At MassMutual, our standard for ethics and integrity starts with our leaders and Board of Directors. Every year, directors are nominated for re-election by the Board's Corporate Governance Committee based on character, judgment, business acumen and experience. They stand for election at the Annual Meeting in April where members of the company vote to re-elect the nominees. Our Corporate Governance Guidelines mandate that at least 75 percent of the Board members must be independent directors.
All directors, as well as officers of the company, are expected to reveal any material conflicts between their own interests and those of the company. They’re also expected to recuse themselves from discussing or voting on matters that might involve those interests. All identified conflicts of interest are reviewed by our legal officers to ensure compliance with conflict-of-interest statutes. Each of our subsidiary companies also has a board of directors that is responsible for managing company affairs for the benefit of their shareholders. MassMutual’s Board of Directors maintains oversight of its subsidiaries through a carefully structured reporting system.