Avnet 2002 Annual Report Download - page 10

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Avnet prides itself not only on delivering value, but on
a strong set of values that drive our decisions.We are
committed to a healthy corporate culture and leadership
in corporate governance. Our core values are symbolically
engraved on stone plaques that are prominently displayed
in every Avnet location, along with posters signed by more
than 500 global managers.The Avnet Code of Conduct
clearly delineates the professional behavior expected
of employees.
It is upon these high standards that our corporate
governance rests. As chairman, I am the sole member
of the board of directors employed by Avnet, and have
been since 1998. Our corporate governance, audit and
compensation committees are staffed by experienced and
competent outside directors. Only minor adjustments will
be necessary for Avnet to reach full compliance with all of
the new rules for corporate governance proposed in 2002.
I must thank our 11,000-plus employees for their hard
work and focus during these very challenging market
conditions. On behalf of myself and the global Avnet team,
thank you for your continued confidence in our Company.
The best is yet to come.
VISION
Avnet will deliver the highest value
to our customers, suppliers,
employees and shareholders
as the premier
technology marketing and services company,
globally.
Financial Objective
Avnet strives to create shareholder value
while stabilizing earnings growth by:
• Improving return on capital employed
(ROCE) through the creation of a
value-based management culture.
• Accelerating earnings growth through
specialist divisions, services and
expense controls.
• Improving earnings growth stability
with a balanced revenue portfolio.
Roy Vallee
Chairman & Chief Executive Officer
8