We know that responsible corporate governance is of key importance to our shareholders. Over the years, we have taken a number of steps to ensure strong, independent, Board oversight.
In July 2000, the Board adopted the Corporate Governance Issues and Policy Guidelines, stipulating that the Board be made up of a significant majority of independent outside Directors. Key committees, including audit, compensation and corporate governance and nominating, now consist solely of independent outside Directors. The corporate governance and nominating committee conducts an annual assessment of the Board's performance and each committee conducts an annual self-assessment of its performance. In April 2002, the Board adopted the Unifi, Inc. Ethical Business Conduct Policy Statement, as amended, and in July 2004 it adopted the Code of Business Conduct & Ethics for Members of the Board of Directors and Executive Officers. In October 2002, on the unanimous recommendation of the Board, the Shareholders of the Company approved an amendment to the Company's Certificate of Incorporation providing for the annual election of all members of the Board of Directors.
Many of these steps are now reflected in the regulatory requirements governing public companies. We will continue to make responsible corporate governance a top priority for the company in the years ahead.