Certain Relationships and Related Party Transactions
Daniel B. Hogan is the son of Daniel E.
Hogan, who was a co-founder of the Company and served in various capacities with the Company, including President and CEO, through 1985, and then as a consultant from 1985 until his death in 1991. The
Board determined that this familial relationship has not compromised Mr. Hogans ability to exercise independent judgment or to serve as a director.
Any transaction between the Company and its directors, executive officers, beneficial owners, and their immediate family members, is monitored closely.
Proposed transactions in excess of $120,000 must be disclosed to the CLO. Furthermore, in the event a transaction is completed without the CLOs knowledge, the transaction must be disclosed in an annual questionnaire that is completed and
submitted to the CLO. During the past fiscal year and all prior periods, there have not been any such related party transactions.
Additionally, the
Code of Conduct requires that all directors, executive officers and employees avoid engaging in any activity that might create a conflict of interest. All individuals are required to report any proposed transaction that might reasonably be perceived
as creating a conflict of interest to their supervisor and/or the CLO. During the past fiscal year and all prior periods, there have not been any reports of such transactions.
Corporate Social Responsibility/Standex CARES
Standex is committed to corporate social
responsibility through our own actions and through the actions of our supply chain. We have a Supplier Code of Conduct, available at ir.standex.com, which sets forth our expectations for our suppliers. Specifically, we expect suppliers to
conduct their businesses in an ethical manner, to act with integrity and to engage in behavior that respects human rights, promotes a safe and healthy work environment and is environmentally responsible and efficient.
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Internally, this past fiscal year saw continued growth of our Standex CARES employee and community engagement program. Standex
CARES (Connect, Act, Reach, Engage and Serve) is a program which partners Company employees with education and service organizations in their local communities, so that our employees have the opportunity, on Company time, to perform community
service that has an impact on the neighborhoods where we live and work. The Standex CARES program focuses on four areas of influence: education; workforce readiness; humanitarian relief and community engagement. Additional information about the
program can be found on our web site (www.standex.com) under the Standex CARES section of the About Us area.
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During the past fiscal year, nearly one-third of all U.S. employees participated
in the Standex CARES program. Our employees helped build homes and assembled beds for families and children exiting homelessness, and served meals for hungry neighbors at community kitchens, food pantries and homeless shelters. Additionally, our
employees spent countless hours supporting local schools by coaching STEM teams, mentoring engineering club projects and donating school supplies to students in need. Standex applauds all of these efforts and congratulates our employees for their
enthusiastic community spirit.
Additionally, almost 60% of our U.S. locations participated in Manufacturing Day, a day supported by the National
Association of Manufacturers, in which our facilities open their doors to area students in order to show our communities what we do, and to inspire the next generation of employees who may consider a career opportunity at the Company.
We will continue to work with our employees to grow these engagement initiatives.
Sustainability and Safety
During the fiscal year, the Company continued
its journey toward developing more sustainable facilities. We increased our awareness and efforts around recycling, energy efficiency, reduction of waste and process improvement. Construction of the new Electronics headquarters outside Cincinnati,
Ohio was done using green materials and included exclusively LED lighting; low emissions windows; state of the art insulation and HVAC, along with other intiatives. Our Operational Excellence standard work processes continue to yield
results for both improvements in production and employee focus on safety.
We place a particular emphasis on employee safety, with responsibility
and accountability residing with each employee. Monthly safety calls with the Company CEO emphasizes this principle. Our footprint is global, and we continue to be aware of, and focus on, the change that we can affect when we focus on improvements
to our facilities and work practices.