Board Meetings

While the board is not involved in the day-to-day operations of Williams, directors are kept informed about the business through discussions with the CEO and other officers, by reviewing analyses and reports provided to them on a regular basis and by participating in board and committee meetings. The standard practice for frequency of board meetings is to meet at least six times a year, however, the board meets frequently as necessary to conduct the business of the corporation. The board of directors held 15 meetings during 2004. No director attended less than 75 percent of the board and committee meetings

The independent, non-management directors meet without the CEO present at the beginning of each regularly scheduled board meeting.