AutoZone Named Winner of First Walter P. Armstrong Award for Leadership in Corporate Ethics.MEMPHIS Memphis, city, ancient Egypt Memphis (mĕm`fĭs), ancient city of Egypt, capital of the Old Kingdom (c.3100–c.2258 B.C.), at the apex of the Nile delta and 12 mi (18 km) from Cairo. , Tenn. -- The Armstrong Allen law firm and The Economic Club of Memphis will present AutoZone, Inc. with the 2005 Walter P. Armstrong, Jr. Award for Leadership in Corporate Ethics at the Economic Club's Annual Black Tie Dinner on February 16, 2005, at the Kemmons Wilson--University of Memphis Holiday Inn, 3700 Central Avenue. The evening's keynote address keynote address n. An opening address, as at a political convention, that outlines the issues to be considered. Also called keynote speech. Noun 1. will be delivered by Paul S. Atkins, Commissioner of the U.S. Securities and Exchange Commission. Last year, Armstrong Allen and The Economic Club announced the establishment of the award to recognize an individual or company that exhibits excellence in corporate governance Corporate Governance The relationship between all the stakeholders in a company. This includes the shareholders, directors, and management of a company, as defined by the corporate charter, bylaws, formal policy, and rule of law. and adherence to ethical principles in business dealings. The award was named 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 The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. , as well as in corporate and business law. The award selection committee, made up of representatives from the University of Memphis The University of Memphis is a public research university located in Memphis, Tennessee, United States, and is a flagship public research university of the Tennessee Board of Regents system. , The Economic Club of Memphis, Armstrong Allen, and national experts, selected AutoZone from a large pool of public companies. In addition to the honor of being named a leader in corporate governance matters, AutoZone will designate a $10,000 scholarship donation, funded by Armstrong Allen, to a college or university of AutoZone's choosing. The panel looked at factors such as a board's composition, operational procedures The detailed methods by which headquarters and units carry out their operational tasks. , committee structure, relationship with the company's independent auditors, board leadership, and the company's overall adherence to principles of corporate governance. "Strong corporate governance standards and ethical business principles are vital to the strength and well-being of our economy," said Jerome Broadhurst, a partner with Armstrong Allen who served on the selection committee. "We believe AutoZone has demonstrated a commitment to excellence that should be recognized and applauded." A number of specific attributes led to the committee's selection of AutoZone, 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, added, "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." "Corporate America needs to be recognized and applauded for excellence in corporate governance, and this award focuses the public's attention on efforts to do so. AutoZone is a deserving company that is setting high standards for corporate governance that should be recognized," said Dr. David M. Kemme, Professor and Morris Chair of Excellence at the Fogleman College of Business and Economics, who is Executive Director of The Economic Club of Memphis. Brad L. Champlin, President of The Economic Club, added, "The Economic Club of Memphis is pleased to be a part of the award process and to host the dinner for this prestigious award. We anticipate that the award will continue to grow in prestige and be a great event for the City of Memphis." "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 Steve Odland (born 1958) is Chairman and CEO of Office Depot, a position he has held since 2005. Prior to joining Office Depot, he was Chairman, President, and Chief Executive Officer of AutoZone, from 2001 until 2005. , AutoZone's chairman, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. . "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. AutoZone, Inc., is the nation's leading retailer of automotive parts and accessories. It is a Fortune 500 company with more than 3,500 stores in the U.S. and Mexico and is listed on the New York Stock Exchange New York Stock Exchange (NYSE) World's largest marketplace for securities. The exchange began as an informal meeting of 24 men in 1792 on what is now Wall Street in New York City. (ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors "AZO"). Visit www.AutoZone.com for more information. The Economic Club of Memphis is a 30-year-old organization that was established to promote the study and discussion of economic, political and social issues facing Memphis, the nation and the world. By bringing outstanding leaders and creative individuals to Memphis, it contributes to greater appreciation of excellence and fosters a global viewpoint. Visit www.econclubmemphis.org for more information. Armstrong Allen is a Memphis-based, full-service regional law firm, with additional offices in Jackson, Tennessee Jackson is a city in Madison County, Tennessee, United States. The population was 59,643 at the 2000 census. It is the principal city of and is included in the Jackson, Tennessee Metropolitan Statistical Area, which is included in the Jackson-Humboldt, Tennessee Combined ; Little Rock, Arkansas Little Rock, Arkansas required military intervention to desegregate schools (1957–1958). [Am. Hist.: Van Doren, 556–557] See : Bigotry ; and Jackson, Mississippi Jackson is the capital and the most populous city of the U.S. State of Mississippi. It is one of the county seats of Hinds County; Raymond is the other county seat. As of the 2000 census Jackson's population was 184,256. . Visit www.ArmstrongAllen.com for more information, or call (901) 523-8211. |
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