The Beacon board of directors approved updates to the company’s Nominating and Governance Committee (NGC) charter and membership, as well as a change to the company’s fiscal year end.
According to Beacon, the NGC charter was updated to explicitly state the committee’s role overseeing governance of the company’s corporate social responsibility, safety, and environmental practices. The charter was also updated to further emphasize the commitment made by the Beacon board in its corporate governance guidelines to recruiting diverse candidates to serve on the Beacon board of directors. The board also approved the addition of recently elected board member Earl Newsome, Jr., to the NGC.
“We are privileged to have a high-caliber board that is characterized by its diverse backgrounds, broad perspectives, and thought leadership,” Julian Francis, president and CEO of Beacon, said in a prepared statement. “The board’s action reinforces Beacon’s commitment to a set of governance principles that include the full spectrum of ESG initiatives.”
Beacon also announced it will change its fiscal year end from September 30 to Deceomber 31, effective beginning January 1, 2022, for the year ending December 31, 2022. The company plans to file an Annual Report on Form 10-K for fiscal year 2021, which will end September 30, 2021, and a transition report on Form 10-QT for the transition period from October 1, 2021 to December 31, 2021 before the new fiscal year 2022 begins.
Beacon said the change in fiscal year better aligns the company’s financial reporting calendar with many of its industry peers and provides internal benefits by shifting the timing of budgeting, physical inventory, and performance review cycles away from the distributor’s busiest time of year.
“As we continue to position the company for growth, we feel the reporting calendar change will prove to be extremely beneficial by promoting both internal efficiencies and better external comparability,” Francis said.