Our Corporate Governance Guidelines assist our Board of Directors in its responsibilities to serve the best interests of Garmin and its shareholders.
The Audit Committee oversees our financial reporting processes and appoints and approves the fee arrangements with our independent registered public accounting firm and statutory auditor. Our Audit Committee has adopted policies and procedures with respect to Related Person Transactions, which provide guidelines for the review, approval or ratification of related party transactions.
Among other functions described in the Compensation Committee Charter, the Compensation Committee oversees our compensation programs and practices for executives and ensures the company’s compensation programs and practices are competitive and effective in attracting, retaining and motivating executives.
The Nominating and Corporate Governance Committee recommends and evaluates nominees for election to the Board of Directors, and recommends the Corporate Governance Guidelines to the Board of Directors and reviews them periodically to determine whether any modifications are advisable.