Company: TR
Filing Date: 2025-03-27
Form Type: DEF 14A
Source: 0001558370-25-003853
Chunk: 8

Company: TOOTSIE ROLL INDUSTRIES INC
Filing Date: 2025-03-27
Form: DEF 14A
Chunk 8
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 Company’s Board. The Company’s independent directors bring experience, oversight and expertise from outside the Company and industry, while the non-independent directors bring Company-specific experience and expertise. The Board believes that the combined role of Chairman and Chief Executive Officer promotes strategy development and execution, and facilitates information flow between management and the Board, which are essential to effective governance.

The Audit Committee has been designated by the Board to take the lead in overseeing risk management at the Board level. The charter for the Audit Committee requires that it discuss policies and guidelines to govern the process by which risk assessment and risk management are handled and that it meet periodically with management to review and assess the Company’s major financial risk exposures and the manner in which such risks are being monitored and controlled. Accordingly, in addition to its other duties, the Audit Committee periodically reviews the Company’s risk assessment and management, including the areas of legal compliance, internal auditing and financial controls, litigation, environment, health and safety. In this role, the Audit Committee considers the nature of the material risks the Company faces, and the adequacy of the Company’s policies and procedures designed to respond to and mitigate these risks. It also receives reports from management and other advisors, including periodic risk assessments covering a broad range of business, market environment, and operating risks. Although the Board’s primary risk oversight has been assigned to the Audit Committee, the full Board also periodically receives information about the Company’s risk management and the most significant risks that the Company faces. In addition to an ongoing compliance program, the Board encourages management to promote a corporate culture that understands risk management and incorporates it into the overall corporate strategy and day-to-day business operations.

Controlled Company Status.The Company is a “controlled company” under the NYSE listing standards since the Gordon family collectively holds more than 50% of the total voting power of the outstanding capital stock of the Company.

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DIRECTOR COMPENSATION As described more fully below, this chart summarizes the annual compensation of the Company’s non-management directors during 2024.

| ​                     
 ​                     
 Name                  | ​ 
 ​ | ​               
 Fees Earned     
 or Paid in Cash |       ​ | ​ 
 ​ | ​            
 All Other    
 Compensation |     ​ | ​ 
 ​ | ​     
 ​     
 Total |       ​ 
       ​ |
|:----------------------|:--|:----------------|--------:|:--|:-------------|------:|:--|:------|--------:|
| Barre A. Seibert      | ​