This is a partial transcript from "Your World with Neil Cavuto," June 22, 2005, that was edited for clarity.

NEIL CAVUTO, HOST: Can American businesses benefit from the declining euro? (search) Let's get the measure of this from the 2005 chief executive of the year in Hartford, Connecticut, George David. Mr. David is United Technologies' (search) chairman, president and CEO.

Congratulations, Mr. David, by the way.

GEORGE DAVID, CHAIRMAN, PRESIDENT & CEO, UNITED TECHNOLOGIES (UTX): Thank you, Neil.

CAVUTO: Ben Stein was just mentioning this phenomenon of the weaker euro all of a sudden. Now, how does it play out for you guys? You're global. You're everywhere.

DAVID: Well, we have about 60 percent of sales outside the United States. And so, obviously, international currency movements are important to us.

But, you know, I think these kinds of euro-dollar movements, while they're significant, they don't really remove the corporation's earnings around all that much. And I don't think that a move from $1.20 to $1.30 or vice-versa is actually going to be controlling.

CAVUTO: You know, you're one of the few executives, though, that doesn't blame currency gyrations either for bad news in your report or credit it for good news in your report. So, my hat's off you to on that, because all of your colleagues seem to do just that.

(CROSSTALK)

DAVID: Rhat's a nice comment, Neil. And I appreciate it.

CAVUTO: But it's true. But now I wonder, though, if our dollars gets much, much stronger, though, that is going to begin to hit you abroad, right?

DAVID: Well, I would say it's got to get quite a bit stronger before it's going to be any material issue for us.

For example, in the first half of the year, we'll probably pick up about a nickel in earnings per share at a translation benefit. That's this year's currency change. And, obviously, it's going to reverse in the second half of the year. And I think probably for the year in total, it's about flat. So, this is not a big deal for us.

CAVUTO: All right.

Now, in the meantime, when you are considered CEO of the year, this has been a lousy couple of weeks for a lot of once very heralded CEOs, Dennis Kozlowski and Mark Swartz, his number two.

DAVID: It's a tough time.

CAVUTO: And, of course, John Rigas at Adelphia. A lot of folks in this country, fairly or not, George, don't think much of CEOs. How do you think that public tenor has to change?

DAVID: Well, I think it's unfortunate that really some bad developments in a few companies and lots of coverage have served up I think some really bad feelings about executive populations in corporate America in total. And it's really tough.

Yet, the fact of the matter is that way, way, way the majority of the majority of us, up in the range of 95, 98 percent of American companies, have very strong compliance programs, very good governance practices, and there are no issues. And, certainly, in the case of UTC, I think we stand on our record here of a good 15 years of a great compliance program, no material issues of any consequence.

CAVUTO: All right, Mr. David, thank you very much. We appreciate it, George David of United Technologies, recognized as the CEO of the year.

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