Empowering our team: governance
We strongly believe that good governance enhances shareowner value. That's why we are firmly committed to embracing good corporate governance practices. As a result, the board of directors and management have adopted a number of policies and processes designed to ensure effective corporate governance.
Our board of directors, charged with overseeing the long-term business interests of our company, provides strategic direction and oversight. Along with the management team, the board also endeavors to balance the interests of our shareowners, communities, customers, suppliers, employees and the public.
Of the nine directors on our board, eight qualify as independent directors, meaning the board has determined they have no material relationship with our company and meet the independence standards of the New York Stock Exchange and Securities and Exchange Commission rules.
We look to our directors to actively participate in setting the strategic direction of our company, meeting with leaders at least five times per year and engaging in additional informal communications on a regular basis. We regularly seek to leverage their wealth of diverse perspectives, experiences and backgrounds in various industries for the benefit of our company.
As we do in every facet of our business, we work to continually improve our corporate governance practices. Through industry associations and benchmarking, we monitor developments and trends related to corporate governance practices and make the changes we believe appropriate to ensure good governance practices are adopted and utilized by the board and management on a regular basis.