The Committee’s responsibilities include, among other items, (a) approval of the company’s Investment Policy including the investment guidelines and asset allocation ranges set forth therein, (b) oversight of the company’s investment transactions and its outside investment managers to determine whether such investment transactions are in accordance with the company’s Investment Policy, (c) ensuring that appropriate selection criteria are developed to identify and select the company’s outside investment managers and periodically reviewing the performance of the company’s outside investment managers, (d) oversight of management’s administration of the company’s investment portfolio, including recommended strategic asset allocations and the performance of the portfolio under anticipated and stress test scenarios, and (e) approval of any company derivative policy and review of management analysis and reports on potential hedging programs and derivative transactions.