Garmin 2010 Annual Report Download - page 129
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S-15
The members of our board of directors and executive committee owned 23.12 percent of the
Company’s total shares outstanding as of December 25, 2010.
Other than as disclosed, as of December 25, 2010, no party related to any member of the board
of directors or executive committee holds any shares of Garmin Ltd or options in Garmin Ltd
shares.
10. Risk Assessment
The Company’s Board of Directors, which is ultimately responsible for the risk management of
the Company, has delegated its execution to Group Management. The Company’s risk
management process covers the significant risks for the Company including financial,
operational and strategic risks.
The Company’s internal audit function oversees financial risks/internal controls, and the Director
of Global Compliance reports regularly to the Board of Directors’ Audit Committee. Garmin’s
Chief Executive Officer and President and Chief Operating Officer are members of the Board of
Directors, and Garmin’s Chief Financial Officer and its General Counsel regularly attend Board
meetings, which helps facilitate discussions regarding risk between the Board of Directors and
the Company’s senior management, as well as the exchange of risk-related information or
concerns between the Board of Directors and the senior management. In addition, senior
management formally presents a summary of operational and strategic risks to the Board on an
annual basis that identifies the likelihood, timeframe, and consequence of the risks occurring and
offers mitigations/plans for each risk. The General Counsel reports periodically to the Board on
regulatory risks and the Company’s policies and procedures for regulatory compliance. Further,
the independent directors meet in executive session at the majority of the regularly scheduled
Board meetings to voice their observations or concerns and to shape the agendas for future Board
meetings.