Meet the Louisiana-Pacific Board of Directors

Louisiana-Pacific Corporation (LP) is a leading manufacturer of quality building materials and a key player in the construction industry. A key strength of LP is its Board of Directors composed of a diverse and highly experienced group of individuals. In this article, we will dive into the history of LP, the role of the Board of Directors, the current members of the board, their professional backgrounds, and their responsibilities and duties to ensure the continued success of LP.

The History of Louisiana-Pacific

LP was founded in 1973, starting as a single corrugated container plant in Portland, Oregon. Through expansion and acquisition, LP soon became a leader in the construction industry, producing a wide range of quality products, including oriented strand board, engineered wood, and siding. Today, as a Fortune 1000 company, LP is committed to innovation, sustainability, and meeting the changing needs of the building industry.

In 2018, LP announced a new initiative to reduce its environmental impact by implementing sustainable forestry practices and reducing waste in its manufacturing processes. The company also introduced new products, such as the LP SmartSide ExpertFinish line of prefinished siding, which offers a durable and low-maintenance alternative to traditional wood siding. LP continues to invest in research and development to create innovative solutions for the construction industry, while also prioritizing sustainability and responsible business practices.

The Role of the Board of Directors in a Company

The Board of Directors plays a vital role in a company's success. Their role is to provide strategic vision and direction, maintain effective oversight over the company's operations, and act in the best interests of the shareholders. The board establishes company policies and procedures and ensures that executives are taking the necessary steps to achieve stated goals.

In addition to these responsibilities, the Board of Directors also has the important task of selecting and evaluating the company's CEO. They must ensure that the CEO has the necessary skills and experience to lead the company and make important decisions. The board also sets the CEO's compensation and evaluates their performance on a regular basis to ensure that they are meeting the company's goals and objectives.

The Current Members of the Board of Directors

LP's Board of Directors is composed of 9 members, including CEO Brad Southern. The board members have diverse experiences and backgrounds, allowing them to provide unique insights and guidance to the company. The current members of the board are:

• Brad Southern- CEO of Louisiana-Pacific Corporation
• Curtis Stevens- Founder and CEO of CyberCompass Corporation
• William R. Hough- Chairman of Sabal Trust Company
• Sallie B. Bailey- Retired Chief People Officer of Quest Diagnostics
• Mack Hogans- Executive Vice President and CFO of Southern Company Gas
• Kristin C. Lewis- Executive Vice President and CFO of NiSource Inc.
• Lynda L. Davey- CEO of Avalon Securities
• Gary Cook- Managing Director of the Private Equity Group of Providence Equity Partners
• J. Eric Smith- Managing Partner of Avet Capital Partners LLC

In addition to their roles on the Board of Directors, several members also serve on various committees within the company. For example, Sallie B. Bailey is a member of the Compensation Committee, which oversees executive compensation and benefits. Mack Hogans serves on the Audit Committee, which reviews financial statements and internal controls. Kristin C. Lewis is a member of the Nominating and Governance Committee, which is responsible for identifying and evaluating potential board members and ensuring the company's governance practices are effective. These committees allow the board members to focus on specific areas of the company's operations and provide more targeted guidance and oversight.

The Professional Backgrounds of Louisiana-Pacific's Board Members

The board members have extensive experience across various industries, including manufacturing, finance, and technology. Some of the highlights of their careers include:

• Curtis Stevens- founder and CEO of CyberCompass Corporation with over 15 years of experience in the cybersecurity industry
• William R. Hough- Chairman of Sabal Trust Company, which has over $6 billion in investment assets under management
• Sallie B. Bailey- Retired Chief People Officer of Quest Diagnostics, a Fortune 500 company with over 45,000 employees worldwide
• Mack Hogans- Executive Vice President and CFO of Southern Company Gas, a leading natural gas distribution company in the United States
• Kristin C. Lewis- Executive Vice President and CFO of NiSource Inc., a company that provides natural gas, electricity, and other services to over 3 million customers in the United States
• Lynda L. Davey- CEO of Avalon Securities, an investment bank specializing in mergers and acquisitions of middle-market companies in the United States
• Gary Cook- Managing Director of the Private Equity Group of Providence Equity Partners, a global private equity firm with over $49 billion in assets
• J. Eric Smith- Managing Partner of Avet Capital Partners LLC, a private equity firm focused on technology-enabled growth companies in the United States

In addition to their impressive professional backgrounds, Louisiana-Pacific's board members are also committed to sustainability and environmental responsibility. The company has implemented various initiatives to reduce its environmental impact, such as using sustainable materials in its products and reducing waste in its manufacturing processes. The board members bring their expertise and passion for sustainability to the company's decision-making processes, ensuring that Louisiana-Pacific continues to prioritize environmental responsibility in all aspects of its operations.

How the Board of Directors is Selected and Appointed

The selection and appointment of LP's Board of Directors is made by the Nominating and Governance Committee. The committee is responsible for identifying candidates with the skills and experience necessary to oversee and guide the company's strategic direction. Once nominated, the candidates are elected by the shareholders at the annual meeting.

It is important to note that LP's Board of Directors is composed of individuals from diverse backgrounds and industries. This diversity ensures that the board is able to provide a well-rounded perspective on the company's operations and decision-making processes. Additionally, the board members are expected to act in the best interest of the company and its shareholders, and to uphold the highest standards of ethical conduct.

The Responsibilities and Duties of Louisiana-Pacific's Board Members

The board's primary duty is to ensure the long-term success of the company. This is achieved through providing strategic guidance, oversight of company operations, and managing risk. The board is responsible for the appointment, oversight, and compensation of key executives and ensuring that LP is compliant with all legal and regulatory requirements. The board is also responsible for considering shareholder interests, including approving any major transactions, and ensuring that the company operates in an ethical and sustainable manner.

In addition to these primary duties, Louisiana-Pacific's board members also have a responsibility to stay informed about industry trends and developments. This includes attending conferences, networking with other industry professionals, and staying up-to-date on the latest technological advancements. By doing so, the board can ensure that LP remains competitive and innovative in the marketplace.

Another important responsibility of the board is to maintain effective communication with shareholders. This includes providing regular updates on the company's performance, responding to shareholder inquiries and concerns, and soliciting feedback from shareholders on important issues. By fostering a strong relationship with shareholders, the board can help to build trust and confidence in the company's leadership and direction.

The Challenges faced by the Board of Directors in Running a Successful Company

Running a successful company like LP comes with its own set of challenges. The board must be agile in responding to industry trends, market changes, and economic conditions. They must also ensure that the company operates in a responsible and sustainable manner while balancing shareholder interests and long-term profitability. As a result, the board must be able to make sound judgments and decisions quickly and effectively while prioritizing the company's long-term success.

Another challenge faced by the board of directors is managing the company's human resources. This includes attracting and retaining top talent, providing opportunities for professional development, and creating a positive work culture. The board must also ensure that the company's compensation and benefits packages are competitive and aligned with industry standards. Additionally, they must navigate complex labor laws and regulations to avoid legal issues and maintain a productive workforce.

The Role of the Board in Corporate Governance and Policy Making

The board plays an essential role in corporate governance and policy making. They establish policies and procedures for the company to ensure compliance with legal and ethical standards, including anti-corruption and anti-bribery policies. The board also establishes systems to identify and manage risk, including cybersecurity, reputational harm, and financial risk. In addition, the board guides the company's social and environmental policies, ensuring that the company operates in a sustainable and responsible manner.

Furthermore, the board is responsible for overseeing the company's financial performance and ensuring that the company is financially stable. They review financial reports and budgets, and make decisions on investments and acquisitions. The board also hires and evaluates the CEO and other top executives, ensuring that the company has strong leadership and management. Overall, the board's role is crucial in ensuring that the company operates in a responsible and sustainable manner, while also achieving its financial goals.

How the Board Works with Company Executives to Advance Business Goals

The board works closely with company executives to advance business goals and ensure the long-term success of the company. The board must ensure that the executives follow the company's strategy and provide guidance and oversight. The board must also communicate regularly with executives to ensure that the company's goals are being met and that any issues are identified and addressed promptly.

In addition to working closely with company executives, the board also plays a crucial role in setting the overall direction and vision for the company. This involves developing and approving strategic plans, as well as monitoring progress towards achieving key performance indicators. The board also has a responsibility to ensure that the company operates in an ethical and socially responsible manner, taking into account the interests of all stakeholders, including employees, customers, and the wider community.

The Importance of Diversity on a Corporate Board of Directors

Diversity is critical to ensuring effective decision-making and governance. The board must be diverse to ensure that different perspectives are considered in decision-making processes. Inclusion ensures that all board members' voices are heard, and creativity and innovation thrive. A diverse Board of Directors is also better equipped to respond to the rapidly changing market and adapt to changing circumstances.

The Future Direction of Louisiana-Pacific and its Board's Vision

LP is committed to innovation, sustainability, and meeting the needs of the construction industry. The board plays a critical role in ensuring that LP maintains its leadership position and remains a responsible and sustainable company. The board's vision is to continue to grow LP while remaining focused on sustainability, innovation, and excellence in the construction industry. The board is committed to delivering long-term value to the company's shareholders, customers, employees, and communities.

How Shareholders can Engage with the Board and Influence Decisions

Shareholders can engage with the board through shareholder advocacy and engagement. Shareholders can advocate for change by filing shareholder proposals or by engaging with the board directly. They can also provide input on key issues or concerns that they believe the board should address. Through effective engagement, shareholders can influence decisions and promote positive change.

Examples of Successful Business Decisions made by Louisiana-Pacific's Board

The board has made many successful decisions throughout LP's history. One example is the acquisition of Canfor Corporation's engineered wood operations in 2019, which strengthened LP's position in the engineered wood market. Another example is the implementation of a strategic plan to increase the company's focus on innovation and sustainability, ensuring that LP remains a leader in the industry and can continue to meet the changing needs of its customers.

The Impact that COVID-19 has had on Louisiana-Pacific and its Board's response

The COVID-19 pandemic has had a significant impact on the construction industry, with shutdowns and supply chain disruptions affecting production and sales. The board has responded by implementing various measures to ensure the safety of employees and customers, supporting the community, and maintaining operations. These measures include enhanced cleaning protocols, remote work arrangements, and the implementation of policies and procedures to prevent the spread of COVID-19.

In conclusion, The Board of Directors of Louisiana-Pacific is a valuable asset to the company. Their leadership, diverse experiences, and commitment to excellence have enabled LP to become a leader in the construction industry. The board's vision and strategic direction will continue to guide LP in the ever-changing environment of the construction industry, ensuring its continued success.