The board of directors and the management of Altera believe that good corporate governance is important to ensure that Altera is managed for the long-term benefit of our stockholders. Our board of directors has adopted corporate governance guidelines to assist it in fulfilling its responsibilities to stockholders and to our employees, customers, suppliers, and the local communities in which we operate.
Board Composition and Leadership
It is the policy of our board of directors that a significant majority of its members be independent. Currently, seven of our directors meet the standards for independence as defined by applicable law and the rules of the Nasdaq Stock Market. Our independent directors hold executive sessions without management present at each meeting of the board of directors.
John P. Daane is our President, CEO, and Chairman of the board of directors. T. Michael Nevens is our lead independent director. The board of directors has standing audit, compensation, and nominating and governance committees, which operate under written charters adopted by our board of directors. Our committee composition can be found here.