Polaris 2004 Annual Report Download - page 9

2004 Annual Report 5
We have worked over the last several years to strengthen the board of directors, its effectiveness, and its
independence. We have also made an effort to diversify the perspectives of our board.
In October 2004, we added board member Bob Caulk, whose nomination to fill a two-year term as a Class I
director is presented in the proxy statement. Bob is the current president and CEO of United Industries Corporation.
He brings significant experience as an executive in operations, marketing, and acquisitions. We are happy to have
the benefit of his service. Bob replaces one of our long-time board members, Dick Stonesifer, who retired from the
board in April of 2004. On behalf of the entire board, I want to thank Dick for sharing his expertise and support to
Polaris over the years.
We have made it a practice to schedule board meetings around the country so that members can meet
customers, dealers, suppliers, and employees as well as enjoy Polaris products together. In particular, our board
focuses its attention on the following areas:
Ensuring integrity. The board has spent a tremendous amount of time over the past year complying with Sarbanes
Oxley and other regulatory requirements. The recent corporate scandals remind us that free enterprise doesn’t work
without honesty and integrity. Our society is better off with this renewed priority.
Polaris stakeholders, however, will notice little difference because of our history of integrity and conservative
accounting practices. You can count on our continued care for protecting value and virtue, and we look forward to
spending more time as a board adding value.
Shaping strategy. During the next year, we’ll spend a greater percentage of our time on strategic initiatives such as:
leadership; development and succession; quality; innovation; the dealer network; growth; acquisitions; becoming
more global; and the new five-year vision to become a $3 billion company.
Sustaining culture. The culture at Polaris is a strength, a competitive advantage, and something we will continue
to carefully preserve. It is characterized by dedication, hard work, integrity, and product innovation.
Supporting people. Polaris employs people who live the product, which provides the impetus for developing waves
of new products that are exciting and useful. All Polaris employees are also shareholders, which strengthens our
resolve to maximize shareholder value. It’s impressive to note that Polaris employees lead all other local companies
in giving to United Way. This is evidence that Polaris employees are good people who are willing to donate to others
in order to make a difference in the world.
In 2004, the 50th Anniversary celebration was a highlight for all of us as we shared in the passion of 25,000 like-
minded Polaris riders and reflected on what this company and its employees have accomplished: DELIVERING
CUSTOMERS FREEDOM AND FULFILLMENT THROUGH “THE WAY OUT.”
We are proud of the achievements of the Polaris employees and the leadership of Tom Tiller and the management
team. Twenty-seven consecutive quarters of increased sales and earnings is a remarkable record. A $10,000 investment
in 1998 would have grown to more than $50,000 in 2004. That’s extraordinary, and we’re proud and thankful.
We will continue to support the culture and integrity — and develop the strategy and people — of Polaris
so that our Company remains outstanding into the next decade and beyond.
Gregory R. Palen – Chairman
LETTER FROM THE CHAIRMAN
Polaris has a long-standing tradition of engaged
and knowledgeable board members who are
passionate about the Company, its business
and the best interests of its shareholders.
Gregory R. Palen – Chairman