TI's board of directors is committed to responsible and effective corporate governance. The board discusses its governance practices annually to ensure they truly make sense for TI in today's business climate.
The directors are experienced and diverse in their backgrounds and thinking. Their combined strengths assist them as they oversee the company's current and future strategy, performance and plans for the next generation of TI leaders -- keeping the best interests of TI shareholders in mind.
Today, our board of directors is composed of 11 members. Ten members are independent as defined by TI's governance guidelines and NASDAQ rules. Each director has an equal stake in the board's actions and equal accountability to the corporation and our stockholders.
The board is responsible for the oversight of our global business strategy. The board's three standing committees oversee our company's financial reporting integrity, executive officer compensation and overall corporate governance.
TI's executive officers are elected by the board of directors. They include the chief executive officer and chief financial officer, and the leaders of our principal business units and functions.
Our directors interact with these officers at board meetings and strategic planning conferences. This facilitates their oversight efforts and also aids our directors in their succession-planning considerations.