2018 Private Boards of the Year Award Winners Announced

Six private company boards are to be honored at the Private Company Governance Summit on May 17, 2018 in Washington, D.C.

The boards of these companies were selected for recognition:

  • Larry H. Miller Group of Companies
  • Vets First Choice
  • Vertex Inc.
  • Sasser Family Holdings
  • South Central, Inc.
  • Richmond Baking

PHILADELPHIA--()--Six private companies are being honored for governance excellence demonstrated by their fiduciary and advisory boards. The awards, to be presented at the upcoming Private Company Governance Summit on May 17 at the National Press Club in Washington, D.C., honor private company boards that best serve their stakeholders — owners, shareholders, employees and community — with best practices in their structure and performance.

The six award-winning companies are: Larry H. Miller Group of Companies, Vets First Choice, Vertex Inc., Sasser Family Holdings Inc., South Central, Inc., and Richmond Baking. The third annual Private Company Board of the Year awards are presented by Private Company Director, Directors and Boards and Family Business magazines.

The awards recognize fiduciary boards (those tasked with protecting shareholders, with the authority to vote on decisions that are binding for company management) as well as advisory boards (more informal boards that have no binding regulatory role, but often a significant strategic role). Fiduciary board awards were broken down by company revenues. An award was also made to a private equity-invested company board.

Dozens of private boards of directors were nominated for the 2018 Private Boards of the Year award, but six stood out for their diligence, standards and outcomes.

Larry H. Miller Group of Companies of Sandy, UT, was honored for its board professionalism, its formal committee structure with committee charters, its use of board evaluations and the board’s role in succession planning, family employment and leadership development.
Type of Private Board: Fiduciary
Approximate Annual Company Revenues: Above $1 billion
Company Ownership: Family-owned

Vets First Choice of Portland, ME, was honored for its diversity of investors on the board, the presence of independent directors, the board’s deep involvement in the company’s strategy and its approach, which mirrors many public company governance best practices.
Type of Private Board: Fiduciary, private-equity-invested
Approximate Annual Company Revenues: $100 million-$350 million
Company Ownership: Shareholder (non-related)-owned
Private Equity-owned or invested

Vertex Inc. of King of Prussia, PA, was honored for its majority independent board, its use of committees with formal charters and the board’s role in keeping leaders accountable and mentoring the non-family president & CEO.
Type of Private Board: Fiduciary
Approximate Annual Company Revenues: $100 million-$350 million
Company Ownership: Family-owned

Sasser Family Holdings Inc. of Schaumburg, IL, was honored for its commitment to independence (soon to be majority), term limits for board members, annual board evaluations, and the board’s role in identifying the firm’s first non-family CEO.
Type of Private Board: Fiduciary
Approximate Annual Company Revenues: $100 million-$350 million
Company Ownership: Family-owned

South Central, Inc. of Evansville, IN, was honored for its commitment to independence in governance, and empowerment of the board to act as if South Central were a public company.
Type of Private Board: Fiduciary
Approximate Annual Company Revenues: under $100 million
Company Ownership: Family-owned

Richmond Baking of Richmond, IN, was honored for its approach to evolving governance and the seriousness with which the family takes this advisory board.
Type of Private Board: Advisory
Approximate Annual Company Revenues: under $100 million
Company Ownership: Family-owned

The awards were created to recognize private companies that go above and beyond legal governance requirements and commit to the highest levels of governance, whether through fiduciary or advisory boards. The awards honor the performance of the board as a whole.

For more information contact Private Company Director Magazine, David Shaw, 301-963-6162, dshaw@directorsandboards.com.

About MLR Holdings LLC

MLR Holdings publishes Directors & Boards, Family Business and Private Company Director magazines, and produces the Private Company Governance Summit, along with the Transitions Conferences (East, West, Mexico and Canada) and Family Business Generational Wealth. @privatecodir, @directorsboards, @fambizmagazine.

Contacts

Private Company Director Magazine
David Shaw, 301-963-6162
dshaw@directorsandboards.com

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Release Summary

Six private company boards are to be honored at the Private Company Governance Summit on May 17, 2018 in Washington, D.C.

MLR Holdings LLC