The Board, with the assistance of the Corporate Governance and Nominating Committee, selects potential new Board members using specific criteria. We believe it is valuable to have directors with varying lengths of service to strike the right balance between renewal and continuity. The introduction of three new independent directors in the past three years has brought fresh perspectives to our Board. The Corporate Governance and Nominating Committee leads the Board’s annual self-evaluation process and regularly reviews the relevant skill sets for director candidates. Our Corporate Governance Guidelines provide for retirement at age 72. Currently, the average tenure of independent directors is 8.6 years. We believe that our current practices properly provide for Board refreshment.
Our Board of Directors reflects an effective mix of business expertise, company knowledge and diverse perspectives.