To further encourage the alignment of management and shareowner interests, UTC's board of directors has adopted stock ownership guidelines for members of the board of directors and for UTC's most senior management group, effective April 1, 2005. The CEO is required to own shares or share equivalents having a value equal to five times base salary within five years of attaining that position. Members of the senior management group are required to own shares or share equivalents having a value equal to three times their base salary within five years of joining the senior management group. Nonemployee members of the board of directors are required to own shares or share equivalents having a value equal to $300,000 within five years of joining the board of directors.