Board of Directors and Corporate Governance.................................................................................................................. PS - 11 The Board, In General...................................................................................................................................... PS - 11 The Role of the Board in Corporate Governance.............................................................................. PS - 11 Executive Sessions of Non-management Directors/Presiding Non-management Director................................................................................................................................................................... PS - 11 Communication with Non-management Directors........................................................................ PS - 11 Director Attendance at Annual Meeting............................................................................................... PS - 12 Independent Directors Constitute a Majority of the Board........................................................ PS - 12 Meetings and Attendance during Fiscal 2007.................................................................................... PS - 13 Committees of the Board............................................................................................................................... PS - 14 Self-Evaluation..................................................................................................................................................... PS - 16 Resignation on Job Change or New Directorship............................................................................. PS - 16 Business Conduct Policy and Code of Ethics...................................................................................... PS - 16 Limitation on Adoption of Poison Pill Plans........................................................................................ PS - 17 Transactions with Related Persons............................................................................................................................................ PS - 17 Report of the Audit Committee.................................................................................................................................................. PS - 18 Executive Officers of the Company.......................................................................................................................................... PS - 19 Compensation of the CEO and Other Executive Officers............................................................................................ PS - 21 Compensation Discussion and Analysis................................................................................................ PS - 21 Report of the Compensation Committee.............................................................................................................................. PS - 31 Summary Compensation Table................................................................................................................................................... PS - 32 Grants of Plan-Based Awards........................................................................................................................................................ PS - 35 Equity Compensation Plan Information................................................................................................................................ PS - 36 Discussion of Summary Compensation Table and Grants of Plan-Based Awards............................................ PS - 37 Non-Equity Incentive Plan Awards........................................................................................................... PS - 37 Equity Incentive Plan Awards - Performance-Based Restricted Stock Units...................... PS - 38 Options.................................................................................................................................................................... PS - 40 Life Insurance Benefits................................................................................................................................... PS - 40 Outstanding Equity Awards at Fiscal Year-End................................................................................................................... PS - 41 Option Exercises and Stock Vested........................................................................................................................................... PS - 44 Pension Benefits Table..................................................................................................................................................................... PS - 45 Assumptions Used in Calculating the Present Value of the Accumulated Benefits....... PS - 46 Features of the Retirement Plans.............................................................................................................. PS - 46 Nonqualified Deferred Compensation Table....................................................................................................................... PS - 49 Features of the Executive Deferral Plan................................................................................................. PS - 49 Potential Payments on Termination or Change in Control.......................................................................................... PS - 51 Explanation of Potential Payments on Termination or Change in Control........................ PS - 52 Director Compensation Table...................................................................................................................................................... PS - 54 Discussion of Director Compensation Table...................................................................................... PS - 55 Performance of Company Stock.................................................................................................................................................. PS - 57 Discussion of Proposals Presented by the Board............................................................................................................... PS - 58 Item 1. – Election of Directors..................................................................................................................... PS - 58 Item 2. – Appointment of the Independent Registered Public Accounting Firm............ PS - 61 Item 3. – Approval of the 2008 Directors Equity Compensation Plan................................... PS - 61 Other Matters ...................................................................................................................................................................................... PS - 67 Stockholder Proposals for Inclusion in the Proxy Statement for the 2009 Annual Meeting................................................................................................................................................... PS - 67 Other Proposals.................................................................................................................................................. PS - 67 Householding....................................................................................................................................................... PS - 67 Reminder to Vote............................................................................................................................................... PS - 68 Appendix I Corporate Governance Principles..................................................................................................................... I - 1 Appendix II 2008 Directors Equity Compensation Plan............................................................................................... II - 1 Corporate Information Board of Directors and Executive Officers of Tiffany & Co.......................................................................................... C - 1 Stockholder Information................................................................................................................................................................ C - 2

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