CDM is governed by the company's board of directors. Thirteen directors comprise the company's board, which elects the chairman, chief executive officer, president, and executive vice presidents. Three board members are independent, outside directors. The board oversees the company's vision, strategic planning, and performance, and is responsible for ensuring policy development and conformance, sound fiscal management, sound employee and shareholder relations, and succession planning.
CDM's board has four committees—Executive, Audit, Executive Compensation, and Finance—with directors comprising each committee. The Executive Committee, with some limitations, can act on behalf of the board when full board meetings are not scheduled. The Audit Committee, comprised entirely of outside, independent directors, provides assistance to the board in fulfilling its responsibilities concerning corporate accounting, reporting practices, system of internal controls and compliance, and oversight of the quality and integrity of the company's financial reporting processes. The Executive Compensation Committee, also comprised entirely of outside, independent directors, oversees the company's executive compensation program and reviews and approves the salaries and other compensation of CDM's officers. The Finance Committee reviews the company's financial position, interprets financial matters affecting the company, and brings those to the board for their information and action.
Stewardship of CDM is extremely important in advancing our vision to remain privately owned and free to determine our own direction and to build a stronger enterprise for each future generation. Titled employees have the privilege and responsibility to purchase CDM stock and participate in the governance of the firm. CDM stock is privately held and not publicly traded. Only key employees of the firm—officers (CEO, presidents, executive vice presidents, senior vice presidents, and vice presidents), associates, and principals—outside directors, and several former senior executives still working as consultants to the firm may directly own stock. Stock is also held in the CDM stock trust of the firm's tax-qualified Capital Accumulation Plan. Currently, direct ownership of the firm is held by approximately 15 percent of our employees. As owners of the firm, stockholders participate in corporate governance through their right and duty to vote on matters of importance to the firm, including the election of the board of directors and outside auditors.