Which One of These Is a Characteristic of a Sensible

Which one of these is a characteristic of a sensible payout policy?

A) Over time pay out half of all free cash flows
B) Set the current regular dividend consistent with a 100 percent payout ratio
C) Increase regular dividends to distribute transitory cash flow increases
D) Set the dividends high even if it means acquiring expensive external financing
E) Avoid rejecting positive NPV projects to increase dividends or buyback shares