What We Value
We value the input of our shareholders, and we recognize that our fundamental obligation as a public company is to create shareholder value. As part of fulfilling its governance duties, our board of directors serves as the voice of the shareholder and works hard to consider shareholder interests in setting company objectives and strategy, and in evaluating the efforts of our senior management team. The board is committed to strong corporate governance policies and practices, and continually reviews evolving best practices in governance and sustainability. We complete an annual performance evaluation, not just for each committee and for the board as a whole, but also for each individual director. These annual assessments work together to allow our board to focus on such factors as whether committees and the board are functioning effectively overall, whether communication or decision-making processes can be improved, and whether the board has the necessary diversity of skills, backgrounds and experience to meet the current and future needs of Quanex and its shareholders.
Quanex’s corporate governance highlights include:
- No controlling shareholders
- Single class of common stock
- A non-classified board with annual elections for each director
- Majority voting for directors and, in uncontested elections where a majority vote is not received, the director’s submission to the board of a mandatory resignation
As of Oct. 31, 2021, Quanex had eight board members, six of whom were independent, two of whom were women and one of whom was a minority.