Sound corporate governance is essential to the continued success of Graco Inc. Our capable, highly independent Board of Directors leads our system of corporate governance and ensures that Graco’s affairs are conducted ethically and for the benefit of all of our stakeholders. The members of the Board, each of whom is an experienced business leader, also provide our Executive Officers with valuable advice and counsel on matters of major strategic significance.
The Board of Directors typically meets five times each year, including a two-day retreat with Management. There are currently eleven directors. Only one director, Mark W. Sheahan, Graco’s President and Chief Executive Officer, is a member of Management.
Much of the work of the Board is conducted by its committees. There are three standing committees: the Audit Committee, the Governance Committee, and the Management Organization and Compensation Committee. The Committees are composed entirely of independent non-employee directors. Each member of the Audit Committee is financially literate. Three members of the Audit Committee have been designated a financial expert.
The Board has adopted Corporate Governance Guidelines. Together with the Articles of Incorporation and Bylaws of the Company, the Guidelines articulate Graco’s principles for carrying out our system of corporate governance.
Shareholders and other interested parties are invited to contact the Board or the Audit Committee as follows: