PHILADELPHIA--(BUSINESS WIRE)--Six private companies are being honored for governance excellence demonstrated by their fiduciary and advisory boards. The awards, to be presented at the upcoming Private Company Governance Summit on May 17 at the National Press Club in Washington, D.C., honor private company boards that best serve their stakeholders — owners, shareholders, employees and community — with best practices in their structure and performance.
The six award-winning companies are: Larry H. Miller Group of Companies, Vets First Choice, Vertex Inc., Sasser Family Holdings Inc., South Central, Inc., and Richmond Baking. The third annual Private Company Board of the Year awards are presented by Private Company Director, Directors and Boards and Family Business magazines.
The awards recognize fiduciary boards (those tasked with protecting shareholders, with the authority to vote on decisions that are binding for company management) as well as advisory boards (more informal boards that have no binding regulatory role, but often a significant strategic role). Fiduciary board awards were broken down by company revenues. An award was also made to a private equity-invested company board.
Dozens of private boards of directors were nominated for the 2018 Private Boards of the Year award, but six stood out for their diligence, standards and outcomes.
Larry H. Miller Group of Companies of Sandy, UT, was honored for its
board professionalism, its formal committee structure with committee
charters, its use of board evaluations and the board’s role in
succession planning, family employment and leadership development.
Type
of Private Board: Fiduciary
Approximate Annual Company
Revenues: Above $1 billion
Company Ownership:
Family-owned
Vets First Choice of Portland, ME, was honored for its diversity of
investors on the board, the presence of independent directors, the
board’s deep involvement in the company’s strategy and its approach,
which mirrors many public company governance best practices.
Type
of Private Board: Fiduciary, private-equity-invested
Approximate
Annual Company Revenues: $100 million-$350 million
Company
Ownership: Shareholder (non-related)-owned
Private Equity-owned
or invested
Vertex Inc. of King of Prussia, PA, was honored for its majority
independent board, its use of committees with formal charters and the
board’s role in keeping leaders accountable and mentoring the non-family
president & CEO.
Type of Private Board: Fiduciary
Approximate
Annual Company Revenues: $100 million-$350 million
Company
Ownership: Family-owned
Sasser Family Holdings Inc. of Schaumburg, IL, was honored for its
commitment to independence (soon to be majority), term limits for board
members, annual board evaluations, and the board’s role in identifying
the firm’s first non-family CEO.
Type of Private Board:
Fiduciary
Approximate Annual Company Revenues: $100
million-$350 million
Company Ownership: Family-owned
South Central, Inc. of Evansville, IN, was honored for its commitment to
independence in governance, and empowerment of the board to act as if
South Central were a public company.
Type of Private Board:
Fiduciary
Approximate Annual Company Revenues: under $100
million
Company Ownership: Family-owned
Richmond Baking of Richmond, IN, was honored for its approach to
evolving governance and the seriousness with which the family takes this
advisory board.
Type of Private Board: Advisory
Approximate
Annual Company Revenues: under $100 million
Company
Ownership: Family-owned
The awards were created to recognize private companies that go above and beyond legal governance requirements and commit to the highest levels of governance, whether through fiduciary or advisory boards. The awards honor the performance of the board as a whole.
For more information contact Private Company Director Magazine, David Shaw, 301-963-6162, dshaw@directorsandboards.com.
About MLR Holdings LLC
MLR Holdings publishes Directors & Boards, Family Business and Private Company Director magazines, and produces the Private Company Governance Summit, along with the Transitions Conferences (East, West, Mexico and Canada) and Family Business Generational Wealth. @privatecodir, @directorsboards, @fambizmagazine.