Our business is built on relationships—with our investors, with the management companies who manage our investments, with the brands we utilize for our companies and with our associates. We are committed to keeping our relationships strong by communicating openly about our business practices, being transparent about our performance, and remaining accountable for our conduct. We take our commitments very seriously.

At the core of this commitment, of course, is the role of the board of directors in overseeing how management serves the long-term interests of shareowners and other stakeholders. An active, informed, independent and involved board is essential for ensuring our integrity, transparency and long-term strength. As reflected in our statement of governance principles, the board has the following responsibilities:

• To select, evaluate and compensate the CEO;
• To provide counsel and oversight on the selection, evaluation and compensation of senior management;
• To review, approve and monitor fundamental financial and business strategies and major corporate actions;
• To understand the major risks facing the company and approve steps to mitigate those risks; and
• To ensure structures and processes are in place to protect and advance the company's integrity and reputation including, the accuracy and completeness of its financial statements, its compliance with legal and ethical requirements, the quality of its relationships with employees, investment managers and its other stakeholders.
  

In addition, we have established strong corporate governance by taking the following steps:

• A majority of our Board members are independent of the Company and its management;
• All members of the Board committees (Audit, Compensation, and Nominating and Corporate Governance) are independent of the Company and its management;
• The independent members of the Board meet regularly without the presence of management;
• The charters of our Board committees clearly establish their respective roles and responsibilities;