MEMPHIS, TN — AutoZone is being recognized for its strong corporate ethics. The Armstrong Allen law firm and The Economic Club of Memphis are presenting AutoZone with the very first Walter P. Armstrong, Jr. Award for Leadership in Corporate Ethics.
Last year, Armstrong Allen and The Economic Club established the award in honor of the firm’s former member and managing partner, Walter P. Armstrong, Jr., who had a national reputation for expertise in legal ethics, as well as in corporate and business law. The award was created to recognize an individual or company that exhibits excellence in corporate governance and adherence to ethical principles in business dealings.
A selection committee made up of representatives from the University of Memphis, The Economic Club of Memphis, Armstrong Allen and national experts picked AutoZone from a large pool of public companies. The panel looked at factors such as a board’s composition, operational procedures, committee structure, relationship with the company’s independent auditors, board leadership and the company’s overall adherence to principles of corporate governance.
The committee said there were a number of specific attributes that made AutoZone this year’s recipient, including the company’s proactive stance in adopting a comprehensive set of corporate governance principles, the improvement in its corporate governance practices and procedures, the board being comprised of a super-majority of independent directors and the company’s requirement that all officers of the company certify the company’s 10K and 10Q reports filed with the Securities and Exchange Commission.
Charles Reaves, also an attorney with Armstrong Allen who served on the selection committee, commented, “AutoZone elects its entire board each year and limits the number of years directors can serve. All of these factors and many more, coupled with the fact that AutoZone received highly favorable corporate governance ratings from several nationally recognized organizations that rate companies on their corporate governance practices, are why the selection committee chose AutoZone to receive the first Walter P. Armstrong, Jr. Award for Leadership in Corporate Ethics.”
“It is an honor to have our company recognized by those dedicated to preserving the memory of Mr. Armstrong and his legacy of integrity,” said Steve Odland, AutoZone’s chairman, president and CEO. “AutoZone has been a leader in instituting corporate governance principles long before they were mandated. This is an honor I share with our outstanding management team and the 50,000 AutoZoners across the country who do the right thing everyday,” Odland said.
In addition to the award, AutoZone will designate a $10,000 scholarship donation, funded by Armstrong Allen, to a college or university of AutoZone’s choosing.
To learn more about AutoZone, visit: www.AutoZone.com.
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