The independent Board of Directors is where our company governance procedures begin. All of our board members have significant multi-industry expertise and are recognized for their contributions in their fields. They bring a diverse set of viewpoints and insights to the Board. The Audit Committee, Compensation Committee, and Nominating and Governance Committee were established to assist the Board in fulfilling its responsibilities & duties.
Process
Our Risk Management Framework
Our governance framework includes a risk-management system that ensures that we have a mechanism in place to identify, measure, and manage risks responsibly. Annual statutory, policy, and process compliances are achieved as a result of our entity-, business segment-, and business process-level risk assessments. The Board of Directors is in charge of monitoring the risk level, while the management team is in charge of putting mitigation plans into action.
Rigorous Internal Controls
Internal audit is a critical element of any organization's risk management program. Our Audit Committee has direct oversight of our internal audit function, which reports directly to it. The internal audit team examines and assesses the company's internal controls. Following up on identified risks through risk assessments and various other risk control measures.
The internal audit team is refreshed every 18 months to maintain independence. External auditors are occasionally invited to perform audits on complicated topics.
Code of Conduct
FueledBy has a Code of Conduct that applies to all employees and others working on behalf of or for FueledBy. Compliance is everyone's job at FueledBy. It is essential that business conduct and ethical behavior are maintained in order for employers to succeed.
Employees, no matter what their function or position, are urged to speak up and report unethical or illegal behavior so that it may be investigated properly.
Ethics, Conflicts and Board Conduct
All members of the Board are required to act in accordance with FueledBy's Code of Business Ethics, which applies to all directors as well as other FueledBy staff. This includes, but is not limited to, strict adherence to FueledBy's policies on conflicts of interest, confidentiality, and ethical behavior in all business and personal interactions.
The CEO, Chair and Lead Director should be notified if a board member has a genuine or apparent conflict of interest that might impair their independence as directors under these Rules. If a significant conflict develops but cannot be resolved, the director would be expected to resign.
The firm will not provide loans or extensions of credit to directors. No director or immediate family member may render personal services for pay to the company other than Board compensation, which is described in greater detail in these Guidelines.
Strategic Planning
The annual strategy retreat takes place each year, during which the FueledBy leadership team presents the company's overall corporate strategy and seeks input from the Board. The Board continues to assess the company's performance against its strategic plan at subsequent meetings.
In addition, the Board will review certain strategic initiatives throughout the year, and the Board will provide additional oversight on those initiatives. The Board is always actively engaged in providing independent business judgment and oversight on the most essential strategic concerns for the company.
