At Pfizer, we are committed to exercising strong corporate governance practices. We believe that good corporate governance promotes the long-term interests of our shareholders, strengthens Board and management accountability and improves our standing as a trusted member of society. We maintain and enhance our long record of excellence in corporate governance by regularly refining our policies and procedures to reflect evolving practices and issues raised by our shareholders and other stakeholders. Our governance structure and processes are guided by our Corporate Governance Principles and Board Committee Charters, which govern the operation of the Board of Directors and its Committees in the execution of their fiduciary responsibilities. While the governance practices and structures of an organization are very important, we believe the key to an effective governance structure is having a Board of Directors that is committed to protecting and enhancing shareholder value. We are fortunate to have a Board that is diverse, active, independent-minded and collegial, and provides valuable insights with respect to oversight of management, risk and our overall strategic direction.
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