5 steps to ensure strong corporate governance. We reiterated clear expectations for ethical  behavior. We instituted a broad-based Financial Stewardship program – more than 18 months  ago – to provide even more focus on fiduciary responsibilities, internal controls and  accounting processes. We continue to engage openly with P&G's Board of Directors, and  with the Board's Audit Committee, which is comprised entirely of independent directors. And  we maintain an independent relationship with Deloitte & Touche, including formal processes  to approve non-audit services. These practices are consistent with the way P&G has operated  for decades, and we are continually renewing the organization’s commitment to them.  accounting processes. We continue to engage openly with P&G’s Board of Directors, and with  the Board’s Audit Committee, which is comprised entirely of independent directors. And we  maintain an independent relationship with Deloitte & Touche, including formal processes to  approve non-audit services. These practices are consistent with the way P&G has operated for  decades, and we are continually renewing the organization’s commitment to them.  Organizational structure.  P&G’s unique operating structure is creating meaningful  competitive advantage. In 1999, we reorganized the Company by consolidating categories  and brands into Global Business Units (GBUs), aggregating country and regional go-to-market  capabilities into Market Development Organizations (MDOs) and providing single-source  business services through a Global Business Services organization (GBS). It has taken some  time to implement, but we’re now reaping real advantage from consumer and market  responsiveness and the substantial synergies made possible by the new structure. The success  of Pampers Baby Stages of Development initiative in the United Kingdom is one good  example. The business unit focused on delivering superior product, packaging and  advertising; the MDO delivered an outstanding trial plan, superior in-store fundamentals and  strong External Relations support. By “dividing and conquering” against a common business  strategy and plan, we achieved more, faster. Since the launch, Pampers’ U.K. market share  is back to 51%, 16 points ahead of the #2 brand.  responsiveness and the substantial synergies made possible by the new structure. The success of Pampers Baby Stages of Development initiative in the United Kingdom is one good example. The business unit focused on delivering superior product, packaging and  Brand building.  Branding is more important than ever – and big, leading brands are more  valuable than ever. In a sea of choices where confusion reigns, consumers value the reliable  promise of their favorite brands. This plays to our strength: branding is in P&G’s DNA. P&G  has 12 billion-dollar brands in its portfolio today – and more are expected to come. These  brands represent more than half of the Company’s sales and profits. Equally important, these  brands account for the majority of P&G’s consumer interactions – the millions of “moments  of truth” we face and win every day.  brands represent more than half of the Company’s sales and earnings. Equally important,  these brands account for the majority of P&G’s consumer interactions – the millions of  “moments of truth” we face and win every day. 