Company: MDU Resources
Company Description: MDU Resources provides value-added natural resource products and related services that are essential to our country's energy and transportation infrastructure. MDU Resources includes electric and natural gas utilities, natural gas pipelines and energy services, utility services, natural gas and oil production, construction materials and mining and domestic and international power production.
Nomination Category: Individual Awards Categories
Nomination Sub Category: Best Executive

Nomination Title: Martin A. White, chairman of the board, president and chief executive officer

Tell the story about what this nominee achieved in 2003 (up to 500 words). Focus on specific accomplishments, and relate these accomplishments to past performance or industry norms. Be sure to mention obstacles overcome, innovations or discoveries made, and outcomes:

Martin A. White, chairman of the board, president and chief executive officer of
MDU Resources has proved shown leadership in many areas as exemplified in
the following examples:
 
Integrity
•Made integrity a prominent part of the company’s vision statement at the time he
was named CEO.
•Asked that each employee receive a copy of the company’s vision statement.
•Includes the vision statement in each annual report – and highlighted in his letter
to shareholders in the 2002 Annual Report.
•Stresses the importance of integrity as part of our vision in speeches to
employees, stockholders and to other audiences.
•Dedicated a special section of the company’s 2003 annual report to corporate
governance.
•Demonstrates the importance of integrity in decisions on acquisitions and in
corporate reporting.

Courage
•Based on the company’s coal mining expertise, led acquisitions of construction
materials and mining companies in 1991.   Today nearly one-half of the company’s
revenues and 31 percent of its total income come from this line of business.
•Led initiative to establish international operations with independent power
production operations in Brazil when other companies were selling their
operations.

Vision
•Foresaw the need for developing alternative sources of natural gas supply -
encouraged the company to develop new sources of supply for natural gas in the
coal bed fields in Wyoming and Montana (MDU Resources is currently the only
company developing this resource in the state of Montana.)
•Stressed importance of diversity of earnings from different sources in a variety of
markets.
•Established a Women’s Advisory Board.
•Established a Group Genius Program.

Decisiveness
•Increased dividend 4 percent in 2002 – at a time when many other energy
companies were decreasing or eliminating dividends. Increased dividends again in
2003 by 5.3 percent.
•Decision to build a pipeline out of the Powder River Basin of Wyoming.
•Decision to enter the Independent Power Generation line of business with
contracts for output rather than speculating for markets.

Leadership
•MDU Resources was named by Forbes as best managed utility company in
January 2003 article.
•Formation of a Brazilian advisory board to guide the company in doing business
in that country.
•Used past business experience in South America and contacts developed at that
time to foster development of electric generating station in Brazil.
•Diversity of manager and officer group has expanded greatly under his leadership.
•Natural gas and oil production increased.
•Natural gas and oil reserves increased.
•Aggregate reserves have increased. 

Financial results for 2003 demonstrate the success of his leadership:
•Record earnings of $174.6 million compared to $147.7 million for 2002.
•Earnings per common share, diluted, of $1.55 compared to $1.38 for 2002.
•Total shareholder return for 2003 of 43 percent.
•Return exceeded that of peer group and S&P 500.

List hyperlinks to any online news stories, press releases, or other documents that support the claims made in the section above. IMPORTANT: List each link on a separate line, begin each link with http://, and enclose each link in square brackets; for example, [http://www.website.com]:

MDU Resources Announces Record Earnings
http://www.shareholder.com/mdu/EdgarDetail.cfm?CIK=67716&FID=67716-04-20&SID=04-00

MDU Resources Tops Forbes Best Managed Utilities Companies List
http://www.mdu.com/news_information/newsfiles/Q1_04/Q1_04_MDU_Forbes.html

Knife River Corporation reaches $1 billion in annual revenue
http://www.mdu.com/news_information/newsfiles/Q4_03/Q4_03_KNIFE_BIL_REV.html

MDU Resources Creates New Business Unit
http://www.mdu.com/news_information/newsfiles/Q1_03/Q1_03_Cent.html

MDU Resources Earns Fortune’s “Fastest Growing Companies” Distinction
http://www.mdu.com/news_information/newsfiles/Q3_02/Q3_02_FTNE.html

Provide a brief (up to 100 words) biography about this nominee:

White was named chairman of the board of MDU Resources in 2001and president
and CEO in 1998.  He joined MDU Resources as vice president of corporate
development in 1991 and advanced to senior vice president of corporate
development. Prior joining MDU Resources, he founded a consulting company,
had established a South American mining venture and worked 22 years for an
energy company eventually managing its mining, oil production, technology and
real estate subsidiaries. He received a bachelor’s degree in mathematics and
economics from Montana State University and is a graduate of Harvard University’s Advanced Management Program and Senior Executive Update.