managing Director WILLIAM E. KIRWAN BERTRAM L. SCOTT Warburg Pincus Chancellor President University System of Maryland TIAA-CREF Life Insurance Company PAUL DANOS Dean BENJAMIN LADNER DONNA SHALALA The Amos Tuck School of Business President President Administration American University University of Miami Dartmouth University ROBERT LANE JUDITH SHAPIRO JOHN J. DEGIOIA Chairman, President and CEO President President Deere & Company Barnard College Georgetown University W. MARK LANIER JOHN F. SMITH, JR. SAMUEL DIPIAZZA Partner Chairman Global Chief Executive The Lanier Law Firm, P.C. General Motors Corporation PricewaterhouseCoopers REV. EDWARD A. MALLOY LAWRENCE SUMMERS FRANK A. DUNN President President President and CEO University of Notre Dame Harvard University Nortel Networks ALLAN MCARTOR TALLMAN TRASK, III DIANA FARRELL Chairman Executive Vice President Director Airbus North America, Inc. Duke University McKinsey Global Institute ALFRED T. MOCKETT JACOB J. WORENKLEIN G. STEVEN FARRIS Chairman and CEO Managing Director President, CEO and COO AMS Corporation Societe Generale Apache Corporation GEORGE RANNEY, JR. RONALD ZARELLA PAMELA B. GANN President and CEO Chairman and CEO President Chicago Metropolis 2020 Bausch & Lomb Claremont McKenna University JAMES D. ROBINSON, III ED ZORE RICHARD HERSH General Partner and Founder Chairman and CEO President RRE Ventures Northwestern Mutual Trinity College

19 CED TRUSTEES

Chairman MELVYN E. BERGSTEIN ROBERT CHESS Chairman and Chief Executive Officer Chairman ROY J. BOSTOCK Diamond Cluster International, Inc. Nektar Therapeutics Chairman Emeritus Bcom3 Group, Inc. DEREK BOK MICHAEL CHESSER President Emeritus Chairman and Chief Executive Officer Harvard University United Water Vice Chairmen National Chair Common Cause CAROLYN CHIN GEORGE H. CONRADES Chairman Vice Chairman LEE C. BOLINGER Commtouch/C3 Partners Akamai Technologies, Inc. President Columbia University * JOHN L. CLENDENIN JAMES A. JOHNSON Retired Chairman Vice Chairman JACK O. BOVENDER, JR. BellSouth Corporation Perseus, LLC Chairman and Chief Executive Officer HCA Inc. FERDINAND COLLOREDO-MANSFELD ARTHUR F. RYAN Chairman and Chief Executive Officer Chairman and Chief Executive Officer JOHN BRADEMAS Cabot Properties, Inc. The Prudential Insurance Company of President Emeritus America New York University JAMES P. CORCORAN Consultant FREDERICK W. TELLING JOSEPH BRANDON DAVID M. COTE Vice President Corporate Strategic Planning Chairman, President and Chief Executive Officer President and Chief Executive Officer and Policy Division General RE Corporation Pfizer Inc. Honeywell International Inc. WILLIAM E. BROCK STEPHEN A. CRANE Chairman Chairman, President and Chief Executive Officer Bridges Learning Systems, Inc. REX D. ADAMS Stirling Cooke Brown Holdings Limited Professor of Business Administration THOMAS J. BUCKHOLTZ W. BOWMAN CUTTER The Fuqua School of Business Executive Vice President Managing Director Duke University Beyond Insight Corporation Warburg Pincus PAUL A. ALLAIRE MICHAEL BUNGEY PAUL DANOS Retired Chairman Chief Executive Officer Dean Xerox Corporation Cordiant Communications Group The Amos Tuck School of Business COUNTESS MARIA BEATRICE ARCO TONY BUZZELLI Dartmouth College Partner Deputy Managing Partner RONALD R. DAVENPORT American Asset Corporation Deloitte & Touche LLP Chairman of the Board IAN ARNOF * FLETCHER L. BYROM Sheridan Broadcasting Corporation Retired Chairman President and Chief Executive Officer JOHN T. DEE Bank One, Louisiana, N.A. MICASU Corporation Chairman and Chief Executive Officer MERRILL J. BATEMAN DONALD R. CALDWELL Volume Services America President Chairman and Chief Executive Officer JOHN J. DEGIOIA Brigham Young University Cross Atlantic Capital Partners President JAMES S. BEARD DARALD W. CALLAHAN Georgetown University President Executive Vice President ROBERT M. DEVLIN Caterpillar Financial Services Corp. ChevronTexaco Corporation Former Chairman and Chief Executive Officer HENRY P. BECTON, JR. DAVID A. CAPUTO American General Corporation President and General Manager President JOHN DIEBOLD WGBH Educational Foundation Pace University Chairman THOMAS D. BELL, JR. FRANK C. CARLUCCI John Diebold Incorporated President and Chief Executive Officer Chairman Emeritus SAM DIPIAZZA Cousins Properties The Carlyle Group Global Chief Executive ALAN BELZER JOHN B. CAVE PricewaterhouseCoopers Retired President and Chief Operating Officer Principal LINDA M. DISTLERATH AlliedSignal Inc. Avenir Group, Inc. Vice President, Global Health Policy PETER A. BENOLIEL RAYMOND G. CHAMBERS Merck & Co., Inc. Chairman, Executive Committee Chairman of the Board IRWIN DORROS Quaker Chemical Corporation Amelior Foundation President Dorros Associates

20 *Life Trustee * FRANK P. DOYLE THOMAS P. GERRITY RICHARD H. HERSH Retired Executive Vice President Dean Emeritus President General Electric Company The Wharton School Trinity College University of Pennsylvania PHILIP DUKE JOSEPH D. HICKS Executive Vice President, Retired FREDERICK W. GLUCK Retired President and Chief Executive Officer Lockheed Martin Corporation Of Counsel Siecor Corporation McKinsey & Company, Inc. FRANK DUNN HEATHER HIGGINS President and Chief Executive Officer CAROL R. GOLDBERG President Nortel Networks President Randolph Foundation The AvCar Group, Ltd. T. J. DERMOT DUNPHY RODERICK M. HILLS Chairman ALFRED G. GOLDSTEIN Chairman Kildare Enterprises, LLC President and Chief Executive Officer Hills Enterprises, Ltd. AG Associates CHRISTOPHER D. EARL HAYNE HIPP Managing Director JOSEPH T. GORMAN President and Chief Executive Officer Perseus Capital, LLC Retired Chairman The Liberty Corporation TRW Inc. W. D. EBERLE DEBORAH C. HOPKINS Chairman RICHARD A. GRASSO Chief Corporate Strategy Officer Manchester Associates, Ltd. Chairman and Chief Executive Officer Citigroup, Inc. New York Stock Exchange, Inc. ROBERT A. ESSNER PAUL M. HORN President and Chief Executive Officer EARL G. GRAVES, SR. Senior Vice President, Research Wyeth Publisher and Chief Executive Officer IBM Corporation Black Enterprise Magazine DIANA FARRELL MATINA S. HORNER Director WILLIAM H. GRAY, III Executive Vice President McKinsey Global Institute President and Chief Executive Officer TIAA-CREF The College Fund G. STEVEN FARRIS PHILIP K. HOWARD President, Chief Executive Officer and Chief GERALD GREENWALD Vice Chairman Operating Officer Chairman Covington & Burling Apache Corporation Greenbriar Equity ROBERT J. HURST KATHLEEN FELDSTEIN BARBARA B. GROGAN Vice Chairman President President The Goldman Sachs Group, Inc. Economics Studies, Inc. Western Industrial Contractors SHIRLEY ANN JACKSON E. JAMES FERLAND PATRICK W. GROSS President Chairman, President and Chief Executive Officer Chairman Rensselaer Polytechnic Institute Public Service Enterprise Group Inc. The Lovell Group Founder and Senior Advisor WILLIAM C. JENNINGS * EDMUND B. FITZGERALD American Management Systems, Inc. Chairman Managing Director US Interactive, Inc. Woodmont Associates JEROME H. GROSSMAN, M.D. Senior Fellow JEFFREY A. JOERRES HARRY L. FREEMAN John F. Kennedy School of Government President and Chief Executive Officer Chair Harvard University Manpower Inc. The Mark Twain Institute RONALD GRZYWINSKI L. OAKLEY JOHNSON MITCHELL S. FROMSTEIN Chairman Senior Vice President, Corporate Affairs Chairman Emeritus Shorebank Corporation American International Group Manpower Inc. JUDITH H. HAMILTON ROBERT M. JOHNSON PAMELA B. GANN Former President and Chief Executive Officer Chairman and Chief Executive Officer President Classroom Connect Bowne & Co., Inc. Claremont McKenna College WILLIAM A. HASELTINE VAN E. JOLISSAINT JOSEPH GANTZ Chairman and Chief Executive Officer Corporate Economist, Retired Partner Human Genome Sciences, Inc. DaimlerChrysler Corporation GG Capital, LLC WILLIAM F. HECHT H.V. JONES E. GORDON GEE Chairman, President and Chief Executive Officer Managing Director Chancellor PPL Corporation Korn/Ferry International Vanderbilt University WILLIAM HENDERSON PRES KABACOFF Former Postmaster General President and Co-Chairman Historic Restoration, Inc.

*Life Trustee 21 CED TRUSTEES

EDWARD A. KANGAS ELLEN R. MARRAM SANDRA PANEM Chairman and Chief Executive Officer, Retired Partner Partner Deloitte Touche Tohmatsu North Castle Partners Cross Atlantic Partners, Inc.

JOSEPH E. KASPUTYS ALLAN MCARTOR JERRY PARROTT Chairman, President and Chief Executive Officer Chairman Vice President, Corporate Communications Global Insight, Inc. Airbus North America, Inc. Human Genome Sciences, Inc.

WILLIAM E. KIRWAN ALONZO L. MCDONALD CAROL J. PARRY Chancellor Chairman and Chief Executive Officer President University System of Maryland Avenir Group, Inc. Corporate Social Responsibility Associates

THOMAS J. KLUTZNICK EUGENE R. MCGRATH VICTOR A. PELSON President Chairman, President and Chief Executive Officer Senior Advisor Thomas J. Klutznick Company Consolidated Edison Company of UBS Warburg LLC New York, Inc. CHARLES F. KNIGHT DONALD K. PETERSON Chairman DAVID E. MCKINNEY President and Chief Executive Officer Emerson Electric Co. President Avaya Inc. The Metropolitan Museum of Art CHARLES E.M. KOLB PETER G. PETERSON President DEBORAH HICKS MIDANEK Chairman Committee for Economic Development Principal The Blackstone Group Glass & Associates, Inc. C. JOSEPH LABONTE TODD E. PETZEL Chairman HARVEY R. MILLER President The Vantage Group Managing Director Azimuth Alternative Asset Management LLP Greenhill & Co., LLC BENJAMIN LADNER RAYMOND PLANK, President ALFRED T. MOCKETT Chairman American University Chairman and Chief Executive Officer Apache Corporation American Management Systems, Inc. KURT M. LANDGRAF ARNOLD B. POLLARD President and Chief Executive Officer NICHOLAS G. MOORE President and Chief Executive Officer Educational Testing Service Senior Advisor The Chief Executive Group Bechtel Corporation ROBERT W. LANE HUGH B. PRICE Chairman and Chief Executive Officer DIANA S. NATALICIO President Deere & Company President National Urban League The University of Texas at El Paso W. MARK LANIER GEORGE A. RANNEY, JR. Partner MARILYN CARLSON NELSON President and Chief Executive Officer The Lanier Law Firm, P.C. Chairman, President and Chief Executive Officer Chicago Metropolis 2020 Carlson Companies, Inc. CHARLES R. LEE NED REGAN Chairman MATTHEW NIMETZ President Verizon Communications Partner Baruch College General Atlantic Partners WILLIAM W. LEWIS JAMES Q. RIORDAN Director Emeritus THOMAS H. O’BRIEN Chairman McKinsey Global Institute Chairman of the Executive Committee Quentin Partners Co. McKinsey & Company, Inc. PNC Financial Services Group, Inc. E. B. ROBINSON, JR. IRA A. LIPMAN DEAN R. O’HARE Chairman Emeritus Chairman of the Board and President Chairman and Chief Executive Officer, Retired Deposit Guaranty Corporation Guardsmark, Inc. Chubb Corporation JAMES D. ROBINSON, III BRUCE K. MACLAURY RONALD L. OLSON General Partner and Founder President Emeritus Partner RRE Ventures The Brookings Institution Munger, Tolles & Olson ROY ROMER COLETTE MAHONEY ROBERT J. O’TOOLE Former Governor of Colorado President Emeritus Chairman and Chief Executive Officer Superintendent, Los Angeles Unified Marymount Manhattan College A.O. Smith Corporation School District

EDWARD A. MALLOY STEFFEN E. PALKO DANIEL ROSE President Vice Chairman and President Chairman University of Notre Dame XTO Energy, Inc. Rose Associates, Inc.

*Life Trustee 22 HOWARD M. ROSENKRANTZ JOHN F. SMITH, JR. FRANK VOGL Chief Executive Officer Chairman President Grey Flannel Auctions General Motors Corporation Vogl Communications

LANDON H. ROWLAND DAVID A. SPINA DONALD C. WAITE, III Chairman Chairman and Chief Executive Officer Director Janus Capital Group Inc.Ï State Street Corporation McKinsey & Company, Inc.

NEIL L. RUDENSTINE ALAN G. SPOON HERMINE WARREN Chair, ArtStor Advisory Board Managing General Partner President The Andrew Mellon Foundation Polaris Ventures Hermine Warren Associates, Inc.

GEORGE RUPP STEPHEN STAMAS ARNOLD R. WEBER President Chairman President Emeritus International Rescue Committee The American Assembly Northwestern University

EDWARD B. RUST, JR. PAULA STERN JOSH S. WESTON Chairman and Chief Executive Officer President Honorary Chairman State Farm Insurance Companies The Stern Group, Inc. Automatic Data Processing, Inc.

MARGUERITE W. SALLEE DONALD M. STEWART CLIFTON R. WHARTON, JR. Chairman and Chief Executive Officer President and Chief Executive Officer Former Chairman and Chief Executive Officer Brown Schools The Chicago Community Trust TIAA-CREF

STEPHEN W. SANGER ROGER W. STONE DOLORES D. WHARTON Chairman and Chief Executive Officer Chairman and Chief Executive Officer Former Chairman and Chief Executive Officer General Mills, Inc. Box USA Group, Inc. The Fund for Corporate Initiatives, Inc.

BERTRAM L. SCOTT MATTHEW J. STOVER RICHARD WHEELER President President Chief Executive Officer TIAA-CREF Life Insurance Company LKM Ventures InContext Data Systems, Inc.

MICHAEL M. SEARS LAWRENCE SUMMERS MICHAEL W. WICKHAM Senior Vice President and Chief Financial Officer President Chairman and Chief Executive Officer The Boeing Company Harvard University Roadway Express, Inc.

JOHN E. SEXTON RICHARD J. SWIFT HAROLD M. WILLIAMS President Chairman, President and Chief Executive Officer President Emeritus New York University Foster Wheeler Corporation The J. Paul Getty Trust

DONNA SHALALA RICHARD F. SYRON L. R. WILSON President President and Chief Executive Officer Chairman University of Miami Thermo Electron Corporation Nortel Networks Corporation

JUDITH SHAPIRO HENRY TANG LINDA SMITH WILSON President Chairman President Emerita Barnard College Committee of 100 Radcliffe College

WALTER H. SHORENSTEIN JAMES A. THOMSON MARGARET S. WILSON Chairman of the Board President and Chief Executive Officer Chairman and Chief Executive Officer The Shorenstein Company RAND Scarbroughs

* GEORGE P. SHULTZ THOMAS J. TIERNEY JACOB J. WORENKLEIN Distinguished Fellow Founder Global of Project & Sectorial Finance The Hoover Institution The Bridgespan Group Societe Generale Stanford University STOKLEY P. TOWLES KURT E. YEAGER JOHN C. SICILIANO Partner President and Chief Executive Officer Director Brown Brothers Harriman & Co. Electric Power Research Institute Global Institutional Services Dimensional Fund Advisors STEPHEN JOEL TRACHTENBERG RONALD L. ZARELLA President Chairman and Chief Executive Officer RUTH J. SIMMONS The George Washington University Bausch & Lomb, Inc. President Brown University TALLMAN TRASK, III MARTIN B. ZIMMERMAN Executive Vice President Vice President, Corporate Affairs FREDERICK W. SMITH Duke University Ford Motor Company Chairman, President and Chief Executive Officer EDWARD ZORE Federal Express Corporation JAMES L. VINCENT Chairman, Retired President and Chief Executive Officer Biogen, Inc. The Northwestern Mutual Life Insurance Co.

*Life Trustee 23 CED HONORARY TRUSTEES

RAY C. ADAM RALPH P. DAVIDSON LEON C. HOLT, JR. Retired Chairman Washington, D.C. Retired Vice Chairman NL Industries Air Products and Chemicals, Inc. ALFRED C. DECRANE, JR. ROBERT O. ANDERSON Retired Chairman and Chief Executive SOL HURWITZ Retired Chairman Officer Retired President Hondo Oil & Gas Company Texaco, Inc. Committee for Economic Development

ROY L. ASH ROBERT R. DOCKSON GEORGE F. JAMES Los Angeles, California Chairman Emeritus Ponte Vedra Beach, Florida CalFed, Inc. SANFORD S. ATWOOD DAVID KEARNS President Emeritus LYLE EVERINGHAM Chairman Emeritus Retired Chairman New American Schools The Kroger Co. ROBERT H. B. BALDWIN GEORGE M. KELLER Retired Chairman THOMAS J. EYERMAN Retired Chairman of the Board Morgan Stanley Group Inc. Retired Partner Chevron Corporation Skidmore, Owings & Merrill GEORGE F. BENNETT FRANKLIN A. LINDSAY Chairman Emeritus DON C. FRISBEE Retired Chairman State Street Investment Trust Chairman Emeritus Itek Corporation PacifiCorp HAROLD H. BENNETT ROBERT W. LUNDEEN Salt Lake City, Utah RICHARD L. GELB Retired Chairman Chairman Emeritus The Dow Chemical Company JACK F. BENNETT Bristol-Myers Squibb Company Retired Senior Vice President RICHARD B. MADDEN Exxon Corporation W. H. KROME GEORGE Retired Chairman and Chief Executive Retired Chairman Officer HOWARD W. BLAUVELT ALCOA Potlatch Corporation Keswick, Virginia WALTER B. GERKEN AUGUSTINE R. MARUSI MARVIN BOWER Retired Chairman and Chief Executive Lake Wales, Florida Delray Beach, Florida Officer WILLIAM F. MAY ALAN S. BOYD Pacific Life Insurance Company Chairman and Chief Executive Officer Lady Lake, Florida LINCOLN GORDON Statue of Liberty-Ellis Island ANDREW F. BRIMMER Guest Scholar Foundation, Inc. President The Brookings Institution OSCAR G. MAYER Brimmer & Company, Inc. JOHN D. GRAY Retired Chairman PHILIP CALDWELL Chairman Emeritus Oscar Mayer & Co. Retired Chairman Hartmarx Corporation GEORGE C. MCGHEE Ford Motor Company RICHARD W. HANSELMAN Former U.S. Ambassador and Under HUGH M. CHAPMAN Chairman ` Secretary of State Retired Chairman Health Net Inc. JOHN F. MCGILLICUDDY NationsBank South ROBERT S. HATFIELD Retired Chairman and Chief Executive E. H. CLARK, JR. Retired Chairman Officer Chairman and Chief Executive Officer The Continental Group, Inc. Chemical Banking Corporation The Friendship Group ARTHUR HAUSPURG JAMES W. MCKEE, JR. A.W. CLAUSEN Member, Board of Trustees Retired Chairman Retired Chairman and Chief Executive Consolidated Edison Company of CPC International, Inc. Officer New York, Inc. CHAMPNEY A. MCNAIR BankAmerica Corporation PHILIP M. HAWLEY Retired Vice Chairman DOUGLAS D. DANFORTH Retired Chairman of the Board Trust Company of Georgia Executive Associates Carter Hawley Hale Stores, Inc. J. W. MCSWINEY JOHN H. DANIELS ROBERT C. HOLLAND Retired Chairman of the Board Retired Chairman and Chief Executive Senior Fellow The Mead Corporation Officer The Wharton School Archer-Daniels Midland Co. University of Pennsylvania

24 ROBERT E. MERCER RUDOLPH A. PETERSON MARK SHEPHERD, JR. Retired Chairman President and Chief Executive Officer Retired Chairman The Goodyear Tire & Rubber Co. Emeritus Texas Instruments, Inc. BankAmerica Corporation RUBEN F. METTLER ROCCO C. SICILIANO Retired Chairman and Chief Executive DEAN P. PHYPERS Beverly Hills, California Officer New Canaan, Connecticut ELMER B. STAATS TRW Inc. EDMUND T. PRATT, JR. Former Controller General of the United States LEE L. MORGAN Retired Chairman and Chief Executive FRANK STANTON Former Chairman of the Board Officer Former President Caterpillar, Inc. Pfizer Inc. CBS, Inc. ROBERT R. NATHAN ROBERT M. PRICE EDGAR B. STERN, JR. Chairman Former Chairman and Chief Executive Chairman of the Board Nathan Associates, Inc. Officer Royal Street Corporation Control Data Corporation J. WILSON NEWMAN ALEXANDER L. STOTT Retired Chairman JAMES J. RENIER Fairfield, Connecticut Dun & Bradstreet Corporation Renier & Associates WAYNE E. THOMPSON JAMES J. O’CONNOR IAN M. ROLLAND Past Chairman Former Chairman and Chief Executive Former Chairman and Chief Executive Merritt Peralta Medical Center Officer Officer Unicom Corporation Lincoln National Corporation THOMAS A. VANDERSLICE TAV Associates LEIF H. OLSEN AXEL G. ROSIN President Retired Chairman SIDNEY J. WEINBERG, JR. LHO GROUP Book-of-the-Month Club, Inc. Senior Director The Goldman Sachs Group, Inc. NORMA PACE WILLIAM M. ROTH President Princeton, New Jersey ROBERT C. WINTERS Paper Analytics Associates Chairman Emeritus WILLIAM RUDER Prudential Insurance Company of CHARLES W. PARRY William Ruder Incorporated America Retired Chairman RALPH S. SAUL ALCOA RICHARD D. WOOD Former Chairman of the Board Director WILLIAM R. PEARCE CIGNA Companies Eli Lilly and Company Director GEORGE A. SCHAEFER American Express Mutual Funds CHARLES J. ZWICK Retired Chairman of the Board Coral Gables, Florida JOHN H. PERKINS Caterpillar, Inc. Former President ROBERT G. SCHWARTZ Continental Illinois National Bank and New York, New York Trust Company

25 CED RESEARCH ADVISORY BOARD

RALPH D. CHRISTY ROBERT W. HAHN RUDOLPH G. PENNER J. Thomas Clark Professor Resident Scholar Senior Fellow Department of Agricultural, Resource, American Enterprise Institute The Urban Institute and Managerial Economics Cornell University HELEN F. LADD CECILIA E. ROUSE Professor of Public Policy Studies Professor of Economics and ALAIN C. ENTHOVEN and Economics Public Affairs Marriner S. Eccles Professor of Public and Sanford Institute of Public Policy Woodrow Wilson School Private Management Duke University Princeton University Stanford University Graduate School of Business ROBERT LITAN JOHN P. WHITE Vice President, Director of Economic Lecturer in Public Policy BENJAMIN M. FRIEDMAN Studies John F. Kennedy School of Government William Joseph Maier Professor of The Brookings Institution Harvard University Political Economy Harvard University WILLIAM D. NORDHAUS Sterling Professor of Economics Cowles Foundation Yale University

DIGITAL CONNECTIONS COUNCIL

Council Chair: PATRICK W. GROSS JOHN LEE Chairman Director of IT PAUL M. HORN The Lovell Group Nektar Therapeutics Sr. Vice President, Research Founder & Senior Advisor, AMS IBM Corporation PAUL MANKIEWICH MARK GULLING Lucent Technologies Chief Information Officer Council Members: Eastman Kodak Company ELLIOT MAXWELL Former Member CAROLYN CHIN DEBORAH C. HOPKINS President Clinton’s Internet Task Force Chairman Chief Corporate Strategy Officer Commtouch/C3 Partners Citigroup Inc. TARIQ K. MUHAMMAD Interactive Media Director IRWIN DORROS EDWARD HOROWITZ Earl G. Graves Publishing/Black Enterprise President Chairman Magazine Dorros Associates EdsLink ROBERT W. OBEE HARRIET EDELMAN RICHARD HOWARD Vice President and CIO Senior Vice President and Chief Information Senior Vice President, Technology Roadway Express, Inc. Officer PnP Networks, Inc. Avon Products HILARIE ORMAN LARRY JACKEL Chief Software Architect REGINALD C. FOSTER Senior Vice President, Retired Volera Chairman AT&T PC Harvest LLP LOUIS L. RANA RAY JORDAN Vice President WILLIAM FRIEL Vice President, Communications and ConEdison Senior Vice President and Chief Information Information Officer Pfizer, Inc. MATTHEW J. STOVER Prudential Financial Chairman JOHN KOLB LKM Ventures LLC JOSEPH GANTZ Chief Information Officer Partner Rensselaer Polytechnic Institute ANDREW STRICKER GG Capital Assoc. Provost — Innovation through CAMPBELL LANGDON Technology Corporate Vice President, Strategic Development Vanderbilt University Automatic Data Processing

26 CED PROFESSIONAL AND ADMINISTRATIVE STAFF

CHARLES E.M. KOLB President

Research Communications/Government Relations Finance and Administration

EVERETT M. EHRLICH MICHAEL J. PETRO LAURIE LEE Senior Vice President and Vice President and Director of Chief Financial Officer and Vice President Director of Research Business and Government Policy of Finance and Administration and Chief of Staff GLORIA Y. CALHOUN JANET HANSEN MORGAN BROMAN Office Manager Vice President and Director Director of Communications of Education Studies HOOJU CHOI CHRIS DREIBELBIS Database Administrator ELLIOT SCHWARTZ Business and Government Policy Vice President and Director Associate SHARON A. FOWKES of Economic Studies Executive Assistant to the President CHRISTINE S. RYAN VAN DOORN OOMS Program Director JEFFREY SKINNER Senior Fellow Senior Accountant/Grants Administrator ROBIN SAMERS MELISSA GESELL Assistant Director of Communications RACQUEL TUPAZ Research Associate Senior Accountant/Financial Reporting

DAVID KAMIN Development AMANDA TURNER Research Associate Office Manager MARTHA E. HOULE Vice President for Development and JEFF LOESEL PATRICE WILLIAMS Secretary of the Board of Trustees Research Associate Receptionist CAROLINA LOPEZ NORA LOVRIEN Manager, Development Research Associate NICHOLE REMMERT Advisor on International Foundation Relations Manager Economic Policy RICHARD M. RODERO ISAIAH FRANK Director of Development William L. Clayton Professor of International Economics The Johns Hopkins University

27 CED COUNTERPART ORGANIZATIONS

Close relations exist between the Committee for Economic Development and independent, nonpolitical research organiza- tions in other countries. Such counterpart groups are composed of business executives and scholars and have objectives similar to those of CED, which they pursue by similarly objective methods. CED cooperates with these organizations on research and study projects of common interest to the various countries concerned. This program has resulted in a number of joint policy statements involving such international matters as energy, assistance to devel- oping countries, and the reduction of nontariff barriers to trade.

CE Circulo de Empresarios Madrid, Spain

CEAL Consejo Empresario de America Latina Buenos Aires, Argentina

CEDA Committee for Economic Development of Australia Sydney, Australia

CIRD China Institute for Reform and Development Hainan, People’s Republic of China

EVA Centre for Finnish Business and Policy Studies Helsinki, Finland

FAE Forum de Administradores de Empresas Lisbon, Portugal

IDEP Institut de l’Entreprise Paris, France

IW Institut der deutschen Wirtschaft Köln Cologne, Germany

Committee for Economic Keizai Doyukai Development Tokyo, Japan 2000 L Street, N.W., Suite 700 SMO Stichting Maatschappij en Onderneming Washington, D.C. 20036 The Netherlands (Telephone) 202-296-5860 (Fax) 202-223-0776

SNS Studieförbundet Naringsliv och Samhälle 261 Madison Avenue Stockholm, Sweden New York, New York 10016 (Telephone) 212-688-2063 (Fax) 212-758-9068

www.ced.org