The Sustainability Committee the supports on-going commitment to environmental, health, and safety, corporate social responsibility, corporate governance, sustainability, and other public policy initiatives.
THOR Industries is governed by our executive officers and Board of Directors. Our President and Chief Executive Officer is a board member, while we operate with an independent Chairman of the Board.
The Board maintains the following standing committees:
- Audit Committee: Ensures the integrity of our financial statements and compliance with legal and regulatory requirements. Manages our internal and external auditors.
- Compensation Committee: Has overall responsibility for evaluating and approving the structure of our executing plans, policies and programs.
- Executive Committee: Exercises all of the powers and authority of the Board of Directors in the management of the business and affairs of the company when the full board is not in session.
- Nominating and Governance Committee: Oversees the composition of the Board of Directors by regularly reviewing membership and nominating prospective members.
New for fiscal year 2020, we have implemented a policy to review Environmental, Social & Governance (ESG) priorities, action plans and execution status as a standing agenda topic with the Nominating and Governance Committee of the Board of Directors during quarterly meetings.
Our corporate governance guidelines assist our directors in fully understanding and effectively implementing their duties, while assuring the company’s ongoing commitment to high standards of corporate conduct and compliance.
We use an enterprise risk management process that actively engages the board and executives of THOR and its companies in assessing the risks and opportunities facing our company. The board receives a full assessment annually and is updated on the most critical risks on an ongoing basis. A list of our risk factors can be found in the fiscal year 2020 annual report. And commencing with our fiscal year 2021, ESG has been added to the annual risk management assessment process.
We seek opportunities to engage with our employees, suppliers, dealers, consumers, local community members, and other stakeholders to better identify and manage potential risks and to identify opportunities to provide support and leadership for our communities. This year our executive leadership team met with the CDC and local government officials to share experiences with COVID-19 and plans to reopen our facilities. We have also taken opportunities to interact with our supply base to foster engagement.
At THOR we believe that frequent engagement with stakeholders is a critical element in driving continuous improvement in our communication, cooperation and sustainability practices impacting our global communities, operations and team members. During our fiscal year 2020, this engagement identified opportunities to improve processes for collecting, analyzing and reporting environmental information, and for the standardization of policies and processes supporting various social programs.
Ethics and Compliance
THOR Industries demands a high standard of business ethics in all areas of operation. We commit to our team members to provide a safe, supportive and respectful workplace. Our team members are provided with the tools and training to help them make ethical business decisions. We believe that our team members make better decisions in a shorter amount of time when business ethics is used as a guiding principle.