Each member of our Board of Directors is independent, with the exception of Michael J. Hoffman, Chairman and Chief Executive Officer of The Toro Company. This means that each independent Director has no material relationship with our company, our management, our external auditor or our external compensation consultant, and otherwise meets the independence requirements as established by applicable law, the rules and regulations of the SEC, and the NYSE-listing standards.
Our Board maintains four committees, which include the Audit Committee, the Compensation & Human Resources Committee, the Finance Committee, and the Nominating & Governance Committee. Each of these committees is comprised solely of independent directors and operates pursuant to a charter, which is reviewed on an annual basis. The Board and each committee review its performance on an annual basis.