Each member of each of the Audit, Compensation, Corporate Governance, and Nominating committees is "independent" as that term is defined in the NASDAQ Global Market listing standards. The Board has adopted a written charter for each of these committees as outlined on this page.
Audit Committee Charter
The Audit Committee is directly responsible for the engagement of independent auditors. They:
- Review the scope and results of the audit.
- Review the scope and results of the Company's internal auditing procedures with management or the internal auditors.
- Review the independence of the auditors and any non-audit services provided by the auditors.
- Review the company's system of internal accounting controls and management the adequacy with the auditors.
- Make inquiries into other matters within the scope of its duties.
Compensation Committee Charter
The Compensation Committee of the Board of Directors was created in order to:
- Discharge the Board's responsibilities relating to the compensation of the Company's executives
- Produce the report that the rules and regulations of the Securities and Exchange Commission require to be included in or incorporated (by reference) into the Company's annual report and proxy statement.
Nominating Committee Charter
The responsibilities of the Corporate Governance and Nominating Committee include:
- Assessing Board membership needs
- Identifying, screening, recruiting, and presenting director candidates to the Board
- Implementing policies regarding corporate governance matters
- Making recommendations regarding committee memberships
- Sponsoring and overseeing performance evaluations for the Board and the directors.
- Seneca will always maintain the highest standards for protecting the worker and the environment.
- Seneca will protect the integrity of the product and food safety.
- Seneca will conduct itself with integrity in all business matters at all times.
- Employees will be treated with respect and will look to promote from within to provide advancement opportunities to our employees and develop loyalty.
- Management will be accountable for their responsibilities.
- Seneca will keep well-maintained plants.
- Good news can wait; bad news can't.
- Seneca will be vertically integrated where it makes sense.
- Seneca will be low key and avoid unnecessary publicity.
- Move the pack and get rid of aged and slow moving stock.
- Seneca will be the best at what we do and be a leader in the eyes of our customer.
- Decisions will be based on protecting and improving shareholder value.
Seneca Foods Corporation’s Business Ethics Hotline has been established for reporting FINANCIAL, ACCOUNTING or FRADULENT ACTIVITY that you believe to be unethical or questionable. All calls will be fielded by Seneca’s external legal counsel and will be considered strictly confidential. The phone number is 1-800-213-9185.