Private Company Boards of the Year 2022 by MLR Media

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PHILADELPHIA, May 10, 2022–(BUSINESS WIRE)–Six private company boards have been honored with the Private Company Board of the Year Awards for Excellence in Corporate Governance by MLR Media. The awards will be presented at the 2022 Private Enterprise Governance Summit, taking place June 15-17 at the JW Marriott Washington, DC

The boards of directors of these companies have been selected for recognition:

  • Graebel Companies Inc.

  • Nixon Medical

  • just born

  • Telamon Corporation

  • The Plastek group

  • Schnuck Markets Inc.

Six private companies were selected for excellence in governance demonstrated by their trustee or advisory boards. The awards, which will be presented during a dinner at the Private Company Governance Summit® on June 16, recognize the boards of directors of private companies that best serve their stakeholders – owners, shareholders, employees and community – with the best practical in their structure and performance.

The awards were created to recognize private companies that go beyond legal governance requirements and engage at the highest levels of governance, whether through fiduciary or advisory boards. The awards honor the performance of the board as a whole.

The seventh annual awards recognize fiduciary boards (those charged with protecting shareholders, with the power to vote on decisions that are binding on corporate management) as well as advisory boards (more informal boards that have no binding regulations , but which often have an important strategic role) . The duties of the board of trustees have been broken down by company revenue and type of ownership.

The Private Company Governance Summit, now in its tenth year, is the only national conference focused on the unique governance challenges for owners, shareholders, directors and advisory board members of family businesses and private. To learn more, visit www.privatecompanydirector.com.

Among the nominees for the 2022 Private Company Board of the Year awards, six private company boards stood out for their diligence, standards and results.

The boards of the following companies have been selected for recognition:

Graebel Companies Inc.
Headquarters: Aurora, Colorado
Type of private pension:
Advisory
Approximate annual income of the company: Over a billion dollars
Company ownership: Belonging to the family

Governance highlights include:

  • For every challenge or opportunity the company faces, at least one board member has the appropriate background or experience to provide sound advice.

  • Board members served as mentors to Graebel’s management team and facilitated strategic relationships outside the company.

  • The board helped the company create an affiliate transaction policy and an ESG/DEI strategy.

  • In 2015, the board helped the company transition its business model from moving and storage to that of a global provider of relocation management services. The change involved the divestiture of moving and storage assets.

Nixon Medical
Headquarters: New Castle, Delaware
Type of private pension:
Trustee
Approximate annual income of the company: Less than $100 million in revenue
Company ownership: Belonging to the family

Governance highlights include:

  • The board has been instrumental in facilitating the succession of executives and owners, developing the management team, overseeing strategy, managing crises and improving business performance.

  • The board follows best practices for public companies: majority independence, independent chair, independent committees, independent consultants (eg audit and compensation), regular governance surveys and director assessments.

  • The directors are senior executives from large corporations with experience serving on public company boards.

  • All board committees (governance, nominating, audit, compensation and chair evaluation) have charters.

just born
Headquarters: Bethlehem, Pennsylvania
Type of private pension:
Trustee
Approximate annual income of the company: $100 to $350 million in revenue
Company ownership: Belonging to the family

Governance highlights include:

  • The board has evolved from a startup board focused on understanding the issues facing the business to a strategic board focused on helping the business achieve its goals.

  • The board is made up of seven directors: one family member/shareholder, who is the chairman, and six independent directors. The roles of President and CEO are distinct. There is also an Independent Lead Director.

  • The board played a key role in developing a foundational future vision and hiring the first non-family CEO.

  • The Board encouraged a higher level of performance through discipline in quarterly reporting, oversight of a three-year strategic plan, and challenging the management team to become more proactive in identifying and management of the main risks and opportunities.

Telamon Corporation

Headquarters: Raleigh, North Carolina
Type of private pension:
Trustee
Approximate annual income of the company: $350 million to $1 billion revenue
Company ownership: Belonging to the family

Governance highlights include:

  • Board members have a good mix of personalities and diverse experience in family businesses, start-ups and large corporations, as well as theoretical experience.

  • The board of directors drives the performance of the company. This takes effect in many forms, including efficiencies, employee relations, business risk, customer risk, and growth strategies.

  • What began as a board with two outside members and three inside members has deliberately increased the number of outside directors to create an outside-led board that mimics public company best practices.

  • The Board is fully engaged and continues to challenge the CEO, and indirectly the management team, to achieve stated goals, deliverables and strategy.

The Plastek group
Headquarters: Erie, Pennsylvania
Type of private pension:
Trustee
Approximate annual income of the company: $350 million to $1 billion revenue
Company ownership: Belonging to the family

Governance highlights include:

  • To prepare for board formation, all family owners completed an 18-month governance course offered by Loyola University Chicago’s Family Business Center.

  • Unlike many other second-generation family businesses, Plastek has been very proactive in forming a Board of Directors – and this Board has made significant achievements since its first meeting in March 2020.

  • When the board was convened, the directors became aware of the company’s two immediate challenges: the absence of a succession plan and the absence of a strategic plan. Committees (led by management) were organized to develop the respective plans, which are now being implemented by management.

  • The Board has established three committees: Human Capital and Compensation, Audit and Finance, and Nominating and Governance. All committees have charters.

Schnuck Markets Inc.
Headquarters: St. Louis, Missouri
Type of private pension:
Trustee
Approximate annual income of the company: Over $1 billion in revenue
Company ownership: Belonging to the family

Governance highlights include:

  • Schnuck Markets Inc. transitioned from an advisory board structure to a fiduciary board four years ago. The board, first established in 1991, has evolved from a situation dominated by family members as an advisory board to a split of five independent directors/four family directors as a trust board.

  • The board helped the company develop a stronger strategic planning process.

  • The board is fully documented and has policies in place for board refreshment, retirement age of 75, inclusion of at least one “upcoming generation” family member, meetings Board and committee reviews and senior management/CEO review processes.

  • The board is responsible for approving all key transactions and initiatives.

About MLR Media

MLR Media publishes Directors and Councils, family affair and Private company director magazines and product The Private Company Governance Summit®; Transitions Conferences (Spring and Fall) and Family Business Legacy & Wealth; NextGen Family Business; and the Transformational Women in Family Business and Character of the Corporation events.

www.mlrmedia.com

See the source version on businesswire.com: https://www.businesswire.com/news/home/20220510006367/en/

contacts

David Shaw, Publishing Director
Phone: 301.529.9808
E-mail: dshaw@directorsandboards.com


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